Raport Anual VB 2011

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Mesajul preedintelui Consiliului de Administraie

Mesajul preedintelui bncii

Consiliul, Comitetul de Direcie i Acionarii Bncii

Viziune, misiune i valori

Momente istorice pentru Victoriabank- Distinciile Bncii

Evoluia sistemului bancar

Evoluia bncii

Strategia Bncii

Personalul Bncii

Deservirea clientelei i atragerea depozitelorActivitatea de Creditare

Cardurile Bancare

Operaiuni valutare

Servicii pe piaa valorilor mobiliare

Raportul auditorului independent

Bilanul contabil, Raportul privind profitul i pierderile

Lista bncilor corespondente

Reeaua Victoriabank

Message from the Chairman of the Board of Directors

Message from the President of the Bank

The Board of Directors, the Management Commitee and the

Shareholders of the Bank

Vision, mission and values

Historical moments for Victoriabank Distinctions of the Bank

Evolution of the banking system

Bank development

Bank Strategy

Bank Staff

Customer Service and Deposits AttractionCrediting Activity

Bank Cards

Currency Transactions

Services on the Securities Market

Independent auditors report

Balance Sheet, Report on interest and losses

List of correspondent banks

Victoriabank network

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CUPRINS CONTENTS


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MESAJUL PREEDINTELUI CONSILIULUI DE ADMINISTRAIE MESSAGE FROM THE CHAIRMAN OF THE BOARD OF DIRECTORS

Stimai Parteneri, Colegi i Clieni,

Dezvoltarea sectorului bancar, necesitile diverse ale clienilor, crizafinanciar din occident i de peste ocean, toate acestea ne-au determinat

s ne mobilizm pentru a ne menine poziia de lideri pe piaa bancari pentru a deschide accesul clienilor ctre cele mai noi inovaii iposibiliti n sistemul bancar din Moldova.

Precedat de perioada dificil i cea de stabilizare, avntul cu careoamenii au reluat acel intens ritm de activitate, unde resursele financiaresunt un atribut indispensabil, ne oblig s rspundem cu noi provocri icu prudena necesar elemente definitorii ale activitii bncii pentruanul 2011 i sarcini primordiale care au revenit echipei de profesioniti dinExecutivul Victoriabank.

n anul 2011, Victoriabank a dus o activitate fructuoas n direciadezvoltrii sale nregistrnd o dinamic ascendent constant a cotelor

de pia, reuind cele mai nsemnate creteri comparativ cu principaliiconcureni i creteri anuale pe parcursul ultimilor 5 ani, astfel la 30noiembrie 2011 au fost nregistrate cele mai mari cote de pia din ultimii10 ani la: Active 16,56%; Depozite 20,43%; Credite 16,43%.

Creterea cotei de pia cu 0,24 %, a veniturilor cu 18 %, precum icreterea numrului de clieni cu peste 18 mii, se datoreaz gradului naltde ncredere al oamenilor n Victoriabank i succesul pailor urmai deVictoriabank.

Tot n anul 2011 am pus accent pe stabilirea unor strategii eficientede administrare a riscurilor bancare, reuind mpreun cu ExecutivulBncii s maximizm rentabilitatea bncii prin minimizarea pierderilor

nregistrate de aceasta. Am reuit s demonstrm i s prezentm unsistem de guvernare corporativ bine pus la punct, care contribuieconstant la creterea valorii Bncii prin crearea de mecanisme eficientede gestionare i de adoptare a unor decizii fundamentale. Valorile pe carene-am axat sistemul de guvernare corporativ al bncii sunt: competena,originalitatea, corectitudinea i transparena, responsabilitatea irspunderea social.

Politica de guvernare corporativ eficient a dus la realizarea scopurilorprofesionale ale angajailor Bncii, prin formarea unor viziuni, principiii valori comune, ale cror prevederi sunt urmate de fiecare membru alechipei, astfel fiind ndeplinit cu succes scopul ambiios expus n misiunea

Victoriabank de a deveni i de a-i menine statutul de Prima Banc dinMoldova n toate domeniile de activitate ale instituiei.Rezultatele remarcabile obinute de Victoriabank demonstreaz

existena unei conlucrri eficiente dintre Consiliul bncii i managementulexecutiv. Activitatea Victoriabank pentru anul 2011 comunic desprerezultatele eficiente, vizibile, msurabile acumulate n timp fapt caredovedete profesionalism, atitudine, implicare i desigur conlucrareeficient cu toi actorii cu care interacioneaz Victoriabank partenerde ncredere.

Dear Partners, Colleagues and Clients,

The development of the banking sector, various needs of clients, financialcrises in the West and over the ocean, all these elements determined us to

mobilize our efforts in order to keep the leadership on the bank marketand to grant clients access to the latest innovations and possibilities withinthe banking system of Moldova.

Preceded by a difficult period of stabilization, the ardor that madepeople to resume their intense activity rhythm, in which the financialresources are an indispensable attribute, makes us come with newsolutions and necessary prudence basic elements of the banks activityin 2011 and main tasks of the team of professionals from VictoriabankExecutive Management.

In 2011, Victoriabank carried out a fruitful activity in all directions ofits development registering a constant ascendant dynamics of market

shares, reaching the most significant annual increases over the last 5 yearscompared to the main competitors, thus, as of November 30, 2011 thehighest market shares over the last 1o years were registered at: Assets 16.56%; Deposits 20.43%; Credits 16.43%.

The increase of the market share by 0.24%, of revenues by 18%, as wellas the increase of the number of clients by more than 18 thousand, is dueto the high level of population trust in Victoriabank activity and its stepstowards success.

Also in 2011 great attention was paid to the establishment of efficientstrategies of bank risks management, succeeding together with the BankExecutive Management to maximize the profitability of the bank, byminimizing its losses. We could demonstrate and present a well-organizedcorporate management system, which constantly contributes to theincrease of the Banks by creating efficient management mechanisms andadopting fundamental decisions. The values that stand on the basis of ourcorporate management system are: competence, originality, correctnessand transparency, responsibility and social engagement.

The efficient corporate management policy led to the accomplishmentof professional goals of the Banks employees, creating common visions,principles and values, which provisions are followed by each memberof the team, and therefore successfully achieving the ambitious goal of

Victoriabank mission to become and maintain the status of The FirstBank of Moldova in all the activity domains of the institution.The remarkable results obtained by Victoriabank demonstrate the

existence of an efficient cooperation between the Board of Directors andthe Executive Management of the Bank. The activity of Victoriabank for2011 is confirmed by the by efficient, visible and measurable financialresults obtained over the time, due to professionalism, attitude, implicationand, of course, efficient cooperation with all actors that interact withVictoriabank, ranking the bank as a reliable partner.


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MESAJUL PREEDINTELUI,CONSILIULUI DE ADMINISTRAIE,

MESSAGE FROM THE CHAIRMANOF THE BOARD OF DIRECTORS

Victor urcan,Preedintele Consiliului de Administraie al BC Victoriabank S.A.

Chairman of the Board of Directors CB Victoriabank JSC


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Stimai Acionari, Parteneri i Clieni ai Bncii,

Astzi, mai mult ca niciodat, de la o companie bine poziionatn sistemul financiar-bancar, cum este Victoriabank, se ateapt

soluii inovatoare la necesitile i provocrile dictate de realitilecontemporane. Cu att mai mult c anul 2011 a fost n mare parte unulde stabilizare i consolidare a liderilor n sistemul bancar autohton, poziieprintre care, Victoriabank o deine cu brio.

Msura n care Victoriabank a rspuns la aceste provocri, precumi impactul pe care l-au avut toate realizrile noastre asupra fortificriiimaginii i a poziiei bncii pe pia, sunt ilucidate n rezultatele financiaredin acest an. Rezultatele acumulate la sfritul anului 2011 reprezintun bilan mai mult dect pozitiv pentru Victoriabank, iar cel mai mareindicator rmne a fi ncrederea pe care ne-au acordat-o acionarii,clienii i partenerii notri.

Vreau s menionez, n primul rnd, c, la fel ca n anul 2010, am nregistratun trend ascendent de dezvoltare, datorit deciziilor manageriale corecte,datorit unei echipe profesioniste, dar i mai mult datorit clienilor, careau acordat un vot de ncredere siguranei i stabilitii noastre pe piaafinanciar-bancar. Astfel, rezultatele obinute n anul 2011 arat o creterea cotei pe pia, a veniturilor bncii, dar cel mai important a numruluide clieni. Acest lucru nu confirm dect corectitudinea implementriistrategiei bncii.

Ne-am convins cu toii ct este de important implementarea cu succesa tehnologiilor noi. Nu facem asta pentru a fi n ritmul bncilor dinoccident, ci rspundem, astfel, ritmului de via al clientului nostru, care

dorete rapiditate, confort i avantaje. Portofoliul de produse i serviciia Victoriabank net superioare dup calitate i avantaje pentru clieni,reprezint concentarea eforturilor ntregii echipe a bncii. Lansareacardurilor premier pentru Republica Moldova: Visa Platinum pentruclienii VIP i a cardului Shop&Fly pentru clienii care cltoresc des cuavionul, sunt o realizare important pentru piaa bancar i instrumenteeficiente pentru o categorie extins de clieni.

n 2011 ne-am angajat s susinem sectorul agricol n cadrul a douproiecte: programul Compact pentru Moldova al Corporaiei ProvocrileMileniului (MCC), USA, i programul IFAD V, proiecte care s-au soldat cusucces. Am continuat s creem produse i promoii avantajoase, care ne-

au adus recunotin naional i internaional.n spiritul tradiiilor noastre bancare i a implicrilor noastre nrezolvarea problemelor societii, ne-am propus s ne angajm i mai multn proiecte de resposabilitate social-corporativ. Iar ntru continuareadezideratului Victoriabank pe segmentul social am lansat programul deresponsabilitate social-corporativ intitulat: Deschide uile spre viitor.Am ncadrat n acest program, o nou ediie a Programului de Burse deStudii Victoriabank, pentru a cunoate i a sprijini nc 100 de studenicapabili, care au dat dovad de rezultate deosebite att la facultate, ct i

MESAJUL PREEDINTELUI BC VICTORIABANK S.A. MESSAGE FROM THE PRESIDENT OF CB VICTORIABANK JSC

Dear Shareholders, Partners and Clients,

Today, more than ever, a well-positioned company in the financial-banking system as Victoriabank, is expected to come with innovative

solutions to the needs and challenges dictated by the modern reality.Especially taking into account that the year 2011 was mainly a periodof stabilization and consolidation of leading positions within the localbanking system, one of which is successfully held by Victoriabank.

The way Victoriabank answered to these challenges, as well as theimpact of all our achievements on the consolidation of our image andposition of the banking market, are clearly reflected in the financial resultsof this year. The results cumulated at the end of 2011 represent a morethan positive result for Victoriabank, and the highest indicator is the trustof our shareholders, clients and partners.

First of all, I would like to mention that, like in 2010, we have registered

an ascendant trend of development, due to the correct managerialdecisions, due to a team of professionals, but mostly due to our clients,who had confidence in our stability and security on the financial-bankingmarket. Thus, the results obtained in 2011 show an increase of the marketshare, of the Banks revenues, and, the most important, of the numberof clients. These are the result of the correctness of the bank strategyimplementation.

We understood how important is the successful implementation of newtechnologies. We do not do this in order to be in line with the Westernbanks, but to meet the requirements of our clients, who are in need of fast,comfortable and advantageous solutions. The portfolio of Victoriabank

products and services of net superior quality and advantage for clients, isthe result of the efforts of the entire team of the bank. The unique launchin the Republic of Moldova of Visa Platinum VIP clients and Shop&Flycard for clients, who often travel by plane, is an important achievementfor the banking market and these products represent efficient instrumentsfor an existing category of clients.

In 2011 we supported the agricultural sector within 2 projects: Compactfor Moldova program of the Millennium Challenges Corporation (MCC),USA, and IFAD V program, which were successfully implemented. Wecontinued to create advantageous products and promotions that broughtus national and international recognition.

In the spirit of our bank traditions and of our implication in solvingour society problems, we decided to participate more to social-corporateresponsibility projects. In order to consolidate Victoriabank positionon the social segment we launched the social-corporate responsibilityprogram: Open the doors to the future. We incorporated in this programa new edition of the Victoriabank Study Scholarship Program, in order tosupport 100 more capable students, who demonstrated exceptional resultswithin the educational institution and outside of it by getting involved invarious projects generating positive impact on the society.


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Natalia Politov-Canga,Preedinte al BC Victoriabank S.A.President of CB Victoriabank JSC

MESAJUL PREEDINTELUIBC VICTORIABANK S.A.

MESSAGE FROM THE PRESIDENTOF THE BANK


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n afara ei prin implicarea n proiecte care au generat un impact pozitivasupra societii. Am continuat s susinem copii i tinerii cu aptitudini,pe cei din familii social-vulnerabile, am investit n cunotine i talente.Tot n acest sens am dat startul pregtirii unui produs inedit pe piaa

bancar, a cardului de afinitate Eu ajut copii! care reprezint graianoastr ntregii societi.

Generaliznd rezultatele tuturor proiectelor implementate n anul 2011i evolund performanele obinute, Victoriabank a cptat n acest anrecunoatere naional i internaional. Apreciat pentru rezultatelesale remarcabile, Victoriabank a ctigat titlul de Cea mai bun bancdin Moldova n anul 2011 care i-a fost acordat de prestigioasa revistinternaional The Banker n cadrul concursului The Banker Awards2011. La fel Banca s-a dovedit a fi Favoritul Anului 2011, fiind premiatcu premiul mare Mercuriul de Aur la concursul Marca Comercial a

Anului.Apreciem considerabil ncrederea pe care ne-o acordai, i depunemtot efortul ca parteneriatul cu fiecare dintre Dvs. s fie unul ncununat desuccese i realizri importante i n anul care vine.

Graie susinerii acionarilor, eforturilor echipei noastre de profesionitii aprecierii clienilor notri avem ncrederea c strategia de a fi - PrimaBanc din Moldova are toat recunoaterea!

We continued to support talented children and youth, and those from

vulnerable families, and invested in knowledge and talents. Also this year

we started the development of a unique project on the banking market,

of affinity card I help the children! which represents our gratitude to

the entire society.

Totaling the results of all the projects implemented in 2011 end

evaluating the accomplishments achieved, Victoriabank gained even

more national and international recognition this year. As appreciation for

its remarkable results, Victoriabank won the nomination of The best bank

in Moldova in 2011 awarded by the prestigious international magazine

The Banker within the contest The Banker Awards 2011. Also, the Bank

positioned itself as The Favorite of the Year 2011, being awarded with the

Golden Mercury within the contest The Trademark of the Year.

We very much appreciate your trust, and we do our best in order tobuild a successful partnership full of important achievements with each of

you in the upcoming year.

Due to the support of the shareholders, efforts of our team of

professionals and appreciation from our clients we are confident that the

strategy of being The First Bank in Moldova gains total recognition!

MESAJUL PREEDINTELUI BC VICTORIABANK S.A. MESSAGE FROM THE PRESIDENT OF CB VICTORIABANK JSC


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MEMBRII CONSILIULUI DE ADMINISTRAIEBC VICTORIABANK S.A.

MEMBERS OF THE BOARD OF DIRECTORS OFCB VICTORIABANK JSC

Consiliul de Administraie este organul de administrare al BCVictoriabank S.A., care supravegheaz activitatea ei, elaboreaz iasigur aplicarea politicii Bncii.

Consiliul de Administraie reprezint interesele acionarilor n

perioada dintre Adunrile Generale ale Acionarilor i exercitconducerea general i controlul activitii Bncii.

Componena Consiliului de Administraie:

Victor URCANPreedinte al Consiliului de Administraie,

Vaja JHASHIPrim-vicepreedinte al Consiliului de Administraie

Tamara ANDRUCAVicepreedinte al Consiliului de Administraie

Serghei PUCUAMembru al Consiliului de Administraie

Cezara SALINSKIMembru al Consiliului de Administraie

Eugeniu BALECAMembru al Consiliului de Administraie

Iurie CARPMembru al Consiliului de Administraie

Membrii Comitetului de Directie BC Victoriabank S.A.

Comitetul de Direcie este organul executiv al BC Victoriabank S.A.care organizeaz, conduce i rspunde de activitatea curent a Bncii.

Comitetul de Direcie este subordonat Consiliului de Administraie alBncii.

Comitetul de direcie examineaz i soluioneaz toate chestiunile

de conducere ale activitii curente a Bncii, cu excepia celor ce inde competena Adunrii Generale a Acionarilor i ale Consiliului deAdministraie. n funciile Comitetului de Direcie intr organizarea iasigurarea ndeplinirii hotrrilor Adunrii Generale a Acionarilor i adeciziilor Consiliului de Administraie al Bncii.

Comitetul de Direcie este responsabil pentru organizarea activitiiBncii, este obligat s acioneze n interesul cel mai bun al Bncii i seangajeaz s creasc valoarea ei.

The Board of Directors is the governing body of CB Victoriabank JSC,which supervises its activity, develops and ensures the enforcement ofthe Bank policies.

The Board of Directors represents the interests of the shareholders

during the period between the General Meetings of Shareholders andexercises the general management and control over the Banks activity.

Composition of the Board of Directors:

Victor URCANChairman of the Board of Directors

Vaja JHASHIFirst Vice-Chairman of the Board of Directors

Tamara ANDRUCAVice-Chairman of the Board of Directors

Serghei PUCUAMember of the Board of Directors

Cezara SALINSKIMember of the Board of Directors

Eugeniu BALECAMember of the Board of Directors

Iurie CARPMember of the Board of Directors

Members of the Management Commitee ofCB Victoriabank JSC

The Management Commitee is the executive body of CB VictoriabankJSC which organizes, governs and bears responsibility for the currentactivity of the Bank.

The Management Commitee is subordinated to the Board of Directorsof the Bank.

The Management Commitee examines and settles all issues related to

the management of Banks current activities, except for those relatedto the competence of the General Meeting of Shareholders and Boardof Directors. The duties of the Management Commitee include theorganization and ensuring the execution of decisions of the GeneralMeeting of Shareholders as well as of the decisions of the Board ofDirectors of the Bank.

The Management Commitee is responsible for the organizationof Banks activity, is obliged to act in the best interest of the Bank andengages in increasing its value.


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MANAGEMENTUL BNCII MANAGEMENT OF THE BANK


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VIZIUNE, MISIUNE I VALORI,

VISION, MISSION AND VALUES


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Viziunea Victoriabank racordat la un dinamism de extindere

n sistemul economico-financiar din RM a vizat n anul 2011

orientarea ctre client, organizarea activitii din perspectiva

relaiei cu clienii, evoluia produselor i a serviciilor financiarei integrarea acestora, avnd n vedere predilecia clienilor

pentru pachete de servicii financiare complete. Banca i-a

propus s devin un factor important de modelare a procesului

economic din Republica Moldova prin politica de sprijinire a

investiiilor.

Obiectivele fundamentale ale strategiei Bncii, ce pun bazele

viziunii Victoriabank, sunt:

Maximizarea eficienei activitii Bncii;

Creterea calitii de deservire i abordarea individual

a fiecrui client;

Diversificarea continu a gamei de produse i servicii;

Rennoirea tehnologic a bncii i automatizarea

sistemelor i proceselor;

Abordarea prudent i raional fa de riscuri;

Optimizarea structurii organizatorice reieind din

tendinele sectorului bancar;

Extinderea reelei pentru o mai mare acoperire

teritorial;

Ridicarea gradului de calificare, schimbarea mentalitiii motivarea angajailor.

Misiunea bncii este de a asigura continuitatea activitii sale

n condiii financiare optime pentru cretere i de a satisface

cererile i nevoile clienilor, angajailor, acionarilor i ale

societii, oferind n acelai timp protecia intereselor acestora.

In 2011, the vision of Victoriabank aiming to reach a dynamic

extension within the financial-economic system of Moldova, was

oriented towards clients, organization of activity in accordance

with the relationship with clients, development and integrationof products and financial services, taking into account the

clients preference for complete financial services packages. The

Bank had as a goal to become an important modeling factor of

the economic process in the Republic of Moldova through the

investment support policy.

The main objectives of the Banks strategy that set up the

basis of Victoriabank vision are as follows:

Maximize the efficiency of the Banks activity;

Increase the quality of customer service and individual

approach to each client;

Continuous diversification of the range of products and

services;

Technological re-equipment of the Bank and automation ofsystems and processes;

Cautious and rational approach towards risks;

Optimization of organizational structure based on the

banking sector trends;

Network extension for a larger territorial coverage;

Professional development, change of mentality andmotivation of staff.

The mission of the Bank is to assure its continuous activity

in best financial conditions for development and to comply with

the needs of customer, staff, shareholders and society, at the

same time guaranteeing protection of their interests.

VIZIUNE, MISIUNE I VALORI VISION, MISSION AND VALUES


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Dezideratul Bncii este construirea uneia dintre cele mai

bune instituii bancare ale sistemului financiar naional prin

consolidarea unui brand apreciat de toate categoriile de clieni

i a unei reputaii corporative favorabile i durabile.

Misiunea noastr pune n eviden importana Bncii pentru

creterea economic a rii, valoarea noastr i rolul Bncii n

societate pentru garantarea ncrederii, stabilitii i securitii n

sistemul bancar autohton.

Pentru BC Victoriabank S.A. este foarte important s-i

ndeplineasc cu succes scopul ambiios expus de misiune - de a

deveni Prima Banc din Moldova n toate domeniile de activitateale instituiei. Acest lucru va fi posibil doar prin realizarea

scopurilor personale i profesionale ale angajailor Bncii, prin

formarea unei echipe cu viziuni, principii i valori comune, ale

cror prevederi vor fi urmate de fiecare membru al echipei.

Valorile corporative

Banca ader la cele mai nalte standarde etice, prin

adoptarea unui Cod de Conduit, conceput pentru a promovaun comportament onest i responsabil al angajailor, care

transform principiile etice n norme de conduit pentru tot

personalul.

Un sistem bine pus la punct de guvernare corporativ

contribuie la creterea valorii Bncii prin crearea de mecanisme

eficiente de gestionare i de adoptare a unor decizii fundamentale.

Valorile intrinseci sistemului de guvernare corporativ al

bncii sunt:

competen - nalta calificare a managementului superior,

vector de transmitere a valorilor Bncii;

originalitate - banca i propune s fie unic i inedit fa

de celelalte bnci;

The Bank desideratum is to develop one of the best banking

institutions within the national financial system, by consolidating

a valuable brand for all categories of clients and a favorable and

lasting corporate reputation.

Our mission highlights the importance of the Bank activity

for the economic growth of the country, its value and the role of

the Bank in the society for granting trust, stability and security

within the local banking system.

It is ver y important that the CB Victoriabank JSC successfully

accomplishes its ambitious goal imposed by its mission - to

become The First Bank in Moldova in all the areas of activity of theinstitution. This will be possible only by complying with personal

and professional needs of the Banks staff, by consolidating a

team with common vision, principles and values, that would be

followed and respected by each member of the team.

Corporate values

The Bank adheres to the highest ethical standards, by adopting

a Behavior Code, created to promote an honest and responsiblebehavior of employees, which transforms the ethical principles

in behavior standards for all the staff.

A very well organized corporate management system

contributes to the increase of the Banks value by creating

efficient management mechanisms and adopting particular

fundamental decisions.

The intrinsic values of the Banks corporate management

system are:

competence - high qualification of the superior

management, vector of transmission of the Banks values;

originality - the bank aims at being unique compared

to other banks;



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corectitudine i transparen - relaii oneste cu clienii i

partenerii notri, sistem adecvat de raportare a informaiilor

conforme cu realitatea;

responsabilitate - asumarea integral a riscurilor care

decurg din activitatea Bncii;

orientare spre client - clienii notri sunt pe primul loc n

tot ceea ce facem;

eficien - creterea raportului dintre rezultatele obinute

i efortul depus;

lucru n echip - colaborarea eficient i continu ntreangajai, contribuia fiecrei persoane este esenial pentru

succesul bncii;

motivarea personalului - promovarea i recompensarea

angajailor n funcie de performane;

viziune i perspectiv - perfecionarea profesional

continu a personalului i a proceselor bancare n vederea

dezvoltrii i furnizrii de produse, servicii i soluii utile iinovatoare;

rspundere social - banca este implicat activ n viaa

economic i social a Republicii Moldova.

correctness and transparency - honest relationships

with clients and partners, proper reporting system according to

the reality;

responsibility - total assumption of risks related to

the Banks activity;

client orientation - clients are the number one

priority in everything we do;

efficiency - increase of the balance between the

effort and results;

team work - efficient and lasting cooperation among

employees, contribution of each employee is essential of the

success of the Bank;

motivation of staff - promotion and reward of

employees according to the achievements;

vision and perspective - ongoing professional

development of personnel and banking processes, aiming atcreation of new products, services and innovative solutions;

social responsibility - the bank is actively implicated

in the economic and social life of the Republic of Moldova.



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MOMENTE ISTORICE PENTRUVICTORIABANKDISTINCIILE BNCII

HISTORICAL MOMENTS FORVICTORIABANKDISTINCTIONS OF THE BANK


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MOMENTE ISTORICE PENTRU VICTORIABANK HISTORICAL MOMENTS FOR VICTORIABANK


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The Banker Awards:Victoriabank - Banca Anului 2011

n Republica Moldova!

Mercuriul de Aurla categoria Favoritul anului,

Marca comercial a anului 2011


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EVOLUIA SISTEMULUI BANCAR,

EVOLUTION OF THE BANKINGSYSTEM


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Evoluia sistemului bancar din Republica Moldova n anul

2011 a fost caracterizat de tendine pozitive a indicatorilor de

bilan i profitabilitate.

La finele anului 2011 activele au constituit 47,708 mil. lei,

marcnd o cretere de 5,438 mil. lei sau 12.9% fa de nivelul

nregistrat la 31 decembrie 2010.

Soldul creditelor acordate de bnci a crescut cu 16.9%, pnla 29,813 milioane lei, fiind la nivel de 62.5% din Active.

The evolution of the banking system of the Republic of

Moldova during 2011 was characterized by positive dynamics of

the balance and profit indicators.

At the end of 2011 the assets constituted MDL 47,708 million,

marking an increase of MDL 5,438 million or 5,438 compared to

the level registered as of December 31, 2010.

The balance of loans provided by the banks grew by 16,9%, -up to MDL 29,813 million, reaching 62,5% of Assets.

EVOLUIA SISTEMULUI BANCAR EVOLUTION OF THE BANKING SYSTEM


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Conform situaiei la data de 31.12.2011, la nivel de sistem,ponderea cea mai mare din totalul portofoliului de credite audeinut-o creditele acordate industriei i comerului - 54.6%,agriculturii i industriei alimentare - 13.5%, pentru imobil,construcie i dezvoltare - 12.2% i creditele de consum 6.7%.Structura portofoliului de credite s-a modificat nesemnificativcomparativ cu finele anului 2010, cele mai semnificativemodificri fiind nregistrate n creterea ponderii crediteloracordate industriei i comerului cu 3.2 p.p. i diminuareaponderii creditelor de consum cu 1.7 p.p.

La 31.12.2011 volumul total al depozitelor a crescut la nivelde sistem cu 3,913 mil. lei sau cu 13.6%, nregistrnd ctre fineleperioadei 32,632 mil. lei.

Dinamica pozitiv n anul 2011 a volumului de depoziteatrase de bnci, a fost influenat de majorarea depozitelorpersoanelor fizice cu 2,501 milioane lei sau cu 13.8%, constituind


According to the situation as of December 31, 2011, at thesystem level, the largest share of the total loan portfolio was heldby the credits provided to industry and trade - 54.6%, agricultureand food industry - 13.5%, for real estate, construction anddevelopment - 12.2% and consuming credits 6.7%. Thestructure of the loan portfolio had changed insignificantly ascompared to the end of 2010, the most significant modificationsbeing noted under the conditions of the increase of the weight ofcredits provided to agriculture and food industry by 3.2 p.p. anddecrease of the weight of consuming credits by 1.7 p.p.

As of December 31, 2011 the total amount of depositsincreased at the system level by MDL 3,913 million or by 13.6%,having registered MDL 32,632 million by the end of the period.

The positive dynamics of the total amount of depositsattracted by banks in 2011, was influenced by the increase ofindividuals deposits by MDL 2,501 million or by 13,8%, reaching


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20,675 milioane lei. Depozitele persoanelor juridice s-au majoratcu 759 milioane lei, sau cu 7.8%, alctuind 10,512 mil. lei la31.12.2011.

mbuntirea climatului macroeconomic i optimizarea

politicilor prudeniale ale bncilor au favorizat cretereaindicatorilor de rentabilitate, astfel n anul 2011:

- ROA a fost la nivel de 2.0 % n cretere cu 1.5 puncteprocentuale fa de anul 2010;

- ROE a fost la nivel de 11.5 % n cretere cu 8.9 puncteprocentuale fa de anul 2010.

Suficiena capitalului ponderat la risc n mediu pe sistemulbancar, la sfritul anului 2011, a fost de 30.4%, comparativ cu

nivelul de minim 12% reglementat de BNM. Diferena mare ntrenivelul efectiv al indicatorului n corelaie cu nivelul reglementatde BNM, pune n eviden un potenial mare de implicare noperaiuni de creditare a bncilor, cu meninerea stabilitiifinanciare a instituiilor bancare.


MDL 20,675 million. The deposits of legal entities increased byMDL 759 million, or by 7,8%, reaching MDL 10,512 million as ofDecember 31, 2011.

The improvement of the macroeconomic climate and

optimization of prudential policies of the banks led to theincrease of profit indicators, so that in 2011:

ROA was at the level of 2.0%, registering an increase by 1.5percentage points compared to 2010;

ROE was at the level of 11.5%, registering an increase by8.9 percentage points compared to 2010.

At the end of 2011 the risk-weighted capital adequacy inaverage per banking system was of 30.4%, compared to the

minimum level of 12% regulated by the NBM. The big differencebetween the actual level of the indicator in correlation withthe level regulated by the NBM shows a great potential ofimplication in the crediting operations of the bancs, resulting inthe maintenance of financial stability of the banking institutions.


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EVOLUIA BNCII,

BANK DEVELOPMENT


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De 22 de ani de cnd activeaz pe piaa din Republica Moldova,Victoriabank nregistreaz noi performane i succese considerabile,care o plaseaz n locuri de frunte n topul bncilor comerciale din ar.Performanele Victoriabank se datoreaz n special necesitilor diferiteale clienilor si, dar i concurenei puternice din sistemul financiar-

bancar naional, care determin Victoriabank s evolueze continuu,punnd un accent deosebit pe implementarea celor mai noi tehnologiii strategii bancare.

Acest an a fost unul deosebit de rodnic pentru Victoriabank.Victoriabank a fost desemnat ca fiind una dintre cele mai bune bncidin Republica Moldova, merit confirmat prin numeroase distincii. Areuit s se evidenieze pe piaa internaional, fiindu-i oferit titlul deBanca Anului din Republica Moldova de ctre prestigioasa revistbritanic The Banker. Victoriabank a ctigat Mercuriul de Aur pentruprofesionalismul demonstrat n cadrul concursului naional MarcaComercial a Anului 2011.

Rezultatele obinute de Victoriabank n anul 2011 demonstreazcalitatea strategiei de dezvoltare a Victoriabank, care a nregistrat ocretere a cotei pe pia de 0.24%, i a veniturilor de 18%. Totodat, n2011 banca a nregistrat i o cretere de peste 18 mii a numrului declieni.

Victoriabank continu s fie apreciat pentru: Implementarea celor mai noi tehnologii bancare ce asigur

deservirea clienilor la cel mai nalt nivel; Abordarea individual a fiecrui client; Portofoliul divers de produse i servicii bancare;

Numrul mare de puncte de deservire pe tot teritoriulRepublicii; Renumele i imaginea brandului att n Moldova, ct i peste

hotarele ei.Pentru Victoriabank, este o condiie esenial ca produsele i

serviciile sale s fie prezentate i promovate cu succes, ntruct acesteacontribuie cel mai mult la creterea activelor, a profitabilitii i ancrederii clienilor n Banc. Anume acest vot de ncredere, acordatde clienii i partenerii si, a determinat meninerea i consolidareaVictoriabank ca frunta al sistemului financiar-bancar din Moldova,performan nregistrat datorit majorrii cotei de pia la principalii

indicatori de activitate bancar.Astfel, la situaia din 31.12.2011, Victoriabank avea n gestiunea sa: 16.9% din activele sistemului bancar, 20.8% din depozitele atrase n sistemul bancar, 20.0% din depozitele persoanelor fizice plasate n instituiile

bancare din Moldova, 16.1% din portofoliul de credite deinut de sistemul bancar

din Republica Moldova.

EVOLUIA BNCII BANK DEVELOPMENT

For 22 years of its activity on the market of the Republic of Moldova,Victoriabank had registered new accomplishments and great success,placing itself on top positions among the commercial banks of thecountry. Victoriabank achievements are mainly the result of thevarious needs of its customers, but also of a strong competition withinthe national financial-banking system, which pushes Victoriabank to aconstant evolution, paying special attention to the implementation ofthe most modern banking technologies and strategies.

This year was particularly fruitful for Victoriabank. The bank becameone of the best banks in the Republic of Moldova, getting numerousawards. We succeeded in being very visible on the international market,getting the being nominated as The Bank of the Year in the Republicof Moldova by the prestigious British magazine The Banker. We gotthe Golden Mercury for our professionalism within the national contestThe Trademark of the Year 2011.

The results obtained by Victoriabank in 2011 demonstrate the qualityof the development strategy of the Bank that conditioned an increase ofthe market share by 0.24%, and increase of income by 18%. At the sametime, in 2011 the number of Banks customers increased by more than18 thousand.

Victoriabank is being continuously appreciated for: Implementing the newest banking technologies that assure the

highest level of customer service; Individual approach to each customer; Rich portfolio of banking products and services;

Large network of representing offices across the Republic; The well-known name and the image of the brand in Moldova

and also abroad.It is a vital concern for Victoriabank that its products and services

to be successfully presented and promoted, as they mostly contributeto the assets growth, profitability and clients confidence. Due to thetrust of customers and partners, Victoriabank managed to maintain andconsolidate a leading position within the financial-banking system ofMoldova, increasing the market share on key indicators of the bankingactivity.

Thus, as of December 31, 2011, Victoriabank had under itsadministration: 16.9% of banking system assets, 20.8% of deposits attracted in the banking system, 20.0% of retail deposits (deposits of individuals) placed in the

banking institutions of Moldova, 16.1% of the loan portfolio held by the banking system of the

Republic of Moldova.


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n anul 2011 Banca i-a continuat politica de extindere a reeleide filiale i reprezentane cu noi uniti n toate regiunile RepubliciiMoldova. n perioada gestionar, au fost deschise 8 subdiviziuni, faptce a contribuit nemijlocit la creterea cotei de pia a Bncii. Numrultotal de subdiviziuni ale Bncii la 31 decembrie 2011 constituia 95uniti, dintre care 32 filiale i 63 agenii.

Activele Bncii la 31.12.2011 au constituit 8,069 mln. lei, nregistrndo cretere de 14.5%.

Pe parcursul perioadei de raportare, Banca a acordat credite nsum de 4,777 mln. lei, cu 23.4% mai mult dect n anul 2010.

Portofoliul de credite la sfritul perioadei de raportare constituia4,789 mln. lei, sau 59.4 % din total active, nregistrnd o cretere de18.9% comparativ cu volumul de la nceput de an. Astfel a fost meninutun risc de credit moderat.

Creditele de consum, n structura portofoliului de credite s-audiminuat de la 7.0% la 6.4% i au constituit 306,9 mln. lei.


In 2011, the continued its policy of extending the network of branchesand representative offices with new units in all regions of the RepublicMoldova. In the reported period, 8 subdivisions were opened, whichdirectly contributed to the increase of the market share of the Bank. Thetotal number of subdivisions of the Bank, as of December 31, 2011, was95 units, out of which 32 branches and 63 agencies.

The Banks assets as of December 31, 2010 amounted MDL 8,069million, having registered an increase by 14.5%.

During the reported period, the Bank granted credits in amount ofMDL 4,777 million, by 23.4% more as compared to 2010.

The loan portfolio at the end of the reported period amounted MDL4,789 million, or 59.4 % of the total assets, registering an increase by18.9% compared to the amount at the beginning of the year. Thus, amoderate credit risk was maintained.

The consuming credits within the structure of the loan portfoliodecreased from 7.0% to 6.4% and totaled MDL 306.9 million.


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Pe parcursul anului 2011, Banca a implementat multiple proiectede atragere a clienilor i cretere a volumului depozitelor bancare.

Volumul total de depozite a crescut n anul 2011 cu 16 % sau cu937 mln. lei i au constituit suma de 6,787 mln. lei.


During 2011, the Bank implemented multiple projects aiming toattract clients and increase the amount of banking deposits.

The total amount of deposits in 2011 increased by 16 % or by MDL937 million and reached the number of MDL 6,787 million.


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n baza hotrrii Adunrii Generale a Acionarilor Victoriabankdin 26.04.2011, a fost nregistrat emisiunea suplimentar nchis de15 milioane aciuni ordinare nominative la valoarea nominal de 10lei per aciune, n volum de 150 milioane lei din profitul nedistribuit.Aciunile au fost repartizate acionarilor proporional cotei deinute

la data Adunrii. Din data de 20.05.2011 capitalul social al Bncii aconstituit 250 milioane lei.

Capitalul acionar a crescut cu 103 mln. lei i a constituit sumatotal de 973 mln. lei.

n anul 2011 Victoriabank a obinut un profit de 160,8 mln. lei, cu 10%mai mult dect obiectivele stabilite n planul de afaceri.


Based on the decision of the General Meeting of VictoriabankShareholders of April 26, 2011, a supplementary closed emission of 15million ordinary shares was registered, with a nominal value of 10 MDLper share, in amount of MDL 150 million from undistributed profit. Theshares were distributed proportionally with the percentage of shares

owned at the date of the General Meeting. As of May 20, 2011 the equitycapital of the Bank totaled MDL 250 million.

The share capital increased by MDL 103 million and reached the totalamount of MDL 973 million.

In 2011 Victoriabank obtained a profit of MDL 160.8 million, by 10%more than set up by the business plan objectives



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Pe parcursul anului 2011, principalii indicatori prudeniali ai Bnciis-au ncadrat n limitele interne sau cele stabilite de BANM i se situeazla niveluri corespunztoare pentru dezvoltarea afacerilor.

Principalul indicator de risc reglementat prin norme interne i

internaionale, respectiv indicatorul de solvabilitate (rata de adecvare acapitalului) s-a situat la un nivel de 23.32% la 31.12.2011 (nivelul minimreglementat de BNM 12%).

Creterile indicatorilor bilanieri i obinerea rezultatelor financiarepeste nivelul planificat au contribuit la nregistrarea indicilor derentabilitate peste valorile medii pe sistemul bancar, astfel s-a nregistrat:

Rentabilitatea activelor (ROA) - 2.1 %, comparativ cu media nsistemul bancar de 2.0%;

Rentabilitatea capitalului (ROE) - 17.7%, n comparaie de media

n sistemul bancar de 11.5%.

Astfel, Victoriabank menine una din poziiile de lider la indicatorulde rentabilitate a capitalului, plasndu-se pe locul II n clasamentulbncilor comerciale mari din sistemul bancar din Moldova.


During 2011, the main prudential indicators of the Bank correspondedto the internal limits and those established by the NBM for businessdevelopment.

The main risk indicator regulated by internal and internationalstandards, as to say the solvency indicator (capital adequacy rate)reached the level of 23.32% as of December 31, 2011 (the minimum levelregulated by the NBM is 12%).

The increase of balance indicators and obtaining the financial resultshigher than planned contributed to the achievement of return indicatorsover the average on the banking system, thus registering:

Return on Assets (ROA) - 2.1 %, compared to the average on thebanking system of 2.0%;

Return non Equity (ROE) - 17.7%, compared to the average on the

banking system of 11.5%.

Thus, Victoriabank is holding one of the leading positions as regardsthe Return on Assets indicator, ranking second in the top of the biggestcommercial banks of Moldova.


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STRATEGIA BNCII

BANK STRATEGY

STRATEGIA DE DEZVOLTARE A BNCII BANKS DEVELOPMENT STRATEGY


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STRATEGIA DE DEZVOLTARE A BNCII BANK S DEVELOPMENT STRATEGY


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PERSONALUL BNCII

BANKS STAFF

PERSONALUL BNCII BANKS STAFF


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Evidena i monitorizarea resurselor umane

n anul 2011 Direcia resurse umane i-a desfurat activitateasa n comun acord cu subdiviziunile Bncii i n conformitatecu Politica de personal, Regulamentele i Instruciunile bncii,

Hotrrile Consiliului de administraie, deciziile Comitetului deDirecie, ordinele Preedintelui bncii. Aceste documente suntorientate spre mbuntirea lucrului cu personalul, care estecea mai important component a competitivitii Bncii i caredepinde n mod direct i decisiv de poziionarea Victoriabankpe pia.

O atenie deosebit a fost acordat chestiunilor ce in deselectarea, angajarea i pregtirea personalului, ridicareanivelului profesional, conformarea structurii subdiviziunilor,sarcinilor bncii la etapa actual, crerii n colectivul bncii a unuiclimat moral-psihologic adecvat i a unei ambiane de munccorespunztoare cerinelor Politicii de personal i a Coduluide Etic n cadrul bncii. Cointeresarea moral i motivareamaterial a contribuit la meninerea personalului, micorareafluctuaiei cadrelor, fiind orientat spre mbuntirea lucruluicu acesta.

Rezultatele obinute n anul 2011 sunt expresia unei politiciadoptate eficient de managementul bncii; corectitudiniiaciunilor ntreprinse, orientate spre aplicarea celor mai optime

soluii i desigur a profesionalismului, responsabilitii iproductivitii ntregului personal al bncii.

Calitatea i competitivitatea produselor i serviciilor bancareprestate clienilor i nivelul deservirii au fost o prioritate pentrubanc. n anul precedent banca i-a orientat eforturile asupracreterii volumului vnzrilor de produse i serviciilor bancare,extinderea reelei de filiale i agenii, explornd, elabornd ilansnd o serie de proiecte inovatoare pe piaa financiar dinRepublica Moldova.

Fora motric a Bncii o constituie salariaii care manifestconcuren n activitate, perspectiv, energie, responsabilitate,potenial, tendin de dezvoltare profesional i pstrareantietii n activitatea lor profesional. Echipa constituit dinsalariai calificai este un izvor de energie creatoare, necesarpentru dezvoltarea bncii i realizarea obiectivelor stabilite.

Management and monitoring of human resources

In 2011, the Human Resources Department had been operatingin agreement with the Banks subdivisions and in accordance

with the Human Resources Policy, Regulations and Instructions

of the Bank, Decisions of the Board of Administration, Decisionsof the Management Board, and orders of the President of theBank. These documents are aimed at improving the work withthe staff, which is the most important component of the Bankscompetitiveness and is directly and decisively dependent on

Victoriabank position on the market.

Particular attention was paid to issues related to selection,employment and training of the personnel, professionaldevelopment, structural compliance of the subdivisions with

the banks tasks at present, creation of a positive psychologicalclimate and of a good working environment in compliancewith the requirements of the Personnel Policy and the Code ofEthics within the Bank. Moral and financial motivation of theemployees contributed to the prevention of resignations anddecrease of the staff turnover.

The results achieved in 2011 are an expression of effectivepolicy adopted by the bank management, correctness of theundertaken actions aimed at applying the optimal solutions and,

of course, professionalism, responsibility and productivity of allstaff of the bank.

The quality and competitiveness of banking products andservices provided to customers and service level was a priorityfor the bank. Last year, the bank has focused its efforts onincreasing the sales of banking products and services, expansionof branch and agencies network, exploring, developing andlaunching a series of innovative projects on the financial marketof the Republic of Moldova.

The driving force of the Bank is its employees, who showactive competition, perspective, energy, responsibility, potential,professional development trend and maintain supremacy intheir professional activity. The team consisted of well-trainedemployees is a source of creative energy, necessary for thebanks development and achievement of its objectives.



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Anul 2011 s-a nscris n istoria activitii bncii prin extinderean teritoriu a reelei de filiale i agenii. n acest scop s-a axat peprocesul de recrutare i selectare de personal care a condiionatntr-o msur substanial la calitatea resurselor umane alebncii. La baza ocuprii posturilor vacante a stat organizareaconcursurilor la suplinirea posturilor vacante n subdiviziunilenoi create precum i n direciile din aparatul central al bncii.

Managementul resurselor umane a avut ca scop asigurareala nivelul fiecrei subdiviziuni instituirii unui mediu modern,capabil de a face fa concurenei n sistemul bancar.

Conform statului de personal la situaia din 31 decembrie2011, n cadrul BC Victoriabank S.A., au fost 1,178.25 (2010 -1,099.50) uniti cu un numr de angajai de 1,329 (2010 - 1,197)de persoane, dintre care:

The year 2011 was registered in the banks business historyby expanding the network of branches and representative acrossthe country. To this end, the emphasis was placed on the staffrecruitment and selection process that has conditioned to asignificant extent the quality of the banks human resources. Inorder to fill in the vacancies, contests have been organized in thenewly created subdivisions, as well as in the departments fromthe banks headquarters.

The management of human resources aimed to assure amodern environment within each subdivision, able to face thecompetition within the banking system.

According to the staff structure, as of December 31, 2011,within the CB Victoriabank JSC there were registered 1,178.25(2010 - 1099.50) units with a number of 1329 (2010 1197)employees, of which:



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Este de menionat faptul c majoritatea angajailor bncii(53%) sunt persoane tinere, cu vrste de pn la 30 ani.

Most of the Banks employees (53%) are young persons, withan age below 30 years.



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Instruirea i dezvoltarea personalului Bncii

n anul 2011 au fost organizate numeroase seminare, la careau participat cumulativ - 1,997 (n anul 2010 - 1204) salariai,dintre care 1,892 salariai - la seminarele organizate n cadrul

Bncii; 75 salariai - la instituiile de nvmnt de stat dinrepublic, iar 30 salariai - la instituiile de nvmnt de pestehotarele Republicii Moldova.

Cheltuielile aferente instruirii personalului n anul 2011 aufost de - 970,494.79 lei (n anul 2010 cheltuielile au constituit -330,544.54 lei).

Training and development of the Banks staff

In 2011 a large number of seminars was organized, to whichtotally participated 1,997 (1204 in 2010) employees, out of which1,892 employees participated to seminars organized within the

premises of the Bank; 75 employees attended seminars within thestate educational institutions of the republic, and 30 employeesbenefited from training within the educational institutions fromabroad.

The expenditures related to staff training in 2011 reachedMDL 970,494.79 (compared to MDL 330,544.54 in 2010).



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Dintre acetia: 1,657 salariai - au realizat formare profesional continu,

prin completarea cunotinelor profesionale i aprofundareacunotinelor ntr-un anumit domeniu al specialitii de bazsau prin deprinderea unor metode sau procedee noi aplicate ncadrul specialitii respective

340 salariai noi angajai - au fost pregtii i au urmatinstruirea profesional continu iniial, n vederea pregtiriiprofesionale i n scopul optimizrii activitii bncii.

n cadrul Aparatului Central al Bncii au fost organizate 98seminare, dintre care - n domeniul i numrul de salariai instruii:

plilor programate - 209; sistemelor de transferuri rapide i operaiunilor cu cecuri -

266; abilitilor de leadership i motivare a personalului - 91; prevenirii i combaterii splrii banilor i finanrii terorismului

- 258; contabilitii, organizrii evidenei primare n filialele bncii

- 82; managementului - 58; deservirii i comunicrii n situaii conflictuale i negocieri -

465; tehnicilor avansate de vnzri - 107;

The training of personnel included: 1,657 employees benefiting from ongoing professional

training, by completing professional knowledge and deepeningthe skills in a specific specialty area or by learning new methodsand procedures, applied within their specialty

340 new employees following the initial ongoingprofessional training, in order to optimize the Banks activity.

98 seminars were organized within the Bank, targeting thefollowing areas and number of employees:

scheduled payments 209;

rapid transfers systems and checks operations 266 ;

leadership skills and personnel motivation 91;

preventing and combating money laundering and terrorism financing

258; accounting, prime entry organization within the bank branches 82;

management 58;

customer service and communication in conflict situations andnegotiations 465;

advanced sales techniques 107;



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modalitilor de promovare a operaiunilor cu cardurilebancare - 113;

organizrii securitii i sntii salariailor de ctre manageri- 68;

analizei situaiei financiare n baza rapoartelor din liniileexterne - 43;

aspectelor generale i exigenele Bncii cu privire la politicade gaj - 62.

La seminare republicane au participat - 75 salariai nurmtoarele domenii:

securitii informaionale (3 pers.); resurselor umane (13 pers.); analizei economico - financiare (5 pers.); prevenirii i combaterii splrii banilor i finanrii

terorismului (1 pers.);

contabilitii (8 pers.); marketingului i relaiilor cu publicul (3 pers.); relaiilor internaionale ce in de contractele comerciale

internaionale (2 pers.); organizarea auditului intern (7 pers.); promovarea produselor (11 pers.); protecia civil (1 pers); transferurilor rapide (17 persoane).

promotion of operations with bank cards 113;

organization of security and health conditions of employees by managers 68;

analysis of financial situation based on the external lines reports 43;

general aspects and requirements of the Bank regarding the mortgagepolicy 62.

75 employees participated to republican seminars for thefollowing areas:

informational security (3 employees); human resources (13 employees); economic-financial analysis (5 employees); preventing and combating money laundering and terrorism

financing (1 employee);

accounting (8 employees); marketing and public relations (3 employees); international relations related to international commercial

contracts (2 employees); organization of internal audit (7 employees); promotion of products (11 employees); civil protection (1 employee); rapid transfers (17 employees).



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Peste hotarele Republicii Moldova la seminare internaionaleau participat - 30 salariai:

n rile CSI - 11 salariai(Ucraina - 8; Rusia (Moscova) - 3); n rile Uniunii Europene - 19 salariai

(Germania - 1, Romnia - 15; Austria - 2; Cehia -1).

Comparativ cu anul 2010, n anul 2011 o importan deosebits-a acordat instruirii interne, care a avut ca scop un pronunatcaracter aplicativ referitor la implementarea i promovareaproduselor bancare. n acest sens numrul casierilor instruii n2011 a depit de dou ori numrul celora instruii n 2010.

Instruirea a fost realizat n funcie de responsabilitile ifunciile fiecrei persoane n cauz i n msura posibilitilorpentru toate categoriile de salariai: casieri, economiti, ingineri,

juriti, manageri.n vederea optimizrii procesului de instruire n bazaseminarelor au fost desfurate follow-upuri, la care a fostrevizuit progresul n dezvoltarea competenelor profesionale alesalariailor instruii.

Totodat, n anul 2011 a fost aprobat Procedura privindordinea i condiiile de stagiere a candidailor la funciile vacanten cadrul BC Victoriabank S.A.

Scopul principal al instruirii stagiarilor este pregtireaspecialitilor necalificai pentru suplinirea funciilor vacante

cu specialiti calificai, nsuireade ctre ei a metodologieioperaiunilor bancare iantrenarea abilitilor nemijlocitla locul de munc. n urmastagiilor organizate au fostncadrai n cmpul muncii circa30 candidai.

Evaluarea performanelorprofesionale ale salariailor BC

Victoriabank S.A.Performanele profesionale

au fost evaluate la 87 salariai -economiti deservire persoanefizice; deservire persoane juridicei deservire carduri bancare dincadrul Filialelor Bncii.

30 employees attended international seminars as follows: within the CIS countries 11 employees(Ukraine 8; Russia (Moscow) 3); within the European Union countries 19 employees(Germany - 1, Romania 15; Austria 2; Czech Republic -1).

If compared to 2010, in 2011 great attention was paid tointernal training, with an applicative approach related toimplementation and promotion of bank products. In this regard,the number of trained cashiers in 2011 twice exceeded thenumber of those trained in 2010.

Trainings were organized according to the position held andresponsibilities of each employee and targeted specialists fromall the categories: cashiers, economists, engineers, legal advisers,

managers.In order to optimize the training process, various follow-upswere organized based on seminars, during which the progress inthe professional competences development of employees wasrevised.

At the same time, in 2011 Victoriabank approved theProcedure on the order and conditions for internship ofcandidates applying for vacant positions within the Bank.

The main objective of the interns education is training ofnon-qualified specialists, so that they could apply for vacant

positions for qualified specialists,after being familiarized with themethodology of bank operationsand use of professional skills at the

working place. As a consequenceof professional trainings, 30candidates were employed.

Evaluation of professionalachievements of the Victoriabankstaff

Professional achievementshad been evaluated for 87employees from the individualcustomer service; legal entitiesservice and bank cards service

within the Banks branches.


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DEPOZITELE I CLIENTELA CORPORATIV DEPOSITS AND CORPORATE CLIENTS


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n anul 2011 soldul total al depozitelor Victoriabank a nregistrat ocretere de 937.3 mln.lei, constituind suma de 6,786.8 mln. lei (o cretererelativ de +16.02%). Astfel la situaia din 31.12.2011, Victoriabankal doilea an consecutiv ocup poziia I pe sistemul bancar, n ceea ceprivete soldul depozitelor gestionate, cu o cot de pia de 20.8%, n

cretere cu 0.43 p.p. fa de anul 2010.Soldul Depozitelor persoanelor juridice la data de 31.12.2011 s-a

majorat cu +368.2 mln. lei fa de anul 2010 (+16.13%), constituind sumade 2,651.2 mln. lei, ceea ce reprezint 22.17% din totalul depozitelorpersoanelor juridice din sistemul bancar (n cretere cu 0.52 p.p. fade anul 2010). Meninerea doi ani la rnd a cotei de pia pe segmentuldepozitelor persoanelor juridice la cel mai nalt nivel, se datoreazncrederii clienilor determinate de abordarea deservirii lor individualde ctre banc.

Depozitele persoanelor fizice aunsumat la 31.12.2011 4,135.6 mln. lei,cu +569.1 mln. lei mai mult dect la31.12.2010, nregistrnd o cretererelativ de +15.96%. Cota de piaaferent segmentului depozitelorpersoanelor fizice s-a majorat cu 0.38p.p., fiind de 20%.

Pe parcursul anului banca aatras depozite la termen n moned

naional la o rat medie de 6.05%,comparativ cu rata medie de 6.8% n2010, i depozitele la termen n valutliber convertibil au fost atrase la orat medie de 4.19%, comparativ curata medie de 4.12% n 2010.

Ca urmare a meninerii unui trend constant al nivelului ratelor dedobnd pe pia, dar i ca urmare a eforturilor bncii de optimizarea cheltuielilor, pe parcursul anului 2011 au fost nregistrate cheltuieliaferente depozitelor persoanelor fizice i juridice n mrime de 301.2

mln. lei, comparativ cu 256.2 mln. lei nregistrate n anul 2010 (+17.56%),soldul total al depozitelor la termen majorndu-se cu circa 19.21%.

Pe parcursul anului, numrul clienilor: persoane fizice i juridiceatrai la deservire a constituit 41.448 (1.313 persoane juridice i 40.135persoane fizice). Astfel numrul total de clieni la 31 decembrie 2011a constituit 231.948, dintre care: persoane juridice - 15,171 clieni, iarpersoane fizice - 216,777 clieni.

In 2011, the total balance of Victoriabanks deposits recorded anincrease by MDL 937.3 million, reaching the amount of MDL. 6,786.8million (a relative increase of +16.02%). Thus, as of December 31, 2011,for the second consecutive year Victoriabank ranks first in the bankingsystem in terms of the balance of deposits managed, with a market share

of 20.8%, increased by 0.43 p.p. compared to 2010.

The balance of legal entities deposits as of December 31, 2011 increasedby MDL 368.2 million compared to 2010 (+16.13%), reaching the amountof MDL 2,651.2 million, which represents 22.17% of total corporatedeposits within the banking system (increased by 0.52 p.p. compared to2010). Holding the highest market share on legal entities deposits for 2consecutive years, is due to the clients trust, conditioned by the banksindividual approach to each customer.

The deposits of individuals, as

of December 31, 2011, totaled MDL4,135.6 million, by MDL 569.1 millionmore than on December 31, 2010,registering a relative increase of+15.96%. The market share associatedwith the individuals deposits segmentincreased by 0.38 p.p., constituting20%.

During the year the bank attractedterm deposits in national currency atan average rate of 6.05%, compared tothe average rate of 6.8% in 2010, andterm deposits in convertible currencyat an average rate of 4.19%, comparedto the average rate of 4.12% in 2010.

As a result of a constant trend of the interest rates level on the market,but also due to the banks cost optimization efforts, during 2011 theexpenditures related to the deposits of individuals and legal entitiesaccounted for MDL 301.2 million, compared to MDL 256.2 million

registered in 2010 (+17.56%), the total balance of term deposits beingincreased by about 19.21%.

During the year, the number of individuals and corporate customersattracted reached 41,448 (1,313 legal entities and 40,135 individuals).Thus, the total number of customers as of December 31, 2011 was of231,948, out of which: 15,171 corporate customers and 216,777 individualcustomers.


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ACTIVITATEA DE CREDITARE

CREDITING ACTIVITY

ACTIVITATEA DE CREDITARE CREDIT ACTIVITY


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Obiectivele strategice ale activitii creditare aleBC Victoriabank S.A. stabilite pentru anul 2011 au fost:

Majorarea portofoliului de credite a bncii;

Creterea cotei de pia la totalul de credite n grupul

celor mai mari bnci i sporirea numrului de clieni persoanejuridice i fizice, care s beneficieze de serviciile de creditare alebncii;

mbuntirea calitii i creterea profitabilitiiportofoliului de credite prin asigurarea unui proces de creditareeficient i meninerea indicatorilor financiari n limitele stabilitede BNM i alte instituii financiare.

1. n anul 2011 Banca a fost predispus spre finanareaproiectelor investiionale i activitatea curent a ageniloreconomici, la fel a susinut i acordarea de credite n scopulsatisfacerii necesitilor de consum ale populaiei, precum in scopul mbuntirii condiiilor de trai (investiii imobiliare).Soldul portofoliului de credite la data de 31.12.2011 a constituit

Strategic objectives of the CB Victoriabank JSC creditactivity for 2011 were:

Development of the banks loan portfolio;

Increase of the total credit market share within

the group of the biggest banks and of the number of corporateand individual customers who benefit from the banks lendingservices;

Improvement of quality and increase of the loanportfolio profitability by assuring an efficient lending processand maintaining the limits of the financial indicators set by theNBM and other financial institutions.

1. In 2011, the Bank was liable to finance investmentprojects and current economic activity of the businesses, andalso supported loan granting in order to meet the consumingneeds of the population, as well as in order to improve the livingconditions (real estate investments). The balance of the loanportfolio as of December 31, 2011 constituted MDL 4,789,327.65


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mult comparativ cu anul precedent, att datorit creteriiportofoliului de credite ct i datorit mbuntirii calitii iprofitabilitii portofoliului generator de dobnd.

6. Pe parcursul anului 2011 Banca a micorat provizioanele

pentru pierderile la activele creditare pn la 331,966 mii lei(sau cu 5.97%). Mrimea rezervelor constituite pentru posibilelepierderi la credite, n raport cu volumul total al portofoliului decredite nu a depit indicatorul similar mediu pentru cele maimari 6 bnci comerciale. Dinamica cantitativ i calitativ aportofoliului de credite pe parcursul anilor 2007-2011 se prezintastfel:

totaled MDL 496,275 thousand or MDL 13,998 thousand morecompared to the previous year, due to the increase of the loanportfolio and improvement of quality and profitability of theinterest generating portfolio.

6. During 2011, the Bank decreased its provisions for losses oncredit assets to MDL 331,966 thousand (or by 5.97%). The amountof reserves for possible loan losses, compared to the total loanportfolio did not exceed the similar average indicator for thebiggest 6 commercial banks. The quantitative and qualitativedynamics of the loan portfolio for 2007-2011 is presented asfollows:



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7. A fost simplificat accesul clienilor din teritoriu la serviciilede creditare oferite de banc prin extinderea reelei de filiale ireprezentane.

8. n anul 2011 au fost respectate reglementrile prudeniale

ale Bncii cu privire la diversificarea portofoliului de credite ndiviziune pe ramuri, n scopul consolidrii i creterii stabilitiifinanciare.

9. Banca a oferit susinere persoanelor juridice i fizice centmpin dificulti n rambursarea creditelor i plata dobnzilor,astfel nct au fost restructurate i prorogate creditele acestora.

10. Au fost revizuite i perfecionate produsele creditareoferite de Banc cu scopul de a spori competitivitatea lor pepiaa financiar-bancar. Totodat, au fost respectate procedurile

interne de gestionare a riscurilor i Banca rmne bine poziionatn actuala conjunctur economic.

11. Banca i-a consolidat relaiile cu Directoratul Liniilor deCredit pe lng Ministerul Finanelor i alte instituii financiar-bancare internaionale, n scopul accesrii de resurse pe termenlung cu costuri avantajoase pentru clieni.

Activiti adiionale procesului de creditare desfurate peparcursul anului 2011:

1. Au fost elaborate 2 produse creditare noi destinatepersoanelor fizice n colaborare cu partenerii fideli ai Bncii- Moldtelecom SA, Coca Cola mbuteliere Chiinu SRL,Moldcell SA, Starnet SRL.

2. Au fost lansate promoii destinate persoanelor fizice (de 8Martie, de Pati, Renaissance City, Estival, de Toamn, cu ocaziasrbtorilor de iarn) pentru atragerea clienilor noi i majorareaportofoliului de credite. Astfel, n cadrul promoiilor au fostacordate 1,019 credite Retail n suma total de 19,633.43 mii lei.

3. Au fost semnate Acordurile de finanare: n cadrul proiectului FIDA-5 oferit de Fondul Internaionalpentru Dezvoltarea Agricol;

n cadrul proiectului Compact oferit de Corporaia ProvocrileMileniului (SUA);

n cadrul proiectului PAC-refinanare oferit de Banca Mondial.

7. The access of customers from the regions to the bankslending services was simplified, by extending the network ofbranches and representative offices.

8. In 2011, the Bank complied with its prudential regulations on

loan portfolio diversification by industry, in order to strengthenand enhance the financial stability.

9. The Bank provided support to legal entities and to individualsthat had faced difficulties in repaying the loans and interestpayments, thus, their loans were restructured and extended.

10. The Bank revised and improved its credit products inorder to increase their competitiveness on the financial-bankingmarket. At the same time the Bank complied with the internalrisk management procedures and remained well positioned

within the current economic environment.11. The Bank has strengthened its relations with the Credit Line

Directorate under the Ministry of Finance and other internationalfinancial and banking institutions, in order to access long-termresources at favorable costs for customers.

The additional activities to the lending process carried outduring 2011:

1. Two new credit products were developed and designed

for individuals in cooperation with the Banks devoted partners:Moldtelecom JSC,

Coca Cola mbuteliere Chiinu Ltd, Moldcell JSC, Starnet Ltd.

2. Promotions for individuals were launched (for the 8thMarch, for Easter, Renaissance City, Summer promotion, Autumnpromotion, for winter holidays) in order to attract new clientsand increase the loan portfolio. Thus, during the promotions1,019 retail credits were granted in total amount of MDL 19,633.43thousand.

3. The following Financing Agreements were signed:

within IFAD-5 project, offered by the International Fundfor Agricultural Development;

within Compact project, offered by the MillenniumChallenges Corporation (USA);

within CEP-refinancing project, offered by the World Bank.

4 A f C l d i iil 4 Th i f ti l i t t i d ith th



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4. A fost semnat Contractul de prestare a serviciilor

informaionale cu Camera nregistrrii de Stat S pentru

obinerea informaiei din Registrul de Stat al persoanelor juridice

i al ntreprinztorilor individuali, scopul fiind accesul comod i

rapid la informaia on-line din Registru.

5. A fost semnat contractul de colaborare cu Organizaia

pentru Dezvoltarea sectorului IMM (ODIMM) n vederea

garantrii restituirii creditelor acordate ntreprinderilor mici i

mijlocii care au insuficien de gaj.

6. A fost lansat cooperarea intensiv pe mediul de producie

cu M Biroul de credit SRL n vederea formrii bazei de datea istoriilor de credit prin descrcarea datelor din sistemul

informaional al bncii n baza de date al M Biroul de credit

SRL pe portofoliul de credite al bncii, ceea ce permite solicitarea

rapoartelor de credit despre istoria creditar a clienilor.

7. Au fost colarizai 30 salariai noi angajai, care au un stagiu

de munc n domeniul de credite mai mare de 2 luni i necesit

confirmarea Direciei credite pentru admiterea lor la eliberareacreditelor.

8. A fost organizat un seminar pentru directorii de filiale,

efii de secii i economitii antrenai n creditarea persoanelor

juridice cu tematica Analiza financiar a potenialilor debitori

i posibilitatea finanrii acestora.

Activitatea Bncii este direcionat att spre creterea cotei

de pia la credite, care va fi posibil datorit creterii volumului

creditelor acordate, numrului de clieni, constituirea relaiilor

durabile cu clienii prin oferirea produselor i serviciilor

performante i de calitate nalt, ct i spre mbuntirea

calitii i majorrii profitabilitii portofoliului de credite.

4. The informational service contract was signed with the

State Registration Chamber in order to obtain data from the State

Register of legal entities and individual entrepreneurs, aiming at

easy and rapid access to on-line information from the Register.

5. The cooperation contract with the Small and Medium

Enterprises Development Organization sector was signed, aiming

at guaranteeing the pay back of the granted loans to small and

medium businesses lacking of mortgage.

6. Intensive cooperation was established with the Biroul de

credit Ltd. aiming at creation of a data base of credit histories by

downloading data on the Banks loan portfolio from the Banks

informational system to the data base of the Biroul de credit

Ltd. , which would allow soliciting credit reports on customers

credit history.

7. Trainings were organized for 30 new employees with

working experience in credit activity more than 2 months and

need the confirmation of the Credit Department in order to start

the work with credit granting.

8. A seminar with the topic Financial analysis of potential

debtors and the possibility of their financing was organized for

branch directors, chiefs of sections and economists dealing with

granting loans to legal entities.

The Banks activity is directed both to the increase of the

market share on credits, which will be possible by increasing the

volume of granted credits, number of clients, building sustainable

relationships with customers by offering high performance and

quality products and services and to improve the quality and

increase the loan portfolio profitability.


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CARDURILE BANCARE

BANK CARDS

Anul 2011 a fost prevzut nu doar ca un an de meninere a The year 2011 was foreseen not only to maintain the positive

ACTIVITATEA CU CARDURI BANCARE ACTIVITY WITH BANK CARDS


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Anul 2011 a fost prevzut nu doar ca un an de meninere adinamicii pozitive atinse pe parcursul mai multor ani, ci i caun an de lansare a noilor tehnologii, concepte i standarde nsistemul de lucru utilizat, n scopul dezvoltrii posibilitiloracestuia i ridicrii nivelului de deservire a clienilor. Scopul

general al eforturilor depuse este orientarea mai eficient sprenecesitile clientului.

Astfel, n cadrul trecerii la un nou nivel de deservire a clienilori la un concept nou de dirijare a produselor a fost realizatunul din proiectele importante de infrastructur unificareaierarhiilor de eviden a informaiei aferente conturilor icardurilor bancare n sistemul Way4.

Ca rezultat, pe parcursul anului 2011 au fost emise 45,262

carduri, la sfritul perioadei analizate numrul cardurilor activea constituit 119,267 uniti, cu 15.52% mai mult dect la sfritulanului precedent.

Conform rezultatului 2011, ponderea cardurilor bancareemise de Victoriabank a constituit 13.08% din totalul carduriloremise pe piaa RM, n cretere cu 0.47 p.p. comparativ cu anul2010.

The year 2011 was foreseen not only to maintain the positivedynamics reached during several years, but also to launch newtechnologies, concepts and standards within the used workingsystem, in order to develop its possibilities and increase thelevel of customer service. The main goal of the efforts applied is

oriented towards more efficient approach to the clients needs.

Thus, passing to a new level of customer service and a newconcept of product management an important infrastructure

was developed unification of information evidence hierarchiesafferent to bank accounts and cards within the Way4 system.

As a result, 45,262 cards were issued during 2011, at the endof the analyzed period the number of active cards represents

119.267 units, by 15,52% more than at the end of the previousyear.

According to the results to the 2011, the share of bank cardsissued by Victoriabank made up 13,8% of the total of cards issuedon the Republic of Moldova market, increased by 0,47 p.p.compared to 2010.

Menionm faptul c cota bncii este calculat din datele It should be mentioned that the bank share is calculated



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Menionm faptul c cota bncii este calculat din datelestatistice oficiale, iar Victoriabank declar numrul real decarduri active, necunoscndu-se realitatea cifrelor prezentate debncile-concurente.

n anul 2011 au fost contractate 230 ntreprinderi noi nsensul transferrii salariilor la carduri bancare, cu 2.68% maimult dect n anul 2010. n comparaie cu perioada similar,suma transferat la cardurile salariale n anul 2011 a crescut cu46.5%, pn la 2,59 mlrd. lei.

Numrul operaiunilor efectuate cu carduri emise de bancs-a majorat cu 38.04% fa de anul precedent i a constituit 3,34mln. operaiuni, iar volumul operaiunilor efectuate cu carduriemise de banc a crescut cu 39.47% i a nregistrat suma de 3,86mlrd. lei.

It should be mentioned that the bank share is calculatedbased on official statistic data, and Victoriabank declared thereal number of active cards, not being aware of the real numberspresented by the competitor banks.

In 2011 230 new companies were contracted, for the transferof salaries to bank cards, by 2,68% more than in 2010. Comparedto the similar period, the amount transferred to salary cards in2011 increased by 46,5%, up to MDL 2,59 billion.

The number of operations with bank cards issued byVictoriabank increased by 38,04% compared to the previousyear and constituted 3,34 million operations, and the volumeof operations with bank cards issued by the Bank increased by39,47% and registered the sum of MDL 3,86 billion .

n anul 2011 a crescut esenial numrul i volumuloperaiunilor efectuate n reeaua comercial a bncii respectiv

In 2011 significantly increased the number and the volumeof operations performed within the banks commercial network



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operaiunilor efectuate n reeaua comercial a bncii, respectivn comparaie cu anul 2010, numrul operaiunilor a crescut cu38.44% i a constituit 595,4 mii operaiuni, iar volumul a crescutcu 13.43% obinnd cuantumul de 478.7 mln. lei.

(Creterea evident a numrului de operaiuni n comparaiecu volumul acestora se explic prin majorarea numruluioperaiunilor cu sume mici, adic popularizarea utilizrii zilnicea cardurilor bancare scop important existent n agend attla nivelul Direciei carduri bancare, ct i la cel al bncii i aleconomiei naionale migrarea plilor cotidiene n mediul frnumerar).

Anul 2011 s-au soldat cu un profit net de 52.23 mln. lei sau cu16.87% mai mare dect n perioada similar anului precedent.

Cheltuielile din activitatea cu carduri bancare au crescutcu 10.17% i au constituit 30,07 mln. lei (ponderea ndepliniriiplanului constituie 100.4%). Veniturile din activitatea cu carduribancare obinute pe parcursul anului 2011 au crescut cu 10,31

of operations performed within the bank s commercial network,respectively, compared to 2010, the number of operationsincreased by 38,44% and reached the amount of 595,4 thousand,and the volume increased by 13,43% reaching the quantum ofMDL 478,7 million.

(The evident increase of the number of operations comparedto their volume is explained by the increase of small amountoperations number, as to say popularization of the daily use ofbank cards an important goal in the agenda of the bank cardsDepartment, as well as of the Bank and national economy migration of daily payments to a no-cash mode.)

The year 2011 resulted with a net income of MDL 52,23 millionor by 16,87% more than during the same period of the previous

year (diagram no. 7). The expenditures from bank cards activityincreased by 10,17% and totaled MDL 30,07 million (share of planrealization is 100,4%).

The income from the bank cards activity during 2011increased by MDL 10,31 million or by 14,33% and totaled MDL82,3 million (share of plan realization is 99,53%), out of which

mln. lei sau cu 14.33% i au constituit 82,3 mln. lei (ponderea MDL 8,54 million were revenues generated by interest from



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ndeplinirii planului constituie 99.53%), din care 8,54 mln. leiau fost venituri generate de dobnzi la creditele acordate prin

conturile de card (cu 26.4% mai mult de ct n anul precedent).

Pe parcursul anului 2011 au fost ncheiate 4,327 contracte decredit n sum total de 101,45 mln. lei. La sfritul anului 2011portofoliul creditelor constituie 60,73 mln. lei, cu 68.6% mai mult

dect un an n urm.

g ycredits granted through card accounts (by 26,4% more thanduring the previous year).

During 2011 4.327 loan contracts were signed in total amountof MDL 101,45 million. At the end of 2011 the loan portfolio madeup MDL 60,73 million, by 68,6% more than one year ago.



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La fel a avut loc creterea extraordinar a soldului total imediu zilnic la conturile de carduri, acestea au crescut cu27.37% pn la 476,56 mln. lei i cu 28.55% pn la 453,92 mln.lei respectiv.

Anul 2012 va fi o continuare fireasc a proiectelor nceputen perioada precedent, inclusiv procesul de modernizare asistemului i utilajului utilizat, susinerea proiectelor realizateanterior (Victoriashopping, Shop&Fly) i lansarea noilor produsede card.

La fel se planific lrgirea posibilitilor pentru deintoriide carduri, de exemplu lansarea unor dispozitive (chiocuriinformaionale) i servicii noi transferuri card-to-card, mobile-

banking, internet-banking, etc.

Rezumnd cele expuse mai sus, odat cu scopul obineriiveniturilor maximale i majorrii cotei de pia n domeniu,

apropierea de client i necesitile acestuia rmne un scopprimordial ce se afl la temelia tuturor aciunilor ntreprinse.

Also, an extraordinary growth of daily total and averagebalance of bank cards took place, increasing by 27,37% up toMDL 476,56 million and by 28,55% up to MDL 453,92 millionrespectively.

The year 2012 will be a natural continuation of projectsinitiated during the previous period, including the modernizationprocess of the used systems and equipment, support of theprevious projects (Victoriashopping, Shop&Fly) and launch ofthe new card products.

Also, it is planned to extend the possibilities for card holders,for example launch of new devices (informational kiosks) andservices card-to-card transfers, mobile-banking, internet-banking, etc.

Resuming the above said, along with maximal revenues andincrease of market share, clients approach and their needs makeup the main goal of the Bank, being fundamental for all furtheractions.


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Anul 2011 poate fi caracterizat ca un an volatil pentru celei li hid l t t t d l i g ti t

The year 2011 can be considered as volatile for the mostli id i t l f d ll d lightl g ti f

OPERAIUNI VALUTARE CURRENCY TRANSACTIONS


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mai lichide valute: neutru pentru dolar i uor negativ pentrueuro, un an al instabilitii politice i economice, al continuriiefectelor recesiunii mondiale.

Dei spectrul unei noi perioade de recesiune a fost oarecumdepit, economiile dezvoltate au continuat s evolueze subpotenial. S-au meninut o serie de factori de risc cu privirela evoluia economiei mondiale i a pieelor de capital: crizafinanelor publice (manifestat n principal n Europa), criza

valutar, politica monetar a Chinei, programele de consolidarebugetar, nivelul ridicat al omajului, dificultile din piaaimobiliar, capacitatea economiilor emergente de a gestionaintrrile de capital din exterior etc.

Principalele provocri ale anului 2011 au fost:

ncetinirea dinamicii economice (poate provoca pierderibncilor datorit dificultilor n rambursarea creditelor datoritscderii vnzrilor sau scderii salariilor);

liquid currencies: neutral for dollar and slightly negative foreuro, a year of political and economic instability, of continuityof the world recession effects.

Although the spectrum of a new period of recession wassomehow outdated, the developed economies continuedto grow below their potential. There remained a number ofrisk factors with regard to the global economy and capitalmarkets evolution: public finance crisis (ma

Raport Anual VB 2011

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