Annual Report 2002

gratifying, and we would like to express our thanks to all
of the VP Bank Group’s clients for their loyalty and abiding
business partnership.
An important year
Although 2002 was a difficult year for VP Bank, it was also
an important year – significant progress was achieved within
our organisation in terms of realigning VP Bank Group’s
strategic orientation. VP Bank is present in the marketplace
with a clear-cut strategy and is capable of differentiating
itself through the services and products it offers. We have
already recorded successes from the exploitation of synergies
within the Group, achievements that have not only
been noticeable in our marketing efforts, but also on the
expense side.
A particular challenge for VP Bank Group over the past
financial year was posed by the situation involving BZ
Group Holding. The latter entity, which holds approximately
1/3 of the equity and roughly 16 per cent of the voting
rights of the Bank, found itself compelled in July 2002 to
enter into an agreement with a number of banks, among
them also the VP Bank Group owing to its business dealings
with BZ Group Holding. However, as can be clearly
ascertained from the figures included in the notes to our
annual report, VP Bank upheld its conservative lending
practices also in this particular relationship. Issues pertaining
to the ultimate placement of BZ Group Holding’s blocks
of shares have yet to be decisively resolved, mainly due
to the general conditions in the securities markets.
VP Bank has assumed an active role in this process and the
related efforts will be pursued with great determination.
Prepared for the future
The aforementioned situation, however, has not impaired
the creditworthiness or quality of our Bank, which remains
notable for its high level of capital resources and successful
business model.
The following factors and elements enable our Bank to
proceed into the future with confidence:
We take the fundamental principles of corporate governance
seriously – not merely because they are prescribed
by the regulatory authorities, but because they are integral
to our corporate and management culture of providing
frank and timely information to our shareholders, employees
and the general public.
Through targeted investments in the future, a foundation
has been laid that will foster the ongoing commercial success
of our Bank. This applies in particular to the impending
aggregation of our business offices into two buildings,
the further expansion of our IT infrastructure throughout
the entire Group, as well as our new visual appearance in
the marketplace.
The Bank’s risk policy, especially with regard to the structure
and management of our capital resources, has been
newly formulated and the success of those measures is
already evident.
annual report 2002 | vp bank | page 15