Belarusbank
Belarusbank is the largest state-owned universal bank in the Republic of Belarus. In the past year or more, it has introduced a number of new products in both retail and corporate that helped to double profits in 2005 and significantly expand its asset base.
In 2005, net profits increased dramatically by 102.5% and assets rose by 34.8%, with assets topping $4bn in the second quarter of 2006. This put Belarusbank into the Top 50 banks in central and eastern Europe.
In February 2006, Fitch Ratings upgraded the bank’s long-term and short-term ratings from CCC+ to B- and from C to B, respectively. And in March this year, the bank attracted its first syndicated loan: a E38m loan arranged by Germany’s Bayerische Landesbank. A $65m syndicated loan agreement was signed in September and foreign credit lines in excess of $1.8bn were expected to be attracted in 2006 to finance 105 investment projects.
“The Banker award confirms the successful performance of Belarusbank,” says CEO Nadezhda Yemakova. “Belarusbank is the largest and oldest universal financial institution in the Republic of Belarus, offering its clients comprehensive financing solutions. We preserve the leading role in the market in international activities and service a significant part of Belarus’s foreign trade turnover. The strategic goals of forthcoming Belarusbank’s activities are implementation of a SAP centralised core banking IT system and expansion to international debts market by issuing Eurobonds.
“Those seeking new business opportunities in the Republic of Belarus will find the bank is a reliable partner.”
