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Sberbank (Switzerland) AG

2014 Annual Report

© 2015 Sberbank (Switzerland) AG

Sberbank (Switzerland) AGGartenstrasse 24P.O. BOX 2136CH-8027 ZurichSwitzerlandTelephone: +41 44 250 56 [email protected] A

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Sberbank (Switzerland) AG I Annual Report 2014

Board of Directors 2

Foreword by the Chairman of the Board of Directors and the CEO 4

Report by the Board of Directors 7

Balance Sheet 10

Income Statement 11

Statement of Cash Flows 12

Notes to the Financial Statements 13

Report of the statutory auditor on the Financial Statements 32

Contacts 35

Contents

2 I Sberbank (Switzerland) AG I Annual Report 2014

Maxim SafonovHead of Sberbank GlobalMarkets, Managing Director,Sberbank CIB (subsidiary ofSberbank of Russia, Moscow)

Moscow RussianFederation

Chairman of the Boardof Directors

Member from 16 December 2014;Appointed Chairman from20 December 2014

Andrey IvanovGlobal Head of Trade Financeand Correspondent Banking,Sberbank of Russia, Moscow


Member of the Boardof Directors

Chairman until20 December 2014;Member from 20 December 2014

Bruno Battaini Consultant

Zurich Switzerland

Deputy Chairman of the Board of Directors (Independent Member)

Dr. Thomas Frick1) Lawyer

Zollikon Switzerland

Deputy Chairman of the Board of Directors (Independent Member)

Oleksandr Bazarov Deputy Head of Sberbank CIB, Senior Vice President, Member of the Executive Board,Sberbank of Russia, Moscow


Member of the Boardof Directors

Dr. Giuseppe Benelli Senior Financial Consultant

Bülach Switzerland

Member of the Board of Directors (Independent Member)

Alexander Morozov1) Chief Financial Officer, Deputy Chairman of the Executive Board, Sberbank of Russia, Moscow


Member of the Board of Directors

Roland Müller-Ineichen1) Senior Banking Consultant, Certified Public Accountant

Rain Switzerland


Dr. Hans W. Niederer Lawyer

Hernandarias Paraguay


Oscar Ratsin Head of Sberbank Merchant Banking, Managing Director Sberbank CIB (subsidiary of Sberbank of Russia, Moscow)

London United Kingdom

Member of the Board of Directors

Member until 16 December 2014

1) The Board of Directors has established an Audit Committee in accordance with the FINMA Circular 2008/24 cipher 28 and elected Dr. Thomas Frick and Roland Müller-Ineichen as independent members, as well as Alexander Morozov as an additional member. Roland Müller-Ineichen was elected Chairman of the Audit Committee.In all cases the whole Board of Directors is collectively responsible for the delegated tasks of the Audit Committee or tasks delegated to individual persons within the Audit Committee.

Board of Directors 2014

Sberbank (Switzerland) AG I Annual Report 2014 I 3

Executive BoardPeter McNulty Chairman of the Executive Board From 1 January 2015

Dmitri N. Derkatch Chairman of the Executive Board Until 13 October 2014

Irina Kalinina Member of the Executive Board From 1 April 2014

Toms Silins Member of the Executive Board

Alexander Wächter Member of the Executive Board

Roland Wietlisbach Member of the Executive Board Until 25 July 2014

Statutory AuditorsErnst & Young AG, Zurich

Internal AuditorsPricewaterhouseCoopers Ltd, Zurich

Organisation chart Sberbank (Switzerland) AG

Board of Directors

Strategy and Remuneration

Working Group

Internal Audit

Operational Risk

Credit Risk

Market Risk

Risk Management Committees

ALM CommiteeAudit Committee

Executive Board

General Assembly

Coverage Corporate Banking

Credits IT LegalAccounting, Reporting & TaxCredit Risk

Structured Finance

Operations & Client Services HRControlling,

Analysis & PlanningOperational Risk

Trade Finance Documentary Business

Marketing, PR & Communications

Asset & Liability Management Market Risk

Collateral Management

Loan Agency & Administration

Representative Office Moscow

Business Development

Administration & Procurement

Risks Operations Finance ComplianceGlobal Markets


Foreword by the Chairman of the Board of Directors and the CEOto the Annual General Meeting of Shareholders on 17 April 2015


What we achievedSberbank (Switzerland) AG operated in a turbulent environment in 2014 and had to address the chal-lenges imposed by the di�cult geopolitical situation and the sanctions regime. Nevertheless, the bank was able to grow its Balance Sheet and revenues substantially and complete the capital increase that was started in 2013. The bank continued to enhance the way it fulfils the client's needs through new financial solutions and product line expansion. To support the growing business, the bank increased its focus on development of the funding base.

Financial performanceTotal assets grew by 107% in 2014, increasing from CHF 333 million in 2013 to CHF 691 million. Loans to customers also more than doubled, reaching CHF 474 million at the end of 2014, compared to CHF 222 million in 2013. The 2014 result was a net loss of CHF 19.1 million, primarily driven by higher operating expenses and loan loss provisions. Oper-ating expenses rose from CHF 16.4 million in 2013 to CHF 23.6 million in 2014, reflecting the bank’s growing team and infrastructure build-out costs. In response to the market environment that the bank and its clients face and to ensure prudent accounting for the credit risks, as of December 2014 the bank created total loan loss provisions of CHF 10.9 million.

Net interest income increased from CHF 3.4 million in 2013 to CHF 10.7 million in 2014, reflecting the growth in the loan portfolio. Income from commis-sions increased slightly from CHF 4.1 million in 2013 to CHF 4.5 million in 2014.

To support its growing business the bank focused on attracting deposits. The trend in this regard was positive for most of the year, with some deteriora-tion seen at the end of the year. Outstanding cus-tomer deposits grew from CHF 81 million in Decem-ber 2013 to CHF 221 million by December 2014.

In 2014 the bank received a 10-year CHF 75 million subordinated loan from Sberbank of Russia, creat-ing a healthy capital base to enable the execution of future plans.

Overall performance in 2014 reflected the continua-tion of the bank’s build-up phase.

2014 reviewSberbank (Switzerland) AG continued its strategic development across the core business areas of com-modity trade finance, structured lending and agen-cy products and demonstrated its commitment to long-term growth with several key hires during 2014 to broaden its wealth of expertise. In 2014 the bank organized its commodity trade finance operations full-scale and became the key commodity trade finance service provider in the Sberbank Group.

Foreword by Maxim Safonov, Chairman of the Board of Directors, and Peter McNulty, Chairman of the Executive Board and CEO


In order to enhance its capabilities, Sberbank (Swit-zerland) AG moved into its new premises in Garten-strasse 24, 8002 Zurich at the beginning of July 2014. The original building has been significantly renovat-ed and the IT infrastructure brought to the latest standards. The new facilities feature reduced energy consumption, low noise and heat emission, passive cooling systems, automated light management and several other innovations.

Credit ratingSBS credit rating stands at BBB- (Fitch) with Outlook “Negative”, in line with the credit rating of Sberbank of Russia.

Giving back to societyThe year 2014 featured an extensive event pro-gramme to commemorate the 200-year jubilee of diplomatic relations between Switzerland and Russia. Sberbank (Switzerland) AG contributed to this cultural initiative by sponsoring a series of events, thus raising awareness and strengthening the ties between the two countries.

Going forwardWe are convinced that attractive development opportunities remain within the bank’s strategic development areas. In particular, the bank strongly believes in the growth of the commodity trade finance business and in its ability to understand and handle risks related to business with Russian exporters.

The global markets is another focus area where the bank is building a global platform to service the Group’s clients outside Russia. The bank will continue investments in client relationships in order to leverage the Sberbank Group’s position. After the investments and build-up of the operations in 2013 and 2014, the bank’s main focus will be on revenue base stabilisation and growth.

Thank youWe would like to thank our customers for their trust as well as our employees and business partners for their dedication and loyalty.

Maxim Safonov Chairman of the Board of Directors

Peter McNulty CEO and Chairman of the Executive Board


1. Shareholders

On 19 December 2013, the majority shareholder SB Luxembourg S.à r.l., Luxembourg, contributed CHF 125,001,000 of additional capital in kind (syn-dicated loans) which was recorded in the 2013 year end Balance Sheet as “other reserves” pending the completion of the capital increase process. The of-ficial entry of the capital contribution in the com-mercial register took place on 26 February 2014. From this date onwards CHF 18,750,150 (15%) of the capital contribution was transferred from the “other reserves” to the “share capital” and CHF 106,250,850 (85%) of the capital contribution was transferred from the “other reserves” to “reserves from cap-ital contributions”. In this way the share capital of the Bank increased from CHF 100,000,230 to CHF 118,750,380 and the shareholding of the minor-ity shareholder was diluted.

As at 31 December 2014 Sberbank of Russia, Moscow owned 99.280% (2013: 99.145%) of the Bank’s share capital through it’s 100% owned subsidiary, SB Luxembourg S.à r.l., Luxembourg.

The remaining 0.720% (2013: 0.855%) of the Bank’s share capital is held by the State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)”, Moscow.

2. Report about participations

The Bank does not own shares or participations in any company.

Changes in the Board of Directors, Executive Board, and auditors

Board of DirectorsThe Board of Directors was re-appointed at the Annual General Meeting on 4 April 2014 as follows:

• Andrey Ivanov Chairman (Global Head of Trade Finance and Correspondent Banking, Sberbank of Russia, Moscow)

• Bruno Battaini Deputy Chairman (Consultant)

• Dr. Thomas Frick Deputy Chairman (Lawyer)

• Oleksandr Bazarov Member (Deputy Head of Sberbank CIB, Senior Vice President, Member of the Executive Board, Sberbank of Russia, Moscow)

• Dr. Giuseppe Benelli Member (Senior Financial Consultant)

• Alexander Morozov Member (Chief Financial Officer, Deputy Chairman of the Executive Board, Sberbank of Russia, Moscow)

• Roland Müller-Ineichen Member (Senior Banking Consultant, Certified Public Accountant)

• Dr. Hans W. Niederer Member (Lawyer)

• Oscar Ratsin Member (Head of Sberbank Merchant Banking, Managing Director, Sberbank CIB (subsidiary of Sberbank of Russia, Moscow))

Report by the Board of Directorsto the Annual General Meeting of Shareholders on 17 April 2015


On 20 December 2014 Andrey Ivanov stepped down as Chairman but he remained as a Member of the Board of Directors. At the same time Maxim Safonov, who had been appointed as a Member of the Board of Directors four days earlier on 16 December 2014, was further appointed as Chairman of the Board of Directors.

On 16 December 2014 Oscar Ratsin stepped down from his position as a Member of the Board of Directors.

As at the end of the year the composition of the Board of Directors is as follows:

• Maxim Safonov Chairman (Head of Sberbank Global Markets, Managing Director, Sberbank CIB (subsidiary of Sberbank of Russia, Moscow))

• Bruno Battaini Deputy Chairman (Consultant)

• Dr. Thomas Frick Deputy Chairman (Lawyer)

• Oleksandr Bazarov Member (Deputy Head of Sberbank CIB, Senior Vice President, Member of the Executive Board, Sberbank of Russia, Moscow)

• Dr. Giuseppe Benelli Member (Senior Financial Consultant)

• Andrey Ivanov Member (Global Head of Trade Finance and Correspondent Banking, Sberbank of Russia, Moscow)

• Alexander Morozov Member (Chief Financial Officer, Deputy Chairman of the Executive Board, Sberbank of Russia, Moscow)

• Roland Müller-Ineichen Member (Senior Banking Consultant, Certified Public Accountant)

• Dr. Hans W. Niederer Member (Lawyer)

Executive BoardAs at the end of the year the members of the Executive Board are as follows:

• Peter McNulty Chairman of the Executive Board (from 1 January 2015)

• Irina Kalinina Member of the Executive Board

• Toms Silins Member of the Executive Board

• Alexander Wächter Member of the Executive Board

On 13 October 2014 Dmitri N. Derkatch stepped down from his position as Chairman of the Executive Board. Peter McNulty was appointed as Chairman of the Executive Board with effect from 1 January 2015.

On 1 April 2014 Irina Kalinina was promoted to be a member of the Executive Board. On 25 July 2014 Roland Wietlisbach stepped down from his position as a member of the Executive Board.


AuditorsOn 4 April 2014 the Annual General Meeting re-elected Ernst & Young AG, Zurich as statutory auditors.

4. Events to be reported after the closing of the business year 2014

No events requiring to be reported have taken place since the closing of the business year 2014.

5. Proposal of the Board of Directors concerning the allocation of the net loss for the year and the Balance Sheet net loss carry forward

The Board of Directors proposes to the Annual Gen-eral Meeting to apply the net loss for the year 2014 of CHF 19,130,102.12 to the net loss brought for-ward from the previous year of CHF 22,965,552.66 giving a Balance Sheet net loss carry forward of CHF 42,095,654.78.


31/12/2014 31/12/2013 ChangeCHF 1,000 CHF 1,000 CHF 1,000

AssetsLiquid funds 122,028 40,643 81,385Due from banks 79,775 68,296 11,479Due from customers 474,144 222,081 252,063Securities and precious metals trading portfolios 0 0 0Financial investments 2 2 0Fixed assets 6,694 1,466 5,228Accrued income and prepaid expenses 2,185 501 1,684Other assets 6,330 193 6,137Total assets 691,158 333,182 357,976

Total due from group entities and significant shareholders 901 674 227

Liabilities and shareholders' equityDue to banks 264,939 40,531 224,408Due to customers 221,247 80,965 140,282Accrued expenses and deferred income 7,176 2,859 4,317Other liabilities 3,197 966 2,231Value adjustments and provisions 11,693 5,825 5,868Share capital 118,750 100,000 18,750Reserves from capital contributions 106,251 0 106,251Other reserves 0 125,001 -125,001Loss brought forward from the previous year -22,965 -8,504 -14,461Net loss for the year -19,130 -14,461 -4,669Total liabilities and shareholders' equity 691,158 333,182 357,976

Total subordinated liabilities 75,000 0 75,000

Total due to group entities and significant shareholders 263,830 40,088 223,742

thereof total subordinated liabilities subject to mandatory conversion and/or debt waiver 75,000 0 75,000

Off-Balance Sheet transactionsContingent liabilities 4,434 1,899 2,535Irrevocable facilities granted 60 14 46Derivative instruments- Contract volume 294,587 172,403 122,184- Positive replacement value 1,619 145 1,474- Negative replacement value 2,317 624 1,693Fiduciary transactions 0 0 0

Balance Sheet


2014 2013 ChangeCHF 1,000 CHF 1,000 CHF 1,000

Income and expenses on ordinary banking activities

Results from interest bearing activities- Interest and discount income 24,231 3,793 20,438- Interest and dividend income on trading portfolios 0 0 0- Interest and dividend income on financial investments 0 0 0- Interest expenses -13,533 -424 -13,109Subtotal results from interest bearing activities 10,698 3,369 7,329

Results from commission and service fee activities- Commission income on lending activities 2,686 831 1,855- Commission income on securities and investment transactions 19 2,883 -2,864- Commission income on other services 1,762 436 1,326- Commission expenses -14 -1 -13Subtotal results from commission and service fee activities 4,453 4,149 304

Results from trading operations 1,162 376 786

Other result from ordinary activities - Other ordinary income 107 277 -170Subtotal other result from ordinary activities 107 277 -170

Operating expenses- Personnel expenses -17,567 -11,399 -6,168- Other operating expenses -6,007 -4,981 -1,026Subtotal operating expenses -23,574 -16,380 -7,194

Gross loss -7,154 -8,209 1,055

Depreciation and amortisation of fixed assets -739 -417 -322Valuation adjustments, provisions and losses -10,850 -5,465 -5,385Subtotal -18,743 -14,091 -4,652

Extraordinary income 17 30 -13Extraordinary expense -10 -14 4Taxes -394 -386 -8Net loss for the year -19,130 -14,461 -4,669

Allocation of net loss for the yearLoss brought forward from the previous year -22,965 -8,504 -14,461Net loss for the year -19,130 -14,461 -4,669Loss carried forward -42,095 -22,965 -19,130

Income Statement


2014 2013Source Application Balance Source Application Balance

CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000

Cash flow from/(used in) operating activities (Internal sources)Net loss for the year 19,130 14,461Depreciation and amortisation of fixed assets 739 417Value adjustments and provisions 5,868 5,356Accrued income and prepaid expenses 1,684 306Accrued expenses and deferred income 4,317 37Other assets 6,137 142Other liabilities 2,231 807Balance 13,155 26,951 -13,796 6,617 14,909 -8,292

Cash flow from/(used in) shareholders’ equity transactionsShare capital 18,750 0Reserves from capital contributions 106,251 0Other reserves 125,001 125,001Balance 125,001 125,001 0 125,001 0 125,001

Cash flow from/(used in) investment activitiesOther fixed assets 5,967 473Balance 0 5,967 -5,967 0 473 -473

Cash flow from/(used in) banking operations Operations (> 1 year)Due to banks 164,011 36,084Due from customers 144,722 184,355Financial investments 0 0

Short term operationsDue to banks 60,397 4,435Due to customers 140,282 71,409Due from banks 11,479 58,145Due from customers 107,341 54Securities and precious metals trading portfolios 0 0

LiquidityLiquid funds 81,385 14,390Balance 364,690 344,927 19,763 126,318 242,554 -116,236

Total source of funds 502,846 257,936Total application of funds 502,846 0 257,936 0

Statement of Cash Flows


1. Explanatory notes to the Bank’s business activities and personnel

GeneralThe CHF 125 million capital increase process com-menced in December 2013 and originally booked as “other reserves” as at 31 December 2013 was com-pleted in February 2014 and redistributed to “share capital” (CHF 18.75 million) and “reserves from capital contributions” (CHF 106.25 million) at this time as further detailed under the Report by the Board of Directors (paragraph 1, shareholders).

On 24 February 2014 the Bank signed a subordinated loan agreement with Sberbank of Russia whereby it was agreed that Sberbank of Russia will advance an amount of up to CHF 75 million to Sberbank (Switzerland) AG for a term of 10 years at a fixed in-terest rate of 3.95% per annum. The first tranche of CHF 30 million was drawn by the Bank on 4 March 2014. The second tranche of CHF 25 million was drawn by the Bank on 17 March 2014 and the third and final tranche of CHF 20 million was drawn by the Bank on 6 June 2014. All three subordinated loan tranches have a maturity date of 22 February 2024.

The subordinated loan of CHF 75 million is included in the Tier II capital of the Bank.

On 20 January 2014 the Bank signed a rental contract for new office premises in Zurich in order to consol-idate the activities of the Bank in one location. The new rental contract commenced on 1 July 2014 for a period of 10 years with an early termination clause after 6 years. The rental contracts for the previous 3 office locations were all terminated as at 30 June 2014 with no additional liability for the Bank.

Main activitiesDuring 2014 Sberbank (Switzerland) AG was an in-ternationally active bank whose major fields of busi-ness were syndicated loans, structured financing, commodity trade finance, global markets (FICC) products and transactional banking services includ-ing international settlement, correspondent bank-ing, letters of credit, securities agency and escrow facilities.

At the end of 2014 the number of employees of the Bank amounted to 72 (2013: 61), including employees of the representative office in Moscow.

Balance Sheet transactionsThe interest margin business constitutes a major source of revenue for the Bank, with the emphasis on loans and short-term trade finance transactions.

The Bank did not hold any significant financial investments during the year.

TradingThe Bank is active on the foreign exchange market mainly on behalf of clients. During the year under review the Bank did not trade securities for its own account.

Commissions and service feesCommissions and service fees result predominantly from the servicing of loans, funds transfers, com-modity trade finance, letters of credit business, securities agency and escrow services.

Notes to the Financial Statements 2014


Risk managementRisk policy is based on the Sberbank of Russia group principles and is regularly reviewed by the Board of Directors and provides the basis for the risk man-agement. The Board of Directors and the Executive Board receive information on a regular basis about the Bank’s portfolios, liquidity, financial and profita-bility state as well as the risks involved.

Observation of the risk limits set by the Board of Directors is controlled permanently. Positions are evaluated daily, whereby responsibility for risk con-trol at the Executive Board level is separated from the responsibility of the business areas generating those risks.

Risk assessmentThe Board of Directors is regularly reviewing all material risks of the Bank. This risk assessment is based on the data and tools that the Bank uses to manage risk. The Board of Directors has defined the internal control system to monitor all risks and has set limits to the risks as appropriate for the business of the Bank. The Executive Board has implemented the internal control system. These risks are further explained in the notes to the Financial Statements below.

Default risksApproval of loans and other exposures comprises the prior application of an adequate internal rating system which includes information from interna-tional rating organisations as well as a risk orien-tated regulation of competencies. Strict observation of limits as set out in the business regulations and directives is centrally monitored. Loans and other

exposures are evaluated periodically as to the credit worthiness of the debtor as well as to the value of collateral provided, depending on the kind of collat-eral. Doubtful or non-performing assets are dealt with by the Executive Board and reported to the Board of Directors.

Interest rate risksRisks deriving from changing interest rates of on-balance assets and liabilities are managed by the Asset and Liabilities Management and super-vised by the Executive Board/ALM Committee of the Bank, even though these risks are restricted by the primarily short-term interest rate resetting of loans as well as the maturity matching refinancing in for-eign currencies. The interest rate change risks are internally and independently monitored by the Risk Department and periodically reported to the Audit Committee and Board of Directors.

Other market risksOther market risks are restricted by set limits. Positions in trading portfolios are evaluated daily at market conditions and monitored.

Liquidity risksLiquidity risks are managed by the Asset and Liability Management (ALM) department and are supervised by the ALM Committee. The Bank’s liquidity is con-tinuously monitored using a set of internal and ex-ternal ratios attributing particular weight to liquidity gap analysis and FINMA regulations as well as the internal ALM methodology.


Operational risksOperational risks are mitigated and controlled by means of internal regulations and organisational directives as well as adequate controls on the basis of process prescriptions. The Chief Risk Officer monitors deviations from the prescriptions and reports regularly to the Executive Board.

Compliance and legal risks Compliance ensures that the Bank’s processes are in line with the applicable statutory and regulatory provisions. The Compliance function examines on an annual basis the compliance risk inventory and prepares a risk-based activity plan related to the management of compliance risks. Furthermore, the function is responsible for providing advice with the objective of avoiding or minimising identified com-pliance risks.

The Bank has its own in house legal team but addi-tional legal advice is procured from external sources according to requirements.

OutsourcingA third party company provides the funds transfer platform on a contractual basis. This contract was made in accordance with regulations issued by the Swiss Financial Market Supervisory Authority (FINMA). All employees of this service provider are subject to Swiss Banking Secrecy Law and confiden-tiality of data is thereby ensured.

The key IT systems are owned by the Bank and located on Bank premises but all the running and maintenance of the IT infrastructure was provided by external suppliers under the supervision of the

management. During the fourth quarter of 2013 and in 2014 the Bank built a professional IT team to manage the IT infrastructure, applications and new projects.

The internal audit and salary accounting functions are outsourced to a professional audit firm. These activities are not considered as outsourcing under the terms of the FINMA Circular 2008/7 (Outsour-cing – Banks).

2. Balance Sheet and valuation principles

Accounting, reporting and evaluations are based on the provisions of the Swiss Code of Obligations, the Swiss Federal Banking Law and its Ordinance as well as the statutes and guidelines of the Swiss Financial Market Supervisory Authority (FINMA) concerning the preparation of Financial Statements for banks (FINMA Circular 2008/2).

Recording of business transactionsAll business transactions are recorded as at trade date in the books of the Bank and are as of this time shown in the Balance Sheet and the profit and loss statement of the Bank in accordance with the set valuation principles, whereby the results of all concluded transactions are included in the profit and loss statement. Open forward transactions are shown off-Balance Sheet until maturity. As of ma-turity these transactions are included in the Balance Sheet.


Translation of foreign currenciesTransactions in foreign currencies are recorded at daily market rates. The values of assets and liabilities in foreign currencies are translated at the market rate of the Balance Sheet and results recorded in the profit and loss statement. Expenses and revenues in foreign currencies are translated at the market rate prevailing on the transaction date and are recorded in the profit and loss statement. Profits and losses from foreign currency translation are recognised as results from trading operations.

The following foreign currency exchange rates were used for translation as per the relevant Balance Sheet dates:

2014 2013

USD/CHF 0.9910 0.8819

EUR/CHF 1.2025 1.2274

GBP/CHF 1.5451 1.4736

General valuation principlesThe detailed positions stated in the balance sheet are evaluated individually (individual valuation).

Liquid funds, amounts due from and due to banks and due to customersThese funds and related interest due but still unpaid are recorded in the Balance Sheet at nominal value less required separate value adjustments which are shown as value adjustments and provisions.

Loans (claims towards customers)Claims towards customers are recorded in the Bal-ance Sheet at nominal value. Interest is accrued ac-cording to the relevant period.

Doubtful claims that are claims where it is unlikely that the debtor will be able to fulfil his future lia-bilities are evaluated on an individual basis and the reduction in value posted as a value adjustment.Off-Balance Sheet transactions like firm commit-ments, guarantees and derivative financial instru-ments are included in the evaluation. Interest due for more than 90 days is considered overdue. Over-due interest and interest unlikely to be received is not recorded in the profit and loss statement but added to value adjustments and provisions.

The value reduction results from the difference between the nominal value of the claim and the amount likely to be recovered considering the coun-terparty risk and the result from the realisation of collateral. If it is to be expected that the realisation of collateral takes more than a year, the estimated result from the realisation is discounted to the pre-sent value as per the Balance Sheet date. The Bank generally grants unsecured loans. Possible market-able collaterals are generally valued at current market prices.

Trading portfolios in securities and precious metalsTrading portfolios are evaluated and recorded at fair value. Fair value is considered to be the price quoted in an efficient and liquid market or the value resulting from the calculation using an appropriate


evaluation model. Trading portfolios, for which as an exception, a fair value cannot be ascertained, are treated according to the principle of lower of cost or market. As at the end of the year there were no trading portfolio positions.

Financial investmentsFixed interest bearing securities are valued ac-cording to the accrual method, i. e. a premium or a discount arising on acquisition is distributed over the remaining term and recorded accordingly. A value reduction due to a change in quality is re-corded immediately in the profit and loss state-ment. The Bank held no fixed interest bearing se-curities as at the end of the year.

Shares and similar securities are valued according to the principle of lower of cost or market.

Fixed assetsNew investments in fixed assets are capitalised and valued at purchase value provided they are used for more than one accounting period and the value ex-ceeds CHF 5,000. New investments in existing fixed assets are capitalised if this investment enhances the market or utilisation value or the life time sig-nificantly.

Fixed assets are recorded in the Balance Sheet at purchase value less accumulated depreciation. De-preciation is implemented systematically over the estimated utilisation period of the asset. Deprecia-tion is recorded in the profit and loss statement un-der the heading “Depreciation and write offs on non current assets”.

The value of fixed assets is re-evaluated whenever events or circumstances indicate that the book val-ue of the asset is no longer warranted.

The estimated utilisation terms for different fixed assets are as follows:

Building renovation 120 months

Fixtures, fittings and installations 60 months

Vehicles 60 months

Bank software 60 months

Computer and communication equipment 36 months

Realised profits or losses from the disposal of fixed assets are respectively recorded as “Extraordinary income” or “Extraordinary expense”.

Liabilities to pension planThe Bank does not have its own pension plan. The employees of the Bank are insured in the pension fund of Swiss Life. The pension fund of Swiss Life is a defined contribution scheme. All employees are insured against death and invalidity, and in addition, all employees who have reached the age of 24 are insured against old age from the start of the next calendar year. The pension age for men and women is as set by the law. The Bank includes the employer contributions in the Personnel expenses. The Bank has no further pension liabilities even in the case of the pension fund having an under coverage of its liabilities.


TaxesProvisions have been made for all Federal, Cantonal and Commune taxes estimated to be payable on the basis of reported results through to the end of the current year. Current taxes for the relevant period are calculated according to regulations prescribed by the tax authorities and recorded as expenses in the same period. Capital and income taxes are disclosed under “Accrued expenses and deferred income”.

Indirect taxes due such as VAT are disclosed under “Other liabilities”.

Valuation adjustments and provisionsValuation adjustments and provisions are prudently created for all risks identifiable at the Balance Sheet date. General valuation adjustments and provisions cover latent risks.

Effective from 30 June 2013, and with a view to the expected considerable increase in the loan port folio, the Bank introduced a new loan loss provision meth-odology based on individual credit ratings driven by probability of default (PD), exposure at default (EAD) and loss given default (LGD).

In addition to economically necessary provisions silent reserves can be created in the form of “Other provisions” in order to cover general business risks.

Contingent liabilities and irrevocable commitmentsContingent liabilities and irrevocable commitments are recorded off-Balance Sheet at nominal value. For identifiable risks provisions are created in the Balance Sheet.

Derivative financial instruments Derivative financial instruments for trading purpos-es are valued at fair value and the results recorded in “Results from trading operations”. Hedging transac-tions are valued on the same basis as the underlying hedged transaction.

Changes in comparison to the previous yearThere were no changes to the accounting and valu-ation principles compared to the previous year.

Events after the Balance Sheet dateNo extraordinary events occurred after the Balance Sheet date that could have a significant impact on the equity, financial state or results of the Bank with regard to the year under review.


3.1 Listing of collaterals for loans and off-Balance Sheet transactionsType of collateral

Mortgagecollateral

Othercollateral

Withoutcollateral Total

CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000

LoansDue from customers 0 116,338 357,806 474,144Total loans current year 0 116,338 357,806 474,144

previous year 0 36,084 185,997 222,081

Off-Balance SheetContingent liabilities 0 1,042 3,392 4,434Irrevocable facilities granted 0 0 60 60

Total off-Balance Sheet current year 0 1,042 3,452 4,494previous year 0 1,000 913 1,913

Gross debtamount

Estimated liquidation

proceeds of collateral

Net debt amount

Individual value adjust-

mentsCHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000

Impaired loans/receivables current year 20,067 12,845 7,222 7,222previous year 0 0 0 0

Impaired claims and/or non-performing claimsAs at 31 December 2014 the Bank had made specific loan loss provisions amounting to TCHF 7,222 for two separate custom-er loans where possible impairment may occur due to significant decreases in commodity prices in the 4th quarter of 2014. In December 2014 one syndicated loan (Ukraine risk) was sold to our parent company Sberbank of Russia at market price generating a realised loan loss of TCHF 4,735.

As at 31 December 2013 there were no impaired claims or non-performing loans held by the Bank.

3.2 Securities and precious metals trading portfolios, financial investments and participations

31/12/2014 31/12/2013CHF 1,000 CHF 1,000

Securities and precious metals trading portfoliosDebt securities exchange listed 0 0 unlisted 0 0 of which own and cash bonds 0 0Investment securities 0 0 of which own investment securities 0 0Precious metals 0 0

Total securities and precious metals trading portfolios 0 0of which securities eligible for repo transactions in accordance with the liquidity regulations 0 0

3. Information on the Balance Sheet


3.3 Schedule of non-current assetsYear under review

Historical cost

Accumulateddepreciation

Book value end of previous year Investments Disinvestments

Write-offs/Depreciation

Book valueend of 2014

CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000

Participations- Majority participations 0 0 0 0 0 0 0- Minority participations 0 0 0 0 0 0 0Total participations 0 0 0 0 0 0 0

Fixed assets- Tangible fixed assets 3,007 -1,900 1,107 5,208 -93 -628 5,594- Other 490 -131 359 852 0 -111 1,100Total fixed assets 3,497 -2,031 1,466 6,060 -93 -739 6,694Intangible fixed assets 1,746 -1,746 0 0 0 0 0

Fire insurance value of tangible fixed assets 1,750

Liabilities arising from future operating lease instalments 522

Tangible fixed assets with a historical cost of TCHF 1,097 and accumulated depreciation of TCHF 1,004 were scrapped or sold during the year.

Book value Fair value31/12/2014 31/12/2013 31/12/2014 31/12/2013CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000

Financial investmentsDebt securities 0 0 0 0 of which own and cash bonds 0 0 0 0 of which to be held until maturity 0 0 0 0 of which valued according to the principle of the lower of cost or market 0 0 0 0

Investment securities 2 2 2 2 of which qualified participations 0 0 0 0Precious metals 0 0 0 0Real estate 0 0 0 0

Total financial investments 2 2 2 2 of which securities eligible for repo transactions in accordance with the liquidity regulations 0 0 0 0


3.4 Schedule of other assets and liabilities31/12/2014 31/12/2013 ChangeCHF 1,000 CHF 1,000 CHF 1,000

Other assetsPositive replacement value 1,619 145 1,474Indirect taxes 0 0 0Others 4,711 48 4,663Total other assets 6,330 193 6,137

Other liabilitiesNegative replacement value 2,317 624 1,693Indirect taxes 44 32 12Others 836 310 526Total other liabilities 3,197 966 2,231

3.5 Assets pledged to secure own liabilities and assets subject to ownership reservation

Balance SheetPledged

assetsPurpose position CHF 1,000Margin deposits (FX forward contracts) Due from banks 8,926Rent deposits Other assets 11Total current year 8,937

previous year 3,450

Neither in the year under review nor in the previous year were assets subject to ownership reservation. At the Balance Sheet date there were no securities lending and borrowing transactions or repo transactions outstanding.


3.6 Employer contributions reserve and related pension fund contributionsThe employees of the Bank are insured under an occupational defined contribution plan with an independent pension company (Swiss Life). The last audited Financial Statements of this independent pension company (31 December 2013) showed a coverage ratio of 100%. There are no economic benefits or economic costs attributable to the Bank.

31/12/2014 31/12/2013 ChangeCHF 1,000 CHF 1,000 CHF 1,000

1. Employer contributions reserve at year-endNominal value 0 0 0Not used in conformity to purpose 0 0 0Amount capitalised in the Balance Sheet 0 0 0Impact of employer contribution reserve in the personnel expensesCreation of employer contribution reserve 0 0 02. Economic benefits/economic costsPension fund contributions without over/under coverageAmount of the over/under coverage of the pension fund 0 0 0Amount of the over/under coverage relating to the company employees 0 0 0Economic participation of the company employees in the benefits 0 0 03. Pension expense included in the personnel expensesPension fund contributions for the period 1,857 1,421 436Changes in the economic value of the pension benefits 0 0 0Creation of employer contributions reserve 0 0 0Total pension expense in the personnel expenses 1,857 1,421 436

3.7 Outstanding bond issues and mortgage bondsThe Bank had no outstanding bond issues or mortgage bonds in the year under review or the previous year.


3.9 Share capital31/12/2014 31/12/2013

Total par

value

Number of

shares

Dividendbearingcapital

Total par

value

Number of

shares

Dividendbearingcapital

CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000Share capital 118,750 416,668 118,750 100,000 350,878 100,000Total share capital 118,750 416,668 118,750 100,000 350,878 100,000

Shareholders 31/12/2014 31/12/2013Nominal Share Nominal Share

CHF 1,000 % CHF 1,000 %Voting shareholdersSB Luxembourg S.à r.l., Luxembourg 117,895 99.28 99,145 99.145The State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)”, Moscow

855 0.72 855 0.855

Total share capital 118,750 100.00 100,000 100.00

SB Luxembourg S.à r.l. is owned 100% by Open Joint Stock Company “Sberbank of Russia” in which the following shareholders held more than 5% as at 31 December 2014:

Name Share capital % Voting shares %Central Bank of Russia, Moscow (share capital owned is 50% plus 1 share) 50.00 52.32

3.8 Value adjustments, provisions and reserves for general banking risks

Balanceend of

previous year

Usage inconformityto purpose

Change in definition of

purposes(reclassification)

Recoveriesoverdueinterest,currency

differences

Additionscharged to

incomestatement

Reversalscredited to

incomestatement

Balance end of

year underreview

CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000Provisions for latent taxes 0 0 0 0 0 0 0Value adjustments and provisions for credit risk (doubtful receivab-les and country risk)

5,578 -4,735 0 0 10,070 0 10,913

Value adjustments and provisions for other business risks

0 0 0 0 0 0 0

Provisions for restructuring 247 -247 0 0 750 0 750Provisions for pension liabilities 0 0 0 0 0 0 0

Other provisions 0 0 0 0 30 0 30Total value adjust-ments and provisions 5,825 -4,982 0 0 10,850 0 11,693

less:Value adjustments directly compensated with assets 0 0

Total value adjust-ments and provisions as in Balance Sheet

5,825 11,693

Reserve for gener-al banking risks 0 0


3.10 Statement of changes in shareholders’ equity 2014 2013

CHF 1,000 CHF 1,000Shareholders’ equity at the beginning of the year under reviewShare capital 100,000 100,000Other reserves received from SB Luxembourg S.à r.l., Luxembourg 125,001 0Loss brought forward from the previous year -22,965 -8,504Total shareholders’ equity at the beginning of the year under review 202,036 91,496Other reserves allocated to share capital 18,750 0Other reserves allocated to reserves from capital contributions 106,251 0Other reserves received from SB Luxembourg S.à r.l., Luxembourg -125,001 125,001Net loss for the year -19,130 -14,461Total shareholders’ equity at the end of the year under review 182,906 202,036 of which Share capital 118,750 100,000

Reserves from capital contributions 106,251 0Other reserves 0 125,001Balance Sheet loss -42,095 -22,965

3.11 Maturity structure of current assets and borrowed fundsMaturities

At sight CallableDue within

3 monthsDue within

3–12 monthsDue within

1–5 yearsDue after

5 yearsWithout maturity Total

CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000Current assetsLiquid funds 122,028 0 0 0 0 0 0 122,028Due from banks 27,065 0 51,726 984 0 0 0 79,775Due from customers 0 163 83,000 40,457 230,658 119,866 0 474,144Securities and preciousmetals trading portfolios 0 0 0 0 0 0 0 0

Financial investments 0 0 0 0 0 0 2 2

Total current assets

current year 149,093 163 134,726 41,441 230,658 119,866 2 675,949

previous year 46,615 69 63,057 15,247 192,654 13,378 2 331,022

Borrowed fundsDue to banks 15,294 0 49,550 0 37,110 162,985 0 264,939Due to customers 196,767 0 24,480 0 0 0 0 221,247Total borrowed funds

current year 212,061 0 74,030 0 37,110 162,985 0 486,186

previous year 85,412 0 0 0 36,084 0 0 121,496

3.12 Amounts due from and due to related companies as well as loans and exposures to members of the Bank’s governing bodies

2014 2013 ChangeCHF 1,000 CHF 1,000 CHF 1,000

Due from related companies 2,747 676 2,071Due to related companies 31,337 56,947 -25,610

Funds due from and due to related companies represent holdings on current accounts as well as loans, which are granted at the same conditions as for independent third parties. There were no loans to the Bank's governing bodies.


3.13 Assets and liabilities scheduled by domestic and foreign origin31/12/2014 31/12/2013

Domestic Foreign Domestic ForeignCHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000

AssetsLiquid funds 122,019 9 40,642 1Due from banks 19,170 60,605 13,361 54,935Due from customers 91,734 382,410 14,437 207,644Securities and precious metals trading portfolios 0 0 0 0Financial investments 0 2 0 2Fixed assets 6,655 39 1,414 52Accrued income and prepaid expenses 204 1,981 70 431Other assets 2,819 3,511 73 120Total assets 242,601 448,557 69,997 263,185

LiabilitiesDue to banks 0 264,939 0 40,531Due to customers 112,930 108,317 32,897 48,068Accrued expenses and deferred income 5,540 1,636 2,784 75Other liabilities 2,955 242 809 157Value adjustments and provisions 11,693 0 5,825 0Share capital 118,750 0 100,000 0Reserves from capital contributions 106,251 0 0 0Other reserves 0 0 125,001 0Loss brought forward from the previous year -22,965 0 -8,504 0Net loss for the year -19,130 0 -14,461 0Total liabilities 316,024 375,134 244,351 88,831

3.14 Total assets according to domicile of risk31/12/2014 31/12/2013Amount Share Amount Share

Assets CHF 1,000 in % CHF 1,000 in %Switzerland 242,601 35.1 69,997 21.0Russian Federation 249,113 36.0 181,822 54.6USA 53,170 7.7 12,510 3.8Netherlands 50,363 7.3 48,199 14.4Greece 44,492 6.4 0 0.0Ireland 24,779 3.6 0 0.0Germany 10,738 1.6 730 0.2United Arab Emirates 8,517 1.2 0 0.0Cyprus 47 0.0 19,904 6.0Others 7,338 1.1 20 0.0Total assets 691,158 100.0 333,182 100.0

The Bank has made loan loss provisions as of 31 December 2014 of TCHF 10,913 (31 December 2013: TCHF 5,578).


3.15 Balance Sheet by currencies as of 31 December 2014CHF USD EUR RUB Other Total

CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000AssetsLiquid funds 122,019 0 9 0 0 122,028Due from banks 3,310 71,513 4,940 6 6 79,775Due from customers 14 224,074 162,024 88,031 1 474,144Securities and precious metals trading portfolios 0 0 0 0 0 0Financial investments 0 0 2 0 0 2Fixed assets 6,694 0 0 0 0 6,694Accrued income and prepaid expenses 16 483 309 1,377 0 2,185Other assets 2,082 2,313 1,933 2 0 6,330Total on-balance assets 134,135 298,383 169,217 89,416 7 691,158Off-balance claims from foreign exchangespot, forward and option transactions 163,842 0 0 25,717 0 189,559

Total assets 297,977 298,383 169,217 115,133 7 880,717

LiabilitiesDue to banks 89,792 64,916 22,246 87,985 0 264,939Due to customers 2,002 187,366 6,078 25,801 0 221,247Accrued expenses and deferred income 5,317 409 85 1,365 0 7,176Other liabilities 864 2,038 75 220 0 3,197Value adjustments and provisions 11,693 0 0 0 0 11,693Share capital 118,750 0 0 0 0 118,750Reserves from capital contributions 106,251 0 0 0 0 106,251Loss brought forward from previous year -22,965 0 0 0 0 -22,965Net loss for the year -19,130 0 0 0 0 -19,130Total on-balance liabilities 292,574 254,729 28,484 115,371 0 691,158Off-balance liabilities from foreign exchange spot, forward and option transactions 0 45,644 143,915 0 0 189,559

Total liabilities 292,574 300,373 172,399 115,371 0 880,717Net position as per currency 5,403 -1,990 -3,182 -238 7 0


4.1 Contingent liabilities31/12/2014 31/12/2013 ChangeCHF 1,000 CHF 1,000 CHF 1,000

Credit guarantees and similar 3,550 1,239 2,311Back-up guarantees and similar 0 0 0Irrevocable commitments arising from letters of credit 884 660 224Other contingent liabilities 0 0 0Total 4,434 1,899 2,535

4.2 Outstanding derivative financial instrumentsTrading instruments

Positive replacement

values

Negativereplacement

values

Contractvolume

CHF 1,000 CHF 1,000 CHF 1,000Foreign currenciesForward contracts 1,619 2,317 294,587Total Year under review 1,619 2,317 294,587Previous year 145 624 172,403The Bank does not make use of hedge accounting.

4.3 Fiduciary transactions31/12/2014 31/12/2013 ChangeCHF 1,000 CHF 1,000 CHF 1,000

Fiduciary placements with third parties 0 0 0Fiduciary loans and other fiduciary financial transactions 0 0 0

Total fiduciary transactions 0 0 0

4.4 Client fundsThe Bank is not active in Private Banking. The position “Due to customers” in the amount of TCHF 221,247 (previous year TCHF 80,965) comprises customer holdings in current accounts and short-term time accounts related to commercial activities.

4. Information on off-Balance Sheet transactions


5.1 Refinancing in the position interest and discount incomeThe Bank did not exercise this alternative choice.

5.2 Analysis of results from trading operations2014 2013 Change

CHF 1,000 CHF 1,000 CHF 1,000Results from trading operationsTrading in foreign exchange and foreign banknotes 1,162 376 786Total results from trading operations 1,162 376 786

5.3 Personnel expenses

Remuneration to the Board of Directors 273 416 -143Salaries and benefits 12,971 8,373 4,598Social benefits and other legally required contributions 1,285 663 622Contributions to pension plan 1,857 1,421 436Other personnel expenses 1,181 526 655Total personnel expenses 17,567 11,399 6,168

5.4 Analysis of operating expenses

Premises expense 688 840 -152Expenses for IT, equipment, furniture, vehicles and other installations 1237 821 416Other operating expenses 4,082 3,320 762Total operating expenses 6,007 4,981 1,026

5.5 Notes to the extraordinary income

Release of provisions no longer required 0 0 0Profit on sale of fixed assets 15 0 15Other revenue related to the previous business year 2 30 -28Total extraordinary income 17 30 -13

5.6 Notes to the extraordinary expense

Loss on sale of fixed assets 10 0 10Other expense related to the previous business year 0 14 -14Total extraordinary expense 10 14 -4

5. Information on the Income Statement


In respect of the qualitative information to be provided according to the FINMA circular 2008/22 (Capital Adequacy Disclosure – Banks), the reader should refer to section 1 of these Financial Statements, where risk management activities have been described.

For the calculation of the required capital for credit risk the Bank uses the standard approach-BIZ. The required capital for market risk has been quantified using the standard approach, and for operational risk using the basic indicator approach.

6.1 Composition of eligible capital31/12/2014 31/12/2013

CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000Total core capital (after taking account of own positions, which are to be deducted) 182,906 77,034

of which attributable to minority shareholders 1,317 659 less regulatory deduction 0 0 less other items that are to be deducted from core capital 0 0= eligible core capital 182,906 77,034 add supplementary capital and additional capital 79,816 127,521 less other deductions from supplementary capital, from additional capital and from the total capital 0 0Total eligible capital 262,722 204,555

6.2 Composition of required capital

Methodology applied Required equity31/12/2014

Required equity31/12/2013

CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000Credit risk SA-BIZ 30,821 16,127 of which exchange risk relating to the equity/debt positions in the banking book 0 0

Non counterparty risk 536 117Credit value adjustments and settlement risk standard approach 58 26Market risk standard approach 441 46 of which on interest instruments (general and specific market risk) 0 0 of which on equity positions 0 0 of which on foreign exchange and precious metal positions 441 46

of which on commodity positions 0 0Operational risk basic indicator approach 1,352 571Total required capital 33,208 16,887Risk weighted assets (RWA) 415,101 211,088Capital ratio (%) 63.3% 96.9%

6. Information about the calculation of own funds


6.3 Credit risk/distribution by contractor or industryLoan business(at reporting date) Banks

Public bodies Enterprises Retail Equity

Otherexposures Total

CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000Balance Sheet/amounts due: from banks 79,775 0 0 0 0 0 79,775 from customers 0 0 474,144 0 0 0 474,144 financial fixed assets/debt securities/securities 0 0 0 0 2 0 2

accrued income/prepaid expenses other assets 1,617 0 0 0 0 6,898 8,515

Total – current year 81,392 0 474,144 0 2 6,898 562,436Total – previous year 68,441 0 222,081 0 2 549 291,073

Off Balance Sheet (credit equivalents):Contingent liabilities 208 0 1,744 0 0 0 1,952Irrevocable facilities granted 0 12 0 0 0 0 12Total – current year 208 12 1,744 0 0 0 1,964Total – previous year 79 3 580 0 0 0 662

6.4 Credit risk/type of collateralLoan business(at reporting date)

Covered by recognisedfinancial collateral

Covered byguarantees

Withoutcollateral Total

CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000Balance Sheet/amounts due: from banks 0 0 79,775 79,775 from customers 116,338 0 357,806 474,144 financial fixed assets/debt securities/securities 0 0 2 2 accrued income/prepaid expenses/other assets 0 0 8,515 8,515Total – current year 116,338 0 446,098 562,436Total – previous year 36,084 0 254,989 291,073

Off Balance Sheet (credit equivalents):Contingent liabilities 521 0 1,431 1,952Irrevocable facilities granted 0 0 12 12Total – current year 521 0 1,443 1,964Total – previous year 500 0 162 662


6.5 Segmentation of the credit risk

Loan business/risk weightedcredit risk (at reporting date)

Regulatory risk weights0% 20% 50% 100% 150% Total

CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000Balance Sheet/amounts due: from banks 0 77,003 1,687 483 602 79,775 from customers 116,338 0 0 357,804 2 474,144 financial fixed assets/debt securities/securities 0 0 0 0 2 2

accrued income/prepaid expenses/other assets 0 1,617 0 6,898 0 8,515

Total – current year 116,338 78,620 1,687 365,185 606 562,436Total – previous year 36,084 67,976 465 186,546 2 291,073

Off Balance Sheet (creditequivalents):Contingent liabilities 0 0 128 1,743 81 1,952Irrevocable facilities granted 0 12 0 0 0 12Total – current year 0 12 128 1,743 81 1,964Total – previous year 0 3 79 580 0 662

6.6 Geographical credit riskLoan business(at reporting date) Switzerland

Europeincl. Russia

NorthAmerica

SouthAmerica Caribbean Total

CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000 CHF 1,000Balance Sheet/amounts due: from banks 19,169 7,473 53,133 0 0 79,775 from customers 91,734 373,873 4 8,497 36 474,144 financial fixed assets/debt securities/securities 0 2 0 0 0 2

accrued income/prepaid expenses/other assets 3,023 5,472 0 20 0 8,515

Total – current year 113,926 386,820 53,137 8,517 36 562,436Total – previous year 27,941 250,613 12,511 1 7 291,073

Off Balance Sheet (credit equivalents):Contingent liabilities 1,343 609 0 0 0 1,952Irrevocable facilities granted 12 0 0 0 0 12Total – current year 1,355 609 0 0 0 1,964Total – previous year 212 450 0 0 0 662


Report of the statutory auditor on the Financial Statements


Contacts

Zurich, Switzerland

Moscow, Russia

Moscow Representative Office Bolshoy Kislovskiy per. dom 1/1/12Building 2125009 MoscowRussiaTelephone: +7 495 967 17 68

Representative Mrs. Nina A. Maralova

Head OfficeGartenstrasse 24P.O. BOx 2136CH-8027 ZurichSwitzerlandTelephone: +41 44 250 56 [email protected]

Sberbank (Switzerland) AG

2014 Annual Report

© 2015 Sberbank (Switzerland) AG

Sberbank (Switzerland) AGGartenstrasse 24P.O. BOX 2136CH-8027 ZurichSwitzerlandTelephone: +41 44 250 56 [email protected] A

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