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A positive tendency in the development of Joint-stock commercial bank "ZARECHYE" formed in 2001 was still being observed in 2002. Executing the tasks put by the stockholders, the Bank continued to pursue the accounting and credit policy that helped to avoid unjustified risks connected with credit operations and operations on currency and stock markets.
The board of directors, and later the meeting of the Banks stockholders dated June, 2002 considered and approved main trends (the conception) of activities for JSCB "ZARECHYE". The conception was based on complex development and expansion of Kazan Helicopter Plant (KHP) Holding established in 2001, an active member of which the bank is.
In connection with these tasks the efforts of the bank in 2002 were devoted to the expansion of holding activities inviting to its membership auxiliary and affiliate manufacturing companies of KHP PSC, as well as financial companies with direct participation of the Bank which entered the newly established holding. The Bank regulates both financial flows and economical matters and problems arising from the operation of the whole industrial association.
Finally, the stockholders meeting defined other main directions for developing JSCB "ZARECHYE" in 2002. These, first of all, included the increase in the amount of the Banks own resources and expansion of the Banks capital. To execute these tasks in 2002 the additional emission of the Banks stocks for 40 million Rubles was registered increasing the registered capital to 250 million Rubles.
As a result, the cumulative amount of the Banks own means grew from 331.4 million Rubles at the beginning of the year up to 380.7 million Rubles as on January 1, 2003.
While executing the tasks put by the stockholders in 2002 a great attention was paid to the client base and further expansion of resource base, the efficiency of using the Banks own funds and loans given by the Bank of Moscow, increased profitability of the Banks operations, and efficient performance of top managers at JSCB "ZARECHYE". The scope and level of responsibility of the Board of JSCB "ZARECHYE" for financial results of the Banks operation in whole was determined. All these problems were taken into account when making the Banks Business plan for 2002.
The actual measures taken by the Bank with direct participation and assistance of its main stockholders, allowed to achieve certain positive tendencies in the operation and to increase the potential of the Bank. During 2002 the assets of the Bank increased 2,9 times and their amount as on January 1, 2003 made over 2.4 billion Rubles. The resource potential grew considerably. During 2002 its growth was 2,5 times, the amount of corporate and individual client money resources mobilized by the Bank grew about 2,2 times. Close cooperation and support rendered by the second main stockholder, the Bank of Moscow, allowed JSCB "ZARECHYE" during the year to receive from the Bank of Moscow a considerable inter-bank credit at the market rate.
The structure of resource client base slightly changed. The specific weight of clients Bank balance in the total money resources increased from 35.3 percents up to 44.6 percents and made 474.7 million Rubles at the end of the financial year. At the same time the corporate and individual deposits both in magnitude and in percents to the total resources increased making as on January 1, 2003 144.6 and 149.7 million Rubles respectively, or 13.6 and 14.1 percents to the general resource balance. The value of bills issued by the Bank increased more than twice and their total at the end of the year made 296 million Rubles.

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Address: Russia, Republic of Tatarstan,
420032 Kazan, 2 Luknitskogo Str.
Phone: +7(843) 557-59-03, 557-59-65
Fax: +7(843) 557-59-75, 557-59-65

Bank Zarechye (Joint Stock Company)