Bank ZENIT Extended Its Customer Base by 30% in 2004
The incremental growth of Bank ZENIT customer base in 2004 was 30.1%. Over 1,600 companies opened accounts with the Bank, including enterprises from the coal, power, light and car industries, wholesale and retail traders, petrochemical, metal and financial companies. Thus, the Bank continued to diversify its customer base in 2004.
Compared to 2003, total receipts in the settlement and current accounts of the Bank's corporate clients increased by 63.4% in 2004. As of 1 January 2005, balances in the settlement and current accounts of the corporate clients exceeded RUR12 billion, i.e. had almost tripled relative to the beginning of fiscal year 2004.
«New» clients accounted, on the average, for 5.95% of the total balances in the settlement and current accounts and 11.14% of the turnover.
In 2004, Bank ZENIT paid priority attention to the establishment of a sustainable liability base as the principal source of funds for the implementation of long-term investment and lending programmes, and financing the projects of its corporate clients. The Bank used deposits and debt instruments, including veksels and deposit certificates, for mid- and long-term mobilisation of the customers' funds. As of 1 January 2005, balances of mid- and long-term funds of the Bank's corporate clients exceeded RUR14 billion, which is 18% higher that in the beginning of fiscal year 2004. The Bank's counterparties mostly included petrochemical, car, and construction companies, military-and-industrial sector enterprises, as well as financial institutions such as banks, and insurance, investment and management companies.
The fact that the Bank had a sustainable liability base in 2004 enabled it to conduct active transactions in support of the secondary market of its own veksels via early buyback and repo deals. The amount of such transactions grew 1.7 times during the year.
In 2004, the Bank's veksels remained a profitable and convenient instrument for settlements between counterparties in respect of product supply and service provision. Compared to 2003, the total amount of veksel loans extended in 2004 increased by 117%. Last year, the Bank took an active part in organising veksel programmes for oil, car, food and trade companies as the domiciling agent. The annual amount of accepted domiciled veksels was RUR575 million while the total amount of domiciled veksels was as high as RUR1.92 billion.
Pursuant to the approved Regional Development Concept, the Bank opened three new subsidiaries in Kazan, Chelyabinsk and Samara, and an additional office in Novokuznetsk (Kemerovo Oblast). Besides, Bank ZENIT opened 6 new points of sale outside the front office.
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