Awards for Excellence 2009: Belarus
Priorbank has had a good 12 months despite the economic problems in Belarus. In January the government negotiated a 15-month stand-by arrangement with the IMF for $2.5 billion as Belarus got sucked into the global financial crisis. In June the IMF announced that it would increase its facility by another $1 billion after Russia withheld a $500 million loan instalment, the last tranche of a $2 billion loan facility. Priorbank, however, brushed aside these issues by recording a 53.2% increase in net profits and a 45.5% rise in total assets. Its balance sheet was strengthened too, with its tangible common equity rising 57.4% in 2008. Part of the Raiffeisen International group, Priorbank has firmly established itself as the country’s leading bank. It has significantly grown its sales network and products – it is also the only bank that provides retail customers with the opportunity to conduct transactions on the internet. However, the corporate business is the bank’s driving force. Last year, Priorbank increased its loans portfolio to this sector by more than 20%.
