OREANDA-NEWS. February 12, 2009. JSB "ORGRESBANK" summarized its results for 2008. The Bank’s Net Profit, Assets and Equity as per IFRS increased year-on-year more than twofold, reported the press-centre of ORGRESBANK.

In 2008 ORGRESBANK became a strong market player in providing services to large and largest backbone companies and won a stable position among the leading Russian commercial and state, as well as international banks.

Over 2008 the Bank was steadily implementing its strategy targeting the segment of the largest borrowers. Thanks to the stable funding from Nordea, the majority shareholder, and efficient internal risk management system, in 2008 the Bank increased its assets by the factor of 2.3 to the formidable 171.2 billion Roubles, while corporate lending was more than 3 times as high as in 2007 totaling 131.6 billion Roubles complemented by a very low bad debt ratio. In 2008 ORGRESBANK established relations with LUKOIL, ROSNEFT, NOVATEK, Svyazinvest, IDGS Holding, etc, and continued to cater for VimpelCom, llim Group, MTS, ROSTA, the Seventh Continent, and other companies.

According to the CB RF the Bank is one of TOP30 Russian credit institutions by assets. It ranks 26th in the similar Interfax-100 rating and 18th in the Profile Magazine’s rating of banks by lending to non-state enterprises. 

 In 2008 Fitch Ratings confirmed the previously assigned high ratings of the Bank, which enabled the Bank to become one of 50 credit institutions authorized to act as surety for CB RF loans to other banks, according to the CB RF list published in October.

Furthermore, the Bank delivered excellent results in relations with retail clients, having more than doubled its retail credit portfolio.

The Bank’s branch network grew more than twofold in 2008 with 7 new regional branches and 7 co-branches launched in St. Petersburg, Samara, Penza, Novosibirsk, Stary Oskol, Belgorod, Voronezh, Lipetsk, Yaroslavl, Chelyabinsk, Ekaterinburg, Rostov-on-Don, Volgograd and Arkhangelsk. The Bank’s operational network today comprises 50 sales points of various set-ups: a universal branch, a mini-office or a cash-desk in 15 Russian regions.

This year the Bank will continue to develop all the key business areas as outlined in the approved strategy to 2011, with the segment of major corporate clients remaining the Bank’s priority. In 2009 Nordea will increase the Bank’s capital by around 100 million Euro upon the completion of the acquisition of a 17.7% stake from the two executive shareholders and the EBRD. The respective agreement was signed in December 2008; upon the completion Nordea will hold 100% of ORGRESBANK shares.