OREANDA-NEWS. May 12, 2010. Center-Invest Bank held its Annual General Meeting of Shareholders, reported the press-centre of Center-Invest Bank.

The main outcome of 2009 was that Center-Invest's sustainable banking model successfully passed the latest stress test posed by the global economic crisis: as a sustainable banking business, we focused not on instantaneous profits, but rather on long-term gain for the benefit of our shareholders, customers and partners.

Chairman of the Center-Invest Bank Executive Board, Anna Shtabnova, presented the bank's results for 2009 to our shareholders.

In 2009:
Center-Invest Bank brought USD55m into the economy of southern Russia in the form of long-term (five-year) loans from: the EBRD (USD35m), DEG (USD10m), and OeEB (USD10m). We also obtained a EUR17m medium-term loan from Erste Group, and signed a set of agreements with IFC for a total of USD45m.

At FYE 2009, Center-Invest Bank’s net asset value was RUB4.6bn according to Russian Accounting Standards (RAS) and RUB5.4bn according to International Financial Reporting Standards (IFRS). Capital was RUB5.9bn calculated in accordance with Bank of Russia requirements, and RUB7.2bn calculated in accordance with the Basel Capital Accord.

For the 14th year in a row Center-Invest was successfully audited in accordance with IFRS (PricewaterhouseCoopers).

The AGM approved Center-Invest Bank's annual report (http://centrinvest.ru/pdf/report09-1.pdf). We also provided our shareholders and partners with the Consolidated Financial Accounts, prepared in accordance with IFRS and independently audited by PricewaterhouseCoopers (http://www.centrinvest.ru/pdf/Center-invest_Bank_2009_con_en.pdf).
In 2009, we increased our share of the banking services market in the Rostov region and southern Russia.

Our shareholders noted the high level of competency of Center-Invest Bank's staff: their in-depth theoretical knowledge which enables them to resolve difficult questions and confidently take realistic strategic decisions, their knowledge of Russian legislation and best international practice, and their knowledge of the regional economy and their customers' potential.

Developments in 2009 confirmed Center-Invest Bank's economic analysis and forecasts. After the economic downturn we will see new growth in those sectors and regions that can make the transition to more efficient technologies and ways of working. In addition to its traditional advantages, southern Russia is benefiting from a surge in investment connected with the 2014 Winter Olympics, which are to be held in Sochi. Center-Invest Bank has set itself the task of enabling its customers to make the transition to efficiency. They will then be able to use their competitive advantages to promote the implementation in southern Russia of the national programmes launched by the Russian government.