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Number of banks attracting 533 535 546 541 627 617 639 624 1160 1153 1175 individual deposits Average assets size in billion 1,4 2,15 2,85 3,4 0,35 0,6 0,78 0,91 0,84 1,32 1,74 2,rubles *Start-of-a-month data for banks attracting private deposits Source: STI&K consultancy In 9 months of 2002, Moscow banks have increased the total value of individual deposits by 55% (from RR110 billion to RR 169 billion). Regional banks have managed to raise the same figure by an equally commendable 52% (from RR69 billion to RR102 billion). ECONOMY in trends and outlooks Moscow banks also differ from their regional counterpart in the currency type of their deposits. For years now, most of Moscow deposits (80%) come in foreign-currency, while the regions appear to be more patriotic and there foreign-currency deposits account for only 40%.

In general, however, after a slump in 2000 and 2001, foreign-currency deposits (please see Table 16) are again becoming popular in 2002 (excl. Sberbank). For Sberbank, ruble deposits were growing at a faster pace than foreign-currency accounts.

Table Bank Deposits by Currency Type All All All All Private operat- operat- operat- operatindivid- ing Sber- ing Sber- ing Sber- ing Sberuals Banks, bank Banks, bank Banks, bank Banks, bank Deposits exclusive exclusive exclusive exclusive of Sber- of Sber- of Sber- of Sber bank* Jan 1, 2001 bank** Oct 1, Jan 1, 2000 bank** Jan 1, 2002 bank* In FC 66.1 21.1 63.4 23.6 63.7 25.5 64.2 27.In Rubles 33.9 78.9 36.6 76.4 36.3 74.5 35.8 72.* All Banks Excluding Sberbank Source: STI&K consultancy As to term type of deposits, 2002 saw customers continued preference for savings deposits and a continued decline in the number of settlement accounts. The latters share has dropped in the past 3 quarters from 23 to 19% for all existing banks and 33 to 29% if Sberbank figures are excluded. A high number of settlement accounts in the Table 17 is associated with a generally high proportion of ruble settlement deposits at commercial banks.

Table Resident Individual Bank Deposits by Term Type* (in %) Individual All Banks, inl. Sberbank All Banks, excl. Sberbank Deposits 1.1.00 1.1.01 1.1.02 10.1.02 1.1.00 1.1.01 1.1.02 10.1.Current ac28,8 29,5 23,2 18,8 34,1 37,1 33,2 29,counts** Incl, debit card 2,6 2,2 1,6 1,0 8,7 9,6 5,1 3,accounts Up to 3 months 8,9 6,3 4,8 3,7 14,8 9,8 7,6 5,3-6 months 49,2 41,4 32,8 29,6 19,9 21,7 21,6 18,6-12 months 8,1 11,4 14,7 17,6 17,0 21,6 27,3 32,Over 1 year 5,0 11,4 24,5 32,8 14,2 9,8 10,3 14,Total 100 100 100 100 100 100 100 In Foreign Currency Current ** 28,0 25,4 22,1 18,8 34,7 34,5 28,2 23,Incl, debit card 4,9 3,6 1,4 1,0 8,6 8,4 2,8 1,accounts Up to 3 months 7,9 4,6 4,0 2,7 15,8 9,7 8,0 5,3-6 months 40,3 41,5 35,0 26,8 15,5 18,4 20,0 16,6-12 months 16,0 20,0 24,4 27,8 19,1 26,5 32,6 38,Over 1 year 7,8 8,5 14,5 23,8 14,9 10,9 11,2 16,Total 100 100 100 100 100 100 100 INSTITUTE FOR THE ECONOMY IN TRNSITION http://www.iet.ru In Rubes Current ** 29,1 31,4 23,7 18,8 33,1 41,2 41,1 38,Incl, debit card 1,5 1,6 1,7 1,1 8,8 11,5 8,8 5,accounts Up to 3 months 9,4 7,2 5,3 4,3 13,0 9,9 7,1 5,3-6 months 53,0 41,4 31,6 27,0 28,2 27,1 24,1 21,6-12 months 4,7 7,3 9,4 11,4 12,8 13,8 19,0 22,Over 1 year 3,8 12,7 30,0 38,5 12,9 8,0 8,8 11,Total 100 100 100 100 100 100 100 *Share of bank deposits by non-resident individuals is less than 1% of the total individual deposits **Settlement deposits also include funds linked to debit card accounts Source: STI&K consultancy As in 2001, Sberbank continued to attract more savings deposits with longer terms and most of its accounts carry terms of over 1 year. Sberbank numbers in this segment of banking services is so large that it affects the entire industrys average, i.e. making savings deposits with over 1 year term the most popular item in the account variety (32.8). If Sberbank data is excluded, then deposits with 6-12 months terms take up the leading position for both ruble and foreign-currency denominated accounts. Accidentally, this type of account is also a most popular service for Sberbanks foreign-currency deposits.

Corporate Deposits After a period of bubbly expansion in 1999-2000, 2002 was marked as a year of afterparty calm and stabilization for this segment of the market3. At the start of the year, total volume of deposits from banks corporate clients stood at almost RR270 billion4. By the end of the 3rd quarter that number waned to RR262 billion, which in percentage terms translated into a 3% annual fall.

USD bln USD bln 45 1 2 0 12,98 12,99 12 12,01 9,1-ruble corporate deposits in early 1999 constant prices 2-foreign-currency corporate deposits Corporate deposits do not include government agencies ones here and below only operating banks, without regard of ARCO-managed banks, are considered RUSSIAN ECONOMY in trends and outlooks Fig. 7. Ruble vs. Foreign Currency Corporate Deposits From the banks balance sheet perspective, corporate deposits fell within the year from 9.4% to 7.6% as of banks liabilities and from 11.4% to 9.1% as proportion of banks total liabilities.

Although some firms, in addition to conventional deposits, place some of their funds as depositary certificates, their share accounted for less than 10% of the total amount of regular deposits and they therefore would be excluded from the analysis below. Similarly, deposits from non-resident corporate clients also make up less than 10% of the deposits total. Therefore, only figures for resident corporate deposits will be considered in this analysis.

For the 3rd quarter of 2002, a total value for corporate deposits has fallen, in current terms, by 2.6% (in constant terms, by 11.8%). The decline was caused by two opposing phenomena - a 4.1% fall in the number of deposits attracted by banks in our analysis sample (i.e. private commercial banks) and a 19.3% rise in corporate deposits attracted by Sberbank, whose figures we exclude on the basis of their strong statistical outlier influences.

Corporate Deposits Currency Structure Most of corporate deposits in todays Russia are denominated in foreign currency. In 2002, however their proportion has declined from 69.3% to 64.7% and it is widely believed that this decline has attributed to an overall fall in the amount of corporate deposits. Ruble-denominated corporate accounts, on the other hand, have in the past 3 quarters risen in value by 12% and, in current terms, amounted to RR83.8 billion.

As in 2001, only two thirds of all existing banks (253, as of October 1) have been attracting corporate deposits in 2002. Both ruble and foreign-currency segments of the market remained fairly non-concentrated with leading positions often fluctuating between various banks. Thus, typically for the Russian banking sector, in the start of the year Surgutneftegas Bank with its 29% of all foreign-currency deposits enjoyed the leading position but managed to let Moscow International Bank (MIB) to claim the title later in the year. MIBs market share now exceeds that of its predecessor by 2.5 times. Market share of the segments top three banks is less than 50%.

Concentration level for the ruble segment of the market, despite its relatively modest volume, is even lower. Cumulative market muscle for the three top banks, as of October 1, 2002, amounted to only 19.3% of the total. Sberbank, number one bank enjoyed only 9%.

The structure of deposits by the term of attraction of funds Term structure for corporate deposits in 2002 was vastly different from the situation we described for the individual segment of the market. If settlement deposits made up almost 19% of all individual accounts, its corporate counterpart stood at just 1.5% (please see Graphs 8 and 9). Similarly, for savings accounts of less than a year individual clients preferred savings accounts with 3-6 months term, corporations instead seemed to fancy shorter-term variants of up to 3 months. Though, more similarities between individual and corporate segments could be detected for savings accounts with terms of over 1 year.

INSTITUTE FOR THE ECONOMY IN TRNSITION http://www.iet.ru 1. Current deposits 2. Less- than- 3- month deposits 3. 3-6 month deposits 4. 6-12 month depoits 5. over- 1- year deposits Fig.8. Resident Corporate Deposits by Term Type (as of October 1, 2002, including Sberbank) 1. Current deposits 2. Less- than- 3- month deposits 3. 3-6 month deposits 4. 6-12 month depoits 5. over- 1- year deposits Fig. 9. Resident Individual Deposits by Term Type (as of October 1, 2002, incl. Sberbank) RUSSIAN ECONOMY in trends and outlooks Corporate savings ruble deposits with terms of less than a year saw some changes in 2002. If at the start of the year, most of these funds were deposited for 3 months or less (please see Table 18), then by the end of 3rd quarter deposits of 3-6 months and 6 months became more popular, which increased their weighted share by 33-36%. At the same time, share of less than 3 months deposits has declined on average from 40 to 28% in the year. While share of savings deposits with terms over 1 year has increased, particularly the deposit category of over 3 years.

Table Corporate Ruble Deposits by Term Type Share of Total Corporate Ruble Deposits in % Term type January 2002 October Settlement 2.7 2.Up to 90 days 40.2 28.91 days to 180 days 14.6 19.181 days to 1 year 15 19.Over 1 year 27.5 29.Incl. Those of over 3 years 14.6 16.REFERENCE Average Account Value (in current 3.4 terms, RR billion) Number of Banks 797 Source: STI&K consultancy The shift towards longer-term deposits was brought about mainly by changes in strategy of Moscow banks. In other words, regional banks have not undergone the same changes with over 1-year ruble deposits registering only insignificant increase from 35.1% at the start of the year to 36.2% by the end of 3rd quarter. Moscow banks, on the other hand, have increase their share of corporate ruble deposits with over 1 year term in the same period by 4.3 percentage points. Similarly, regional banks, unlike their Moscow counterparts have not to the same degrees been engaged in cutting the numbers of shorter-term corporate ruble deposits.

Thus deposits of less than 3 months saw only a 26% annual decrease in regional banks, while in an average Moscow bank their number fell by 30% (from 51.4%to 35.7%). Capital and regional banks also differ on currency structure of their corporate deposits, with regions boasting twice the share of ruble deposits as compared with their Moscow counterparts. Though, both groups are now seeing a rise in ruble deposits from their corporate clients.

Table Term Structure of Corporate Ruble Deposits in Regional vs. Moscow Banks Share of Total Corporate Ruble Deposits in % Term type Moscow Regions Current 3.8 3.7 1 1.Up to 90 days 51.4 35.7 24 17.91 days to 180 days 11.1 16.2 18.2 22.181 days to 1 year 10 16.4 21.7 22.Over 1 year 23.7 28 35.1 36.Incl. Those of over 3 years 16.3 18.6 14.2 16.FOR REFERENCE:

INSTITUTE FOR THE ECONOMY IN TRNSITION http://www.iet.ru Average Account Value (in current terms, RR bil- 4.43 5.01 1.03 1.lion) Share of Resident Corporate Deposits in Banks 3.5 3.1 7.2 6.Liabilities Number of Banks 333 354 462 Source: STI&K consultancy In foreign-currency segment of the market, a clear decline in the number of short-term 90 days deposits was accompanied by various changes in share of longer-term deposits. Thus 3-6 months deposits rose by 2.5 percentage points while the next layer deposits of 6-months fell by 9.3 percentage points. At the same time, number of 1 year and over deposits practically doubled. To be fair, though, the latter increase came almost solely due to Moscow International Bank, which in 9 months of 2002 has increased its share of such deposits from to 30 billion rubles. If MIB number are taken out of the picture, then the rise in the number of 1 year and over deposits, at 2.4 percentage points becomes far less spectacular. Clearly, it is too early to speak of any considerable industry-wide changes in the numbers of foreigncurrency deposits from corporations.

As was the case with ruble deposits, foreign-currency deposits also differ in their structure between Moscow and regional banks. For instance, if an average regional bank has seen its corporate deposits of up to 3 months reduce by 23%, the sane figure for an average Moscow bank has grown by 13%. Although to be accurate, a single regional bank, again, was responsible for decrease in this type of deposits. Surgutneftegasbank, a major regional bank accounted for 59% of all 3-month foreign-currency deposits attracted in the period. In addition, within the bank, these 3-month deposits made up over 80% of the banks all foreign currency deposits from corporate clients. Obviously, when Surguneftegasbank figures are excluded, the overall picture is rather different (please see Table 20).

Table Term Structure of Foreign Currency Corporate Deposits Term type Share of Total Corporate Ruble Deposits in % January 2002 October Current 7.Up to 90 days 43.3 31.91 days to 180 days 5.6 8.181 days to 1 year 29.6 20.Over 1 year 20.8 Incl. Those of over 3 years 9.2 10.FOR REFERENCE:

Average Account Value (in current 10.3 11.terms, RR billion) Number of Banks 230 Source: STI&K consultancy At the start of the year, the segment of the market for 3-month corporate deposit did not vary significantly between Moscow and regional banks. However, throughout the year, growth in the number of this type of deposits was more pronounced at regional banks and by the end of 3rd quarter the gap in the number of these deposits between the regional banks and RUSSIAN ECONOMY in trends and outlooks their Moscow counterparts has reached 11.8 percentage points a considerable increase from 2.7 percentage points in the start of the year (please see Table 21).

Table Term Structure of Foreign Currency Corporate Deposits Moscow Banks vs. Regional Banks Share of Total Corporate Ruble Deposits in % Term type Moscow Regions 01.02 10.02 01.02 10.Current 1.1 1.2 0 0.Up to 90 days 20.7 23.4 19.5 35.91 days to 180 days 5.6 5.6 11.7 13.181 days to 1 year 41.9 22.7 41.2 17.Over 1 year 30.7 47.1 27.6 34.Incl. Those of over 3 years 15.6 14.2 5.8 5.FOR REFERENCE:

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