Sberbank information (materials)
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Operations in SecuritiesOperations with the Bank's Securities PortfolioBy the end of the year, the Bank's net investments in securities fell 14.6% to 1,581 bn. rubles after redemption of bonds of the Bank of Russia worth 433 bn. rubles to zero. This gave Sberbank additional ruble liquidity. Such securities used to be purchased as part of free liquidity management effort. As a result, the share of the Bank of Russia's bonds and government-issued securities in the portfolio fell from 64% to 49%. At the same time, the Bank purchased other securities, focusing on those given in the Pawn List of the Bank of Russia. This created good conditions for Sberbank to obtain, subsequently, refinancing from the Bank of Russia. The share of corporate bonds rose most noticeably in the Bank's portfolio: from 19% to 29%. To boost its securities portfolio diversification, the Bank further practiced entering new segments of the debt market – Eurobonds of sovereign borrowers of CIS countries (including ruble-denominated bonds of the Republic of Belarus), Eurobonds of corporate issuers from CIS countries, and sovereign bonds of developing countries (Turkey, Brazil). In 2011, ruble bonds of Citigroup Funding Inc. and Barclays Bank plc appeared in the Bank’s securities portfolio. As of the end of 2011, Sberbank is an unconditional leader among Russian bond market players in terms of its own portfolio and among the leaders in terms of the volume of operations. Sberbank received the 2011 REPO Market Dealer Award for its significant contribution to the development of the stock market from the National Stock Exchange Association, the leading professional organization of members of the Russian securities market. Broking ServicesSberbank is successfully developing broking services. During the year, its client base grew 12%; the number of online trading clients rose from 12,000 to 28,300. Starting in Q1, the Bank provided broking services in the OTC market: clients are allowed to trade in foreign securities such as shares, bonds, Eurobonds, depositary receipts and foreign exchange traded funds. In Q2, it started offering broking services in the RTSС-FORTS derivatives market. Transactions in futures for shares, foreign currencies, the MosPrime rate and the RTS index became available to clients. In October-November Sberbank of Russia won first place in the FORTS brokers rating in terms of the number ofnew clients. In Q3, the Bank implemented the main broking services project of the year – a service allowing clients to make unsecured transactions in shares listed in MICEX (marginal trading). During September, this service was proliferated to over 670 sales outlets throughout the country which execute broking contracts involving online trading. Handling of clients' telephone requests was centralized in a specialized Trade Desk service in order to improve the quality of broking services. This enabled consultations on technical issues of online trading clients connected to Focus IV online and QUIK systems. The range of broking products created by the end of 2011 helps the Bank compete with the largest brokers. The average monthly volume of broking transactions, less REPO, was about 55 bn. Rubles, 1.5 times more than in the previous year. The share of online clients' transactions grew from 52% to 81%. In December 2011, Sberbank was given the Breakthrough of the Year award for Outstanding Achievement in the Development of a Civilized Market of Qualified Investors in Russia. It recognizes popularization of the qualified investor concept and provision of genuine content for the status. The Award is organized by IMAC, a company that operates in legal, financial and investment consulting for players on the Russian financial markets. Underwriting ServicesUnderwriting services were provided by the Bank in 2011 as part of the integration of Troika Dialog in Sberbank's structure. By the end of 2011, Sberbank and Troika Dialog placed/participated in the placement of 65 issues of bonds of third-party issuers worth almost 200 bn. rubles at par value. As a result, the share of Sberbank and Troika Dialog reached 20% in the total volume of placed ruble bonds. Based on investment bank ratings published by Cbonds, in 2011 Sberbank, together with Troika Dialog, came 1st in the rating of “market issue” organizers in the Russian bond market. Depositary ServicesSberbank's depositary retained its position as the largest banking depositary in the Russian market by increasing the number of depot accounts by 3.5% to almost 250,000. The market value of client assets held in the depot account added 24% to exceed 2 trillion rubles. In 2011, the Depositary functioned as a sub-custodian by safe-keeping the underlying asset for issue and redemption of depositary receipts issued by JP Morgan Chase Bank N.A. for shares of a number of the largest Russian issuers. A program of ADRs for OAO Rostelecom shares was admitted. The Depositary started providing services in the program of depositary receipts issued by The Bank of New York Mellon for common shares of Sberbank of Russia. As of 1 January 2012, 11.7% of the entire volume of common shares of OJSC Sberbank of Russia was converted into American Depositary Receipts. Sberbank's Depositary supported programs of Russian Depositary Receipts for UC RUSAL shares: issue/redemption of depositary receipts and organization of the collection of votes for the Russian market during the shareholders' meetings of UC RUSAL. The Bank, in conjunction with JP Morgan, completed the transition of the program of issue/redemption of depositary receipts for OJSC OC Rosneft shares from JP Morgan Chase Bank N.A. to JP Morgan AG (Germany). Seven territorial banks and Moscow launched remote services for retail clients involving a number of depositary transactions. The rating of the international magazine, Global Custodian, based on clients' assessments of the quality of services, awarded Sberbank's Depositary the Domestic Commended status in 2011 as a depositary recommended for clients in the market of the Russian Federation. Mutual FundsIn 2011, the volume of transactions involving admission of requests for the purchase of mutual funds (MF) reached 2.3 bn. rubles, exceeding the 2010 figure by a factor of 7. The rapid growth in MF transaction volumes came as a result of operations commenced in late 2010 by Sberbank Management Company LLC. Its total share of amounts invested in MFs is 80%. 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