As earlier, the main principles of the bank activities are reliability in concluding transactions and highly-qualified service, which has built confidence in the bank among its clients. SNORAS Bank has become a bank able to serve any client in any region. The main sources of the bank income were and remain treasury bills, currency operations, commissions for services provided, the search for and implementation of new services as well as inter-bank loans.

The operations of SNORAS Bank already meet all relevant international standards. Still, special attention is paid to the introduction of new information systems and continuous improvement of the staff professional skills. The specialists of the bank are improving their qualifications at training centres of Western banks, such as Hapoalim, and at its own training centre on a permanent basis. Our main clients are companies with a stable strategy (import-export), which have played a major role in the formation of the Bank policy.

The Bank has been acknowledged as the most actively developing bank in the country. SNORAS Bank meets the main performance norms of the Central Bank. In September 1996 the capital adequacy norm was 16.3%, the foreign currency position was 29.9% and the liquidity norm amounted to 80-90% (the requirement is not less than 30%). Daily turnover of the bank is Litas 230-250 million (about USD 60 million). The average number of transactions per calendar day is 3000-3500, and it is constantly growing. The bank has correspondent accounts at about 30 banks, and 35 banks have LORO accounts at SNORAS Bank.

Until now, the main clients of SNORAS Bank were non-residents. Now it has become absolutely clear that the Bank needs to strengthen its position on the Lithuanian market, which is characterised by demand for retail services. Credit card program is therefore being developed with the goal of attracting local depositors. The Bank has prepared and is issuing its own (smart) IMPAR cards. At present Mazeikiu Nafta Refinery employees, Vilnius University and Vilnius Teachers Training University students and staff members and other major Lithuanian companies are among clients using SNORAS Bank plastic cards. The Bank has established a network of outlets (bank-points) to service IMPAR plastic cards. In Vilnius there are 35 bank outlets, where one can obtain main bank services as well. The bank-points are set up in all major cities of Lithuania and in future they are planned to be set up in every regional centre.

According to the conclusions of the leading Lithuanian business newspaper, Verslo Zinios (Business News), a branch of the Swedish Dagens Industri weekly, SNORAS Bank is the owner of the best investment portfolio in Lithuania. About 35% of the bank balance is covered by government of Lithuania and Russia. The four years since the Bank was established have all been profitable and the annual interest rates paid to the shareholders remained at 30%.

Until now SNORAS Bank has been a bank-bridge between the West and the East. But now the bank tasks are not limited by transit only. SNORAS Bank is becoming a universal bank regarding both quality and range of services the list of which is constantly expanding.

Snoras Bank
A.Vivulskio str. 7
LT-2600 Vilnius
Lithuania

Tel. 370 2 26 27 70
Fax 370 2 65 28 32
Telex 303229 oniks lt.

E-mail

Mr Sergey Klimuk, Chairman of the Council.

SNORAS Bank becomes a universal payment center.