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East Bank

Company


9500 employees in 2015

Assets

Assets

+ East Bank
Office "Bank East"

Performance Indicators

2018

Growth of net profit according to IFRS for 70% to 7.4 billion rubles

On April 30, 2019 the Vostochny Bank announced results of 2018 according to international standards financial of the reporting (IFRS). The net profit of bank for 2018 according to IFRS grew by 70% and reached – 7.4 billion rubles (in comparison with 4.4 billion rubles the previous year).

Key financial performance:

  • Assets of bank in a year increased by 10.6% and for January 1, 2019 were 234 billion rubles.
  • Profit before taxation increased in a year by 66.5% to 8.9 billion rubles (in 2017 – 5.4 billion rubles).
  • Net profit grew by 70% and was 7.4 billion rubles (in 2017 – 4.4 billion rubles).
  • The net margin grew by 34.2% in comparison with 2017 and made 23.8 billion rub (in 2017 – 17.7 billion rubles).
  • Profitability of the capital increased to 26.7% (in 2017 – 21.7%).
  • The net percentage margin increased to 13.4% (in 2017 – 12.2%).

The profit of bank was reached due to business growth:

  • The total loan portfolio of bank grew by 3.8 billion rubles. Development of retail lending became a main growth driver: the loan portfolio of natural persons grew by 12.3% (or for 9.7 billion rubles).
  • Funding cost on an urgent portfolio of individuals as main source of resource means, decreased from 9.0% to 7.2% since 2017 for 2018, respectively.
  • The net interest income of bank for 2018 (after a change in provisions) grew by 102% or for 6.4 billion rubles in comparison with 2017. A pacing factor of growth – development of retail business: interest income on a portfolio of natural persons grew by 14.9% (or for 3.6 billion rubles). Also, in general, interest expenses were reduced by 7.5% due to reduction of cost of attraction of resources.
  • Net commission income of bank increased in comparison with 2017 by 25.3%. Main growth drivers of commission revenues of bank in 2018 became: rasschetno-cash services, sale of commission products and in many respects warranty business which showed a gain for 32.4% (or on 556 million rubles). Also growth of commission income of bank is caused by expense reduction on remuneration to the collection agencies for 60.2% (or for 530 million rubles) within development of own function of collecting.

Main results of business:

  • The credit and card portfolio of Vostochny bank grew by 8.4% in 2018. At the end of 2018 the Vostochny bank surely enters in top-5 the Russian banks on the volume of a portfolio of credit cards (from market shares of 4.3%).
  • In 2018 the Vostochny bank issued in 1.8 times more of secured loans for the large amounts (on the security of the real estate), than in 2017. The Vostochny bank started crediting on the security of the real estate more than two years ago. Now this credit is one of the most popular in a product line of bank.
  • In 2018 the quantity of the POS credits issued by Vostochny bank grew by 85.6% in comparison with 2017. The partner base in the direction POS crediting in 2018 grew more than twice.
  • Impressive results are shown by warranty business of bank. So, in December, 2018 the portfolio of bank guarantees of East exceeded 100 billion rubles – it is 35% more in comparison with the beginning of 2018. "East" – one of the few banks which can close all requirements of SME for providing the state order: from crediting before providing bank guarantees. The Vostochny bank surely confirms the second year the top positions in bank rating on the volume of the issued guarantees within 44-FZ, taking at the end of 2018 1 place among private banks and the 3rd place among all Russian banks.
  • Among results of 2018 in the direction of SME (support of small and medium business) – growth of the customer base more than for 300%. Monthly representatives of SME open over 2000 bank accounts East. It more than by 4 times exceeds average monthly indicators of 2017. During 2018 the product offer for SME from East was created: line of RKO, overdrafts, non-bank services (online accounting, online cash desks, acquiring and so forth).

«
The financial result achieved at the end of 2018 gave us the chance to be convinced of efficiency of the conversions which are carried out in bank. The Vostochny bank continues to implement successfully and consistently business model selected at the end of 2017, developing as universal bank. Confidence in correctness of our actions and loyalty of our clients allow to save financial stability of bank in a difficult situation.
Alexander Nesterenko, Acting Chairman of the board of Vostochny bank
»

Network of bank departments East – the second largest among private Russian banks. It for April, 2019 includes more than 640 departments across Russia in 500 cities from which 25% are located in the FEFD.

Taking into account good results for 2018 and early accomplishment the instruction of Central Bank bank announces the following forecast for 2019: the expected organic growth of the regulatory capital of 4/1/2019 until the end of 2019 – for 7.1 billion rub up to 35.1 billion rubles.

Growth of the customer base more than for 300%

On January 29, 2019 the Vostochny Bank announced summing up 2018 in work with medium and small business. This direction – one of priority in development of East as universal bank. In 2018 the Vostochny bank attracted over 20 thousand additional clients of small business. Active customer acquisition during the specified period defined growth of the customer base more than for 300%. The greatest share of clients of bank from among a segment of SME is representatives of such industries as wholesale and retail, construction and finishing of residential and non-residential premises, cargo transportation.

The geography of work of East with representatives of SME constantly increases and if at the beginning of 2018 only in 80 cities of presence an opportunity to become the client of bank was given, then for January, 2019 the number of the cities grew twice. For January 29, 2019 in 170 cities of the Russian Federation support of SME from Vostochny bank is available. Let's note that the greatest activity at the end of 2018 is shown by entrepreneurs of Moscow and Moscow area, the Rostov, Vladimir regions and Perm Krai.

The settlement and cash services (SCS), crediting (in an overdraft format) and acquiring became the most popular requests from SME to Vostochny bank at the end of 2018.

At this RKO – the leader among the most popular requests from small and medium business. Monthly representatives of SME open over 2000 bank accounts East. It more than by 4 times exceeds average monthly indicators of 2017.

Crediting – the second most popular request from SME. In 2018 in this direction the Vostochny bank relied on easy and available crediting of entrepreneurs in an overdraft format - it is a minimum of documents and visits to bank, decision-making term – only 1 day, borrowing facilities can be issued without pledge and guarantees. Within a year the line of overdrafts was started: An overdraft compliment which is provided at the time of opening of a checking account to the clients who submitted the application for RKO; Overdraft-express – for those who already use a checking account the Overdraft "Always in plus" which is provided to the clients using online cash desk whose fiscal data are processed by the fiscal data operator (FDO), and the decision on a credit limit and on the credit is accepted on the basis of turnovers on cash desk. Most often borrowing facilities of Vostochny bank go on such purpose as replenishment of current assets of the enterprise – over 30% of requests. An average credit amount – 10,030,000 rubles.

On the third place in popularity – a request for connection of acquiring. In 2018 East expanded a range of services for small and medium business and offered trade and service companies, connection of acquiring from partners of bank. The bank creates a full-fledged line of the acquiring solutions necessary for the entrepreneur: mobile, trade and Internet acquiring for each type of business.

«
The Vostochny bank is transformed to universal bank. We aim to provide to our clients technological, convenient and, the main thing, profitable services which as much as possible meet their expectations and requirements. At the same time we put emphasis on mnogokanalnost and convenience of work of the client with bank in any contact point: whether it be the address through Contact center, in a format online or directly through the manager in bank department. Also separately I want to note special approach of East to work with representatives of SME – the bank aims to offer clients not just banking product, but the complete solution. And, this solution can be received within the uniform address of the client, i.e., at one request in Vostochny bank the entrepreneur can receive several products at the same time at once. And results of 2018 show that we selected the right direction. Entrepreneurs from the whole country already estimated our approach and trust us more and more, and we promise and to do next everything to justify this confidence and to foresee desires of our clients.
Anna Yermolaeva, the associate director of Vostochny bank on SME and regional corporate business – Director of the department of development of products and processes of SME
»

History

2019

The Vostochny bank employed Modulbank IT command for digital transformation

The Vostochny bank announced on September 10, 2019 TAdviser that it according to the updated development strategy starts program implementation of Digital transformation of business.

Photo: TASS/ Sergey Fadeichev
«
We want to create digital bank. The main focus will be made on increase in commission income — Vyacheslav Arutyunyan, the acting chairman of the board of Vostochny bank explained.
»

Within implementation of this program the bank is going to rebuild and optimize essentially work key IT and business divisions and to offer the retail and corporate clients the new products based on modern digital technologies.

The Vostochny bank intends to make use of examination and experience of Modulbank for program implementation of Digital transformation. For this purpose in Vostochny bank Modulbank command — the Chief information officer of Modulbank Ivan Karpov and also two of founders of Modulbank who will head office of Digital transformation of Vostochny bank is invited.

«
We consider that experience of colleagues who on Modulbank platform from scratch created digital bank for entrepreneurs will help Vostochny bank to become one of market leaders in online service — Vyacheslav Arutyunyan, the acting chairman of the board of Vostochny bank said.
»

According to representatives of East, basic elements of digital transformation will become providing products to clients of bank and for small business — mobile banking, online cash desks and online accounting, reduction in cost of opening of accounts and customer service due to technology of identification of clients by couriers out of office and the solution on AML (anti-money laundering) and KYC (know your customer) and also creation of process of a customer support based on artificial intelligence.

Vyacheslav Arutyunyan is the acting the chairman of the board, Konstantin Rogov is the Chief executive officer of bank

On July 4, 2019 announced CB Vostochny that the Board of Directors of bank made the decision on Vyacheslav Gerasimovich Arutyunyan's appointment the acting as the Chairman of the board of Vostochny bank, and Konstantin Vyacheslavovich Rogov — the Chief executive officer of Vostochny bank with preserving of a position of the vice chairman of the board.

Waiting for a turn of the next cycle in retail lending the Board of Directors considers that diversification of business for benefit of steadier income is a priority task for bank.

«
These personnel solutions are important at the current stage development of bank. Vyacheslav Arutyunyan should build complex work with corporate borrowers with the purpose to recover quality of a portfolio, to provide recoverability and profitability of already issued credits. Konstantin Rogov, in turn, will concentrate on financial control and on actions for optimization of RWA for the purpose of decrease in capital intensity of balance and achievement of the maximum positive effect on a stock of the capital of bank — Svetlana Trukhanovich, the chairman of the board of directors of Vostochny bank commented on appointments.
»

Scandal on Board of Directors. Svetlana Trukhanovich is elected the chairman

On July 2, 2019 the Vostochny bank announced election as the chairman of the board of directors of Svetlana Trukhanovich. As result the bank completed the formation of structure of SD.

The Board of Directors of the East bank is expected came to the end with scandal. Artem Avetisyan elected 5 directors from 9, and Baring Vostok received 4 places.

Nevertheless Baring Vostok considers new supervisory body illegitimate and intends to dispute the solution of shareholder meeting in court. The reason — election of candidates who refused participation in Board of Directors.

Six candidates of Baring Vostok withdrew the consent to election in the structure of Board of Directors. Despite the direct recommendation of the registrar not to vote for the candidates who withdrew consent Avetisyan chose in Board of Directors of three of six people against their will. They are afraid of possible continuation of criminal prosecution from Avetisyan and asked to move away them from the list of vote for solidarity with colleagues who are behind bars.

Representatives of Baring Vostok Michael Kalvi, Philip Delpal and Ivan Zyuzin who are persons involved in criminal case about embezzlement from bank were not the updated part of the supervisory body and are under arrest. 

The conflict does not do well East. In May the bank for 30 days allowed decrease in the standard of sufficiency of the basic capital of H1.1 lower than 7% (4.99%) that is separately noted by the regulator. Similar violation is observed the third month in a row.

Arrest of the head of Baring Vostok in Moscow on suspicion of plunder of 2.5 billion rubles at Vostochny bank

The founder and the senior partner of Baring Vostok Capital investment company Michael Calvey was delayed on February 15, 2019 in Moscow together with several other top managers of Baring. They are suspected of plunder at Vostochny bank of 2.5 billion rubles (large scale fraud). The relevant Article 159 of Part 4 of the Criminal code prescribes imprisonment for a period of up to 10 years. According to information provided on the official portal of courts of law of Moscow, court session at the choice of a measure of restraint is appointed to February 15. Read more here.

2018

Compensation payment to clients of Taatta bank

On July 19, 2018 the Vostochny bank acting on behalf of Deposit Insurance Agency (DIA) as agent bank began to adopt statements and to pay an insurance indemnity to bank depositors of Taatt. Payment of compensation is performed on deposits (accounts) of individuals, except those which were open for implementation of business activity.

Recognition of the Central Bank of the Russian Federation by significant credit institution

On May 14, 2018 the Vostochny Bank is recognized by the Bank of Russia significant credit institution in the market payment services at the end of 2017 that it reflects the significant place of bank in lending market and a substantial contribution to development of economy, including to development of regional economy of the Far East.

Within the selected business model the Vostochny bank is transformed from retail to universal and today provides the increasing range of services to both citizens, and the organizations.

One of priority activities of Vostochny bank is development of card business. The bank constantly increases quality and expands a product line, the bank cards linked with use which integrate in themselves the innovative technologies, security, simplicity and convenience in calculations. According to a research of the market of credit cards of Russia at the end of 2017, the Vostochny bank enters in top-5 the largest players in the market of credit cards. Today the Vostochny bank takes the 5th place in the market of credit cards with a portfolio in 46.2 billion rubles. The share of Vostochny bank in the credit and card market of the Far East makes – 8.23%.

In the Register of the credit institutions recognized by the Bank of Russia significant in the market of payment services, by PJSC CB Vostochny it was included in April, 2018. Recognition of credit institution by the Bank of Russia significant in the market of payment services is performed on the basis of such criteria as a share of the transactions with use of account and credit cards performed by bank, a share of the emitted account and credit cards, the number of ATMs and terminals, a share of bank in total amount of a transfer of the electronic money made in the Russian Federation for calendar year and so forth.

Opening of the Center of rendering state services for business

The Vostochny bank announced on May 3, 2018 that it with assistance of the Government of the Udmurt Republic within the signed agreement on cooperation opened the Center of rendering services for business on the platform of the department.

The center for receiving state services from Vostochny bank in the mode of "one window" by citizens and legal entities of the Udmurt Republic works to the address: Izhevsk, Udmurtskaya St., 255.

The agreement on cooperation signed in February, 2018 by the Chairman of the board of Vostochny bank Dmitry Levin and the Head of the Udmurt Republic Alexander Brechalov provides, in addition to creation based on bank of the Center of rendering state services, active participation of East in development of programs for small business of the region. In particular, the agreement assumes support of the innovation projects by Vostochny bank within the business incubator existing in the territory of the Udmurt Republic.

As of May 3, in the Center of rendering services based on Vostochny bank in Izhevsk basic services of federal executive authorities, such as Federal Tax Service, Rosreestr, Federal Bailiff Service, Rospotrebnadzor, Ministry of Emergency Situations, Rosimushchestvo, Social insurance fund are available to legal entities; executive authorities of the Udmurt Republic and also information services of Federal corporation on development of a small and medium entrepreneurship — only more than 25 types of service. Further the list of the rendered services for legal entities is going to be increased. In the long term here it will be possible to obtain all information which can be necessary for the entrepreneur in the course of conducting activity, in particular, about the state and municipal measures of support, services of MSP corporation and also the organizations expressing the interests of entrepreneurs.

The public and municipal services will be rendered without additional fee — only the state fees are paid.

"Creation of the similar Centers of rendering state services for business on platforms of banks — one more step towards simplification of administrative procedures for business, it is a necessary element of infrastructure of support of an entrepreneurship. Small business for Udmurtia is one of the priority directions of development of the region. And in support of small business of the Republic we in Vostochny bank see the important strategic partner — Mikhail Tumin, the Minister of Economics of the Udmurt Republic commented on an event.

Obtaining license of the Central Bank for fund management

The Vostochny bank on behalf of East Capital Management company obtained the license of the Bank of Russia for implementation of activities for management of investment funds, mutual investment funds (Mutual funds) and the non-state pension funds (NSPF). Read more here.

2017: Profit of 4.3 billion rub

At the end of 2017 the profit of Vostochny bank according to IFRS was 4.380 billion rubles in comparison with 3.198 billion the previous year. Profit increase confirmed efficiency of a business model of the united bank and relied on transformation of East from the retail monoliner in universal bank.

The profit of bank was reached due to growth of crediting in 2017 and funding reduction in cost. The got organic profit allowed to absorb losses of last years and now gives a steady stock for further growth. At the same time the accepted business model does not assume explosive growth on the loan portfolio as today the bank is concentrated on crediting of qualitative risk-free borrowers.

  • The net interest income of bank for 2017 grew by 3.5 billion rubles or for 23.9% in comparison with 2016 due to development of retail and corporate lending and also thanks to growth of the portfolio of securities. For the end of 2017 the net percentage margin made 12.7%, having shown growth by 1.2 percentage points in comparison with 2016.
  • Net commission income of bank increased in comparison with last year by 125.9%, in many respects thanks to retail and warranty business which showed a gain for 1.7 billion rubles.
  • Assets of bank in a year increased by 44% and for December, 2017 were 211.6 billion rubles. Growth of assets was observed including due to consolidation with Uniastrum Bank.
  • Equity of bank according to IFRS increased in 2017 by 47% to 23.4 billion rubles.
  • The volume of the raised funds of clients for 2017 grew by 69% to 166 billion rubles.
  • For 2017 the bank worked on quality of the loan portfolio. The share of the retail credits with delay 90+ (NPL 90+) in the total loan portfolio was reduced in 2017 by 6% or almost for 700 million rubles. Adhering to conservative approach in crediting and thanks to effective management of risk, the cost of risk of a retail portfolio in 2017 was 8.2%, having reduced by 2 percent points from the level of 2016.

2016: Profit of 3.2 billion rub

The Vostochny bank published in April, 2017 IFRS for 2016, having announced considerable improvement of financial results. At the end of year the bank earned 3.2 billion rubles of net profit against a loss for 2015 in the amount of 10.67 billion rubles. There is also a considerable improvement in a part of problem debt: its volume in a year was reduced three times, to 10.5 billion rubles, and reserves — from 29.6 billion to 9.8 billion rubles. The bank wrote off bad loans for 23 billion rubles, the amount of the loan portfolio to a deduction of reserves in a year decreased by 28%, to 85 billion rubles.

However, as Kommersant writes, despite improvement of financial performance, open is a question with recapitalization of bank. In the conclusion the auditor specifies PricewaterhouseCoopers Audit "existence of essential uncertainty which can raise doubts in capability of group continuously to continue the activity". According to the reporting of bank, "essential uncertainty" is connected with the fact that "if the management is not able to increase considerably the capital of the first level in 2017, it can raise considerable doubts in capability of group to continue the activity". The bank is in process of approval of results of the inspection which is carried out by the Central Bank in 2016.

2015

Baring Vostok increases an equity interest of bank from 67% to 74.4%

The largest investment fund "Bering Vostok" increased the equity interest of "East express bank" from 67% to 74.4%. The share of RussiaPartners fund is equal to 15.3%. Became a shareholder the acting as the chairman of the board of bank Alexey Kordichev and the chief financial officer Konstantin Rogov (3% and 1%, respectively) that confirms confidence of top management in successful change and development of a business model. Presence of minority shares at key heads increases quality of corporate management and is a guarantee of adoption of the correct and more weighed solutions. Sergey Vlasov and Igor Kim left number of shareholders to be focused on own projects.

Earlier it was mentioned that more than 50% of stocks CB Vostochny belonged to large institutional investors. Among them:

East Express bank - bank in the Far East, specializes in consumer crediting. For 2015 a share of the credits to individuals — 96% of the loan portfolio. The bank is a participant of the Deposit Insurance System (DIS).

"East express bank" is approved by the Central Bank for investment of funds of NPF

"East express bank" was included in February, 2015 into the list from 95 credit institutions conforming to requirements of the Central Bank of the Russian Federation for investment of funds of pension savings by the non-state pension funds (NSPF). Savings form within programs of mandatory pension insurance and also housing providing the military personnel (military mortgage).

The banks having the general license of the Central Bank of the Russian Federation for banking operations and own means (capital) in the amount of not less than 5 billion rubles are included in the list. Significant criterion is also the lack of prohibition on attraction of deposits and opening of accounts of natural persons.

"East express bank" is a participant Sistemy of compulsory deposit insurance since 2005 (No. 552 according to the register) and also enters the list of 77 agent banks of DIA.

In 2015 "East express bank" was included into the list of the most expensive international brands based on the research Brand Finance. The cost of a brand was 164 million dollars.

The amount of the capital is 31 billion rub, 1200 sales points, 9500 employees

The amount of the capital of CB Vostochny for January 1, 2015 exceeds 31 billion rubles, the amount of the loan portfolio – more than 184 billion rubles, the amount of household deposits – more than 114 billion rubles. The bank has one of the most extensive regional networks in the Russian market – more than 1200 sales points of different formats function in all federal districts of the Russian Federation. The number of staff of CB Vostochny exceeds 9500 people who service more than 3.2 million clients. The high level of reliability of CB Vostochny is confirmed with credit ratings of authoritative international and national rating agencies (Moody's, Fitch Ratings, RAEX).

2014: Results of work of CB Vostochny with the Joint Credit Bureau (JCB)

Summed up of JSC CB Vostochny the results of work of Bank with the services provided to the Joint Credit Bureau (JCB). The following services are successfully implemented:

  • Credit reports;
  • Triggers are notifications on changes in credit stories of borrowers;
  • Scoring - integrated assessment of the borrower;
  • Benchmarking - tracking of the current situation in lending market of the Russian Federation.

These services are applied to work with the existing loan portfolio and risk management at issue of new loans. Credit reports and Scoring of Bureau promoted increase in accuracy of assessment of credit behavior of the potential borrower: the additional information allowed to increase efficiency of blocking of account operations on unutilized limits of non-payers by 1.5 times; accuracy of assessment of a probable default is increased to 90-95% (Jeanie's index grew from 55% to 70%).

The Triggery Bank service uses since 2013 regarding collecting of arrears, since 2014 – regarding cross-sellings and management of a limit of holders of cards. As a result the efficiency of the marketing campaigns directed to work with loyal clients of bank increased by 5%. Economy of operating costs of Bank at the initial stage of use of experimental design bureau services made 5%, the expected effect – to 15%.

Also, this year the Bank was connected to the Benchmarking service that allows to keep track quickly of dynamics of changes in the market in the conditions of a difficult macroeconomic situation, the high competition and expansion of retail credit banks.

2012

Growth of assets by 163% to 202 billion rub

Assets of Bank on 1/1/2013 [1] were 202,602.5 million rubles (2011: 136,290.5 million rubles), the growth rate of assets was 163% for reporting year (2011: 148%). The main increments of assets happened under the following articles:

  • net loan debt – for 72,244 million rubles (2011: 37,069 million rubles),
  • net investments in the securities estimated at fair value through a profit or loss – for 3,559 million rubles (2011: 2,740 million rubles),
  • means of credit institutions in the Central bank of the Russian Federation – for 4,088 million rubles (2011: 2,104 million rubles),
  • money – for 1,969 million rubles (2011: 2,343 million rubles).

In structure of liabilities of 75.7% (168,433 million rubles) (2011: 78.6% (107,160 million rubles) are the share of means of individuals and not credit institutions. Priorities of Bank were traditionally given to attraction of deposits. In 2012 the gain of a deposit portfolio of Bank made 51.5 billion rubles (2011: 31.8 billion rubles) that became record level, since 2005. The total volume of a supplementary portfolio increased in reporting period by 55% in a year (2011: 51%) also made 145.7 billion rubles for the beginning of 2013 (for the beginning of 2012: 94.3 billion rubles).

Opening of tens of IT vacancies

In July, 2012 several tens of IT vacancies in CB Vostochny both in capital, and in regional branches were open. Most likely, the bank prepares for large-scale implementation of IT systems on the Oracle platform.

The most attractive is the position of the director of the project center of department of information technologies of CB Vostochny with an expected salary from 250 thousand rubles. Will belong to job responsibilities of this employee the organization of work of the project center IT departments servicing projects of technology development, implementation of a project management methodology and pools of projects and also the specialized software product on project management. For applicants the higher education, experience of the organization and managements of project office are obligatory.

Also the bank looks for [2], offering this specialist a salary from 180 to 250 thousand rubles. Job responsibilities: development and support of Siebel, accomplishment of tasks, work-related and Siebel development.

From candidates extensive technical knowledge, in particular, of systems Oracle DB Oracle BI, language of requests of SQL at the expert level, tools of development Siebel Tools, technical English and many other things is required.

In CB Vostochny vacancies of the chief specialist of department of information technologies (duties - ensuring smooth functioning of terminal equipment), the system architect of the data warehouse, the system architect according to solutions based on products of Microsoft, the head of development of the Customer Relationship Management System (Siebel CRM), head / business of the architect of the direction of development of the corporate data warehouse are open. The salary for these specialists is discussed at an interview.

1991: Foundation of bank in the Amur region

The bank is founded in 1991 in the Amur region.

Notes

  1. godasoglasno to the annual report for 2012 of East Express Bank Open joint stock company
  2. the head Oracle Siebel CRM