Amount of funds managed by Bank ZENIT Directorate of Private Banking increased more than 65% in 2005
The amount of funds managed by Bank ZENIT Directorate of Private Banking increased more than 65% in 2005 while the DPB's client base grew 16% over the past year.
The income generation sector (investment in securities using various trust management instruments) was developing most dynamically during the last year. It was largely facilitated by a favourable situation in the Russian financial markets, as well as by the Bank's technologies designed to optimise the investment portfolios of the DPB's clients. While the mean balances of time deposits increased 1.5 times in 2005 relative to 2004, investment in securities doubled, with the profitability of aggressive/balanced strategy portfolios exceeding 70% p.a.
The last year was also characterised by a higher activity of the DPB's units at the Bank's subsidiaries: they were more active in offering their clients the entire range of basic private banking services earlier accessible only to Moscow-based clients. As a result, the Bank could mobilise 1.5 times more funds from well-off individuals resident in regions. 'We are confident about the future of the Russian financial market and Bank ZENIT as one of the leaders in private banking', said DPB General Director Sergey Leushkin. And according to DPB Executive Director Ludmila Maslieva, private banking is becoming one of the most rapidly developing banking activities, and time confirms that Bank ZENIT was right when it decided to establish DPB back in 2001. The decision made DPB one of the pioneers of the business in Russia.
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