Official Site of
Sberbank of the USSR today
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Report 2005: [ Company Overview | Balance Sheet | Income Statement | Cash Flows | Cash and Cash Equivalents | Trading Securities | Other Securities | Due from Other Banks | Loans and Advances to Customers | Other Assets | Due to Other Banks | Deposits from Individuals and Customer Accounts | Debt Securities in Issue | Other Borrowed Funds | Other Liabilities | Share Capital and Share Premium | Interest Income and Expense | Fee and Commission Income and Expense | Administrative and Other Operating Expenses | Income Taxes | Earnings per Share | Dividends | Business Segments | Geographical Segments | Geographical Risk | Currency Risk | Liquidity Risk | Capital Adequacy Ratio | Glossary ] [ Ratio Analysis | Statistics | Financial Data Schedule ]
( source: http://www.sbrf.ru/eng/finance/Sberbank%20IFRS%20Financial%20Statements%202005.pdf )
Sberbank (Savings Bank of the Russian Federation) [the Bank]
The Bank is a joint stock commercial bank established in 1841 and operated in various forms since then.
The Bank was incorporated and is domiciled in the Russian Federation. The Bank's principal shareholder, the Central Bank of the Russian Federation (the "CBRF"), owns 63.76% of ordinary shares or 60.57% of the issued and outstanding shares at 31 December 2005.
The Board of Directors of the Bank is headed by the Chairman of the CBRF. The Board of Directors also includes representatives from the Bank's other shareholders. Two Deputy Chairmen of the CBRF are Deputy Chairmen of the Board of Directors.
The Bank's principal business activity is corporate and retail banking operations within the Russian Federation. The Bank has operated under a full banking license issued by the Central Bank of the Russian Federation since 1991.
On 21 June 2004 the Bank applied for participation in the State deposit insurance scheme, which was introduced by the Federal Law #177-FZ "Deposits of individuals insurance in the Russian Federation" dated 23 December 2003. On 29 December 2004 the CBRF, following the inspection of the Bank's performance to assess its compliance with the criteria set for the State deposit insurance scheme, officially informed the Bank about its positive decision, and the Bank was accepted to the State deposit insurance scheme on 11 January 2005. The State deposit insurance scheme dictates that the State Deposit Insurance Agency will guarantee repayment of individual deposits up to RR 100 thousand (approximately US Dollars 3 thousand) per individual in case of the withdrawal of a license of a bank or a CBRF imposed moratorium on payments. Prior to the admission to the State deposit insurance scheme, deposits of individuals placed with the Bank were fully guaranteed by the State. After the Bank was admitted to the State deposit insurance scheme, deposits of individuals placed before 1 October 2004 continued to be covered by the State guarantee until 1 January 2007 and deposits placed after 1 October 2004 are covered by the general terms of the State deposit insurance scheme.
The Bank has 17 (2004:17) regional head offices, 992 (2004: 994) branches and 19 261 (2004:19 211) sub-branches within the Russian Federation as at 31 December 2005. The average number of the Bank's employees during 2005 was 235 116 (2004: 228 531).
The Bank's registered address is: Vavilova str., 19, Moscow, Russian Federation.
Operating Environment of the Bank
The Russian Federation displays certain characteristics of an emerging market, including the existence of a currency that is not freely convertible in most countries outside of the Russian Federation, restrictive currency controls, relatively high inflation and economic growth. The banking sector in the Russian Federation is sensitive to adverse fluctuations in confidence and economic conditions. The Russian economy occasionally experiences falls in confidence in the banking sector accompanied by reductions in liquidity.
The tax, currency and customs legislation within the Russian Federation is subject to varying interpretations, and changes, which can occur frequently. Furthermore, the need for further developments in the bankruptcy laws, the absence of formalised procedures for the registration and enforcement of collateral, and other legal and fiscal impediments contribute to the difficulties experienced by banks currently operating in the Russian Federation. The future economic direction of the Russian Federation is largely dependent upon the effectiveness of economic, financial and monetary measures undertaken by the Government, together with tax, legal, regulatory, and political developments.
Branch network, Employees
Principal shareholder of Sberbank
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