Letter from the Chairman of the Management Board

Dear Shareholders,

I would like to express my sincere gratitude to Vozrozhdenie Bank Board of Directors for their trust in me and for providing me with the opportunity to lead one of the most successful financial institutions in the Russian banking services market. I would like to emphasise that the management team at the bank has achieved impressive results and has established a solid position amongst the leaders in the sector.

The strong points of Vozrozhdenie Bank are first of all its unique corporate culture, customer focus, operational and financial stability and high-quality risk management. The bank consistently develops on the basis of a balanced business model which anticipates growth of profitability driven by long-term partnerships with clients.

Under current conditions of ongoing uncertainty in the market, it is precisely this combination of a balanced, conservative approach to business and risk assessment with new, high-tech services available to clients and the introduction of innovative solutions that should enable the bank to maintain the quality of its portfolio and optimise expenses.

In 2015, we will continue to focus on the diversification of our client base, the growth of the share of our clients in the small and medium business segments and increasing the quality and efficiency of our services. One of the fundamental sources of our growth should be improvement of operational efficiency. Last year much effort was expended in this area and we are already reaping the benefits. As we move forward, we plan to jump ahead again as we optimise our business processes, reformat our branch network and develop our IT systems and multichannel remote services.

In 2015, we will be cautious but consistent in our development, which will aid us in being worthy of weathering the next round of turbulence in the economy as we continue to offer high-quality banking services to our clients, create value for our shareholders and achieve our goals.

Igor Antonov
Chairman of the Management Board1

1 - Has held post since March 31, 2015.

My Report

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