Awards for Excellence 2009: Belarus
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Awards for Excellence 2009: Belarus

Best Bank: Priorbank

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%

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