GarantiBank Moscow
Standing out with its ability to rapidly adapt to changes and its service quality, GarantiBank Moscow focuses on stable growth and sustainable profitability without compromising asset quality in the current market conditions characterized by increased competition and diminishing profit margins.
GarantiBank Moscow (GBM), which began operations in 1996, is one of the 78 foreign banks operating in Russia. Holding a full- scale banking license, GBM operates with 77 employees in one branch.
Having defined its core businesses as corporate and commercial banking, GBM serves a clientele of Russian firms from various sectors and major Turkish companies active in the Russian market. GBM also offers service to large-scale Turkish tourism establishments in Russia. Of the nearly 600 commercial customers in its portfolio, 84% is constituted by resident companies and 16% by non-residents.
GarantiBank Moscow had another successful year in 2010, thanks to the successful strategy pursued during and after the crisis, combined with its ability to correctly analyze the conjuncture and quickly adapt to changes under adverse conditions. During 2010, GBM kept concentrating on real sector companies that have strong shareholding structures, relatively low leverage, strong cash generation capability, strict financial discipline and a sound management. In line with the target of recapturing the pre-crisis levels in the lending portfolio which had been intentionally narrowed down during the crisis period, new customer relationships were established with large-scale companies enjoying high credibility. The Bank started witnessing the positive impact of these newly developed relationships on volumes starting from the last quarter of 2010.
Having downsized its assets by 60% and cash lending portfolio by 78% during the crisis, GBM finished 2010 with an asset size of USD 329 million, and preserved its asset quality despite the remaining uncertainty on risky assets in the Russian banking sector.
With the support of relationships with existing and potential customers, GBM targets to achieve USD 470 million in asset size at year-end 2011.
In 2010, GBM started operating from its new head office building and from its new branch property purchased in 2009.
GBM's pre-tax profit for 2010 grew 70% year-on-year to reach USD 17 million, despite decreased interest margins and increased competition.
Anticipating similar conditions to persist through 2011, GarantiBank Moscow aims further enhance the performance shown to-date via its accurate analysis skill and ability to easily adjust to changing market conditions, even though it operates in geography where different market dynamics exist.
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Address 8, bld. 1, 10th floor, Presnenskaya nab. Moscow 123317 Russia |
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Web Site www.gbm.ru |