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The two banking subsidiaries will remain separate legal entities for the time being, and operate side by side. With the acquisition of Nova banjalucka banka we have reinforced our market position as number 4 and increased our overall market share to about 11%. Business structure and development Retail customers The realignment of the branch network started in the previous year to create a service-oriented sales organisation was successfully completed in 2005. This is reflected in key figures: lending volume rose by more than 55 %, credit card business grew by over 40 %. Housing loans for young couples, mortgage loans and car loans have been added to our product range. The account packages tailored to meet specific customer needs were a great success: 13,000 account packages were sold within nine months. Marketing activities supported all our sales initiatives, including a special offering in the winter sales season which focused on “instant loans”, account packages and short-term deposits on favourable terms and conditions. In 2005 we concluded an agency agreement with MoneyGram International, a provider of international money transfer services, to widen the range of services for our customers. We are strengthening our sales network by entering into partnerships with micro credit organisations, a relatively new, fastgrowing and highly promising sector in Bosnia and Herzegovina. Corporate customers We have a strong market position among state-owned companies and government agencies. Based on these business relationships, we aim to pursue further growth in the private sector of the economy. As a first step we implemented a comprehensive service approach supporting the Bosnian business sector by financing ambitious domestic projects. The volume of loans outstanding more than doubled in 2005. Financing transactions for large national and international companies with a strong market presence accounted for a significant portion of total volume. For example, we signed a loan agreement with a local pharmaceutical company for BAM 6.5 m (about € 3.3 m) and a financing arrangement with OMV, the Austrian oil company, for € 14.4 m. We also prepared the ground for the first real estate transaction and the introduction of new services. Forfaiting is a new product in the trade finance sector which has met with a very favourable market response. 90 CEE Network of Bank Austria Creditanstalt in 2005 Outlook The further expansion of HVB Central Profit Banka and the transformation/reorganisation of the newly acquired Nova banjalucka banka will be our top priorities in 2006. We also want to achieve further growth on our own, winning new customers by offering innovative products and attractive terms. At the end of 2005 we started to create a quality management system which will be implemented in 2006. Serbia and Montenegro*) – HVB Bank Serbia and Montenegro € m 2005 2004 Total assets 529 202 Net income before taxes 5.6 4.9 ROE before taxes 13.4 % 23.4 % Cost/income ratio 66 % 57 % Employees (full-time equiv.) 527 155 Offices 42 7 *) HVB Bank Serbia and Montenegro and Eksimbanka consolidated as from 1 October 2005 Economic policy measures limited GDP growth to just over 5 % in 2005 but failed to stop the upward trend in inflation in Serbia. The inflation rate rose to 17 % at the end of the year as the dinar depreciated against the euro by an average of 15 %. By supporting exports, the currency’s depreciation helped to bring the current account deficit to below 10 % of Beograd GDP. Credit demand again boomed in 2005, with loans to private households increasing at a significantly higher rate than business loans. Deposits from private individuals rose more strongly than in the previous year; most of this growth related to foreign currency deposits. The Serbian banking subsidiaries, merged at the beginning of October 2005, generated a net income before taxes of CSD 466 m for the full year 2005. As the year www.hvb.co.yu progressed, net interest income showed steady growth, based on a credit portfolio which tripled as against the previous year. General administrative expenses reflected integration costs and a one-off expense for rebranding.
Acquisition of Eksimbanka By acquiring Eksimbanka at the end of 2004, we became number five in the Serbian banking market. The extensive experience gained in various merger projects in the Group enabled us to complete the merger of the newly acquired bank with HVB Bank Serbia and Montenegro in the record time of seven and a half months. Immediately after the integration was completed, we launched an image campaign presenting the merged bank, which operates under the name of HVB Bank Serbia and Montenegro, to the market. The focus of the former Eksimbanka was on small and medium-sized businesses and private customers, optimally complementing our strength in corporate banking. The bank’s modern and extensive network of branches has brought the number of our offices from 8 to 42 while increasing the number of customers to over 100,000, including 12,500 business customers. Business structure and development Retail customers In 2005, the focus of activities was on private customer business. The strong growth of customer business exceeded expectations: deposits reached € 94 m, up by about 60 % on the previous year. Loans totalled € 113 m. In May, HVB Bank Serbia and Montenegro and Eksimbanka launched their first joint marketing campaign, which comprised TV spots, advertisements in printed media and a directmail initiative. The advertised products met with lively interest from the public: our banking subsidiaries are the first institution in the country to offer mortgage loans at very low interest rates without a surety. The “Super Cash Loan” is another innovative product tailored to meet local market needs; with this product, the bank finances the required minimum own resources of 20 %. Corporate customers We strengthened our position in the area of lending and customer acquisition in the corporate customer segment, in the face of more intensive competition in the banking sector and despite the ongoing integration process. In the meantime we have built up business relations with most large companies in Serbia. Structured financing transactions – including project, acquisition and infrastructure financing – have been added to our range of activities. The market has welcomed this initiative. Since February 2004 we have been active in the area of real estate finance, where a business volume of about € 42 m gives us a clear market leadership position. Our customers include three out of four large foreign real estate development companies with a commitment to the Belgrade market. Excellent cooperation between our Serbian banking subsidiary and the Vienna-based real estate specialists, and active participation in major trade fairs and events, have contributed substantially to the bank’s strong performance in this sector. International Markets Custody business is developing particularly well. This is another area in which results far exceed expectations. Among the assets under custody, bonds reached a volume of € 105 m. Outlook Operating as a universal bank, we aim to further increase our market share in the next three years, with a focus on retail customers. Guided by our motto “Your Bank of Trust”, we are pursuing a growth strategy in the Serbian banking market. We want to reinforce our market position in retail banking by expanding our branch network. Our objective in real estate business is to increase our market share of currently 30 %. CEE Network of Bank Austria Creditanstalt in 2005 91
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Annual Report Bank Austria Creditan
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The Bank Austria Creditanstalt Shar
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Annual Report Bank Austria Creditan
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Highlights 2005 Awards 2005 1 Janua
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A word of thanks to our employees T
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8 Letter from the CEO of the new Un
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4 pages reserved for illustrations
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“As a member of UniCredit Group w
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as an organisational principle has
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We attach great importance to human
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International Markets Willi Hemetsb
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Growth in Austria slightly above EU
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� Net income up by 60 %. 21% incr
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The “sustainable” income compon
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Net trading result € m 2005 2004
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higher revenue without significant
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In 2005 our multi-year Fit for Sale
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Emoluments of members of Bank Austr
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Segment reporting € m Private SME
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€ m 2005 2005 2004 2004 Assets Li
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In the 2005 financial year, aggrega
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Market risk management encompasses
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VaR of the Bank Austria Creditansta
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Basis point values of the Bank Aust
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High-yield portfolio: composition o
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Market risk limit utilisation in CE
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Liquidity ratios of the Bank Austri
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Operational risk is defined as the
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experience in the past. Moreover, s
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Total volume of outstanding financi
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The following tables show the capit
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Report of the Auditors We have audi
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Report of the Supervisory Board In
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Corporate Governance Bank Austria C
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Supervisory Board and Managing Boar
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Income statement of the Bank Austri
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Income Statement of our Consolidate
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Balance Sheets of our Consolidated
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Glossary Important concepts and ter
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General administrative expenses div
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In 1988, the Basel Capital Accord (
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Office Network of the Bank Austria
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Central and Eastern Europe Bosnia a
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Other Countries 196 Office Network
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Investor Relations Investor Relatio
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