Annual Report 2010

 Annual Report 2010 (4 505 Кб)

Message from the Chairman
Ladies and Gentlemen,

I have the honor to present the Annual Report on activity and financial results of Joint Stock Company The State Export-Import Bank of Ukraine in 2010.

For Ukraine the year 2010 was marked by the beginning of surmounting of the financial and economic crisis against the background of political stabilization. The recovery of the Ukrainian economy, especially in the second half of the previous year, had positive impact, among other things, on the operations of JSC Ukreximbank and allowed the Bank to stabilize its credit portfolio in particular.

In the year under review, the Bank was involved in its customer base expanding through attraction of prospective customers, diversifying the funding sources and prudent assesment of borrowers in its lending activity as well as optimizing its organizational structure and business processes.

As at the end of 2010, JSC Ukreximbank owned the largest capital in the Ukrainian banking sector enabling it to operate efficiently in providing financial back-up for implementation of the long-term infrastructural projects of strategic importance for the national economy.

The Bank continued to practice its unique experience gained under the intergovernmental agreements, provide top-quality services for international partners and Ukrainian customers. At the same time the Bank actually brought the relations with international financial institutions to a high level of business expediency.

In 2010, JSC Ukreximbank twice successfully borrowed funds in the international capital market through tap issues of Eurobonds in the total amount of USD 750 mln. The April issue was the first public offering of Eurobonds among Ukrainian residents after the beginning of the global crisis and it set a benchmark for other issuers from Ukraine that planned to enter the international capital market. The borrowed funds were allocated for financing the real sector of the national economy.

The Bank pushed ahead with cooperation with ¬the World Bank under the Second Export Development Project (EDP-2) and the Nordic Investment Bank and maintained financing of the Ukrainian small and medium-sized enterprises under the credit line provided by Kreditanstalt fuer Wiederaufbau (KfW), a German state-owned financial agency.

Meanwhile JSC Ukreximbank expanded cooperation with the European Bank for Reconstruction and Development (the EBRD) within the framework of the Trade Facilitation Program, under which the EBRD increased the amount of available financing.

For its high quality of payments the Bank received awards from the leading banks of the world: Commerzbank, Citibank, Deutsche Bank and J.P.Morgan. The MoneyGram International Inc. payment system also recognized JSC Ukreximbank as the best servicing bank in Ukraine. Being a dynamically developing, high-performance and full-line service financial institution, the Bank gained indisputable appreciation by other international partners and received awards in various national ratings and contests.

In order to customize services the Bank focused on the development of its regional branch network. In 2010, new state-of-the-art premises of branches were opened in Uzhgorod and Zaporizhia.

The development of e-banking was also in progress. JSC Ukreximbank was one of the leaders of internet banking in Ukraine, and each year more and more customers instead of making traditional visits to the Bank prefer to visit its web site.

To outline plans for the future, I can assure you, that the Bank will continue to seek to invest the funds borrowed by it in the international markets in the Ukrainian economy on favorable terms and conditions, facilitate the creation of positive investment environment, and act as a market maker for the national corporations and banks.

The goal of the Bank in the domestic market is to retain and enhance its positions of a top player in the banking sector through providing the full range of high quality banking services to businesses and households on the competitive terms and conditions.

As the state-owned financial institution, which cares about its corporate social responsibility, JSC Ukreximbank will continue to expand its own charity program Working Together to Save Lives aimed at support of health care institutions of Ukraine.

It’s my pleasure to extend thanks to the Supervisory Council, the Management Board and all employees of the Bank for their professionalism and adherence to corporate interests. I would like to assure you that JSC Ukreximbank will continue to meet all its obligations in time and in full. I hope for further fruitful and mutually beneficial cooperation.

Mykola Udovychenko
Chairman of the Board