NRBank was set up in its present form in spring 1995. The team that formed the Bank came from a financial background and had had vast experience in Russian and international investment banking. Since its establishment, NRBank has reached a dominant position in the local investment banking business.

The Bank is a member of the Consortium of Russian Banks and has been officially authorised by the Russian Government to deal with assets and liabilities of the former Union of the Soviet States of Russia (USSR).

The Bank's main focus is on investment banking projects, such as the placement of new government and corporate issues, structuring and marketing of existing issues, and other primary market placements.

NRBank's secondary market activities include trading in Russian debt instruments (eg, Russian US$ denominated Ministry of Finance Bonds, Vnesheconombank loans, rouble denominated 'GKO' Treasury bills, etc), Russian equities, and foreign exchange. The risk management techniques include futures and options trading and the use of other derivative products.

Asset management and porfolio selection, as well as project finance and asset backed financing for the bigger clients, are the major services which NRBank provides to its clients. Furthermore, we offer different investment strategies, varying from less risky fixed income portfolios to growth portfolios combining equities, fixed income, foreign exchange and other components.

One of NRBank's investment strategies is diversifying its exposure to Russian instruments by utilising the instruments of other CIS countries, such as Ukraine, Belarus, Kazakhstan, etc. The pilot name we have given to this new powerful investment tool is 'CIS Portfolio'.

NRBank has established a large network of prime business partners and counterparties throughout the world, including the biggest investment houses in the major financial centres. It has a strong presence in some CIS countries, currently concentrating on Ukraine and Belarus, in addition to branches in St Petersburg and Kiev.

From 1 October 1996, the Bank's total capital has grown to 1,234 billion roubles, with total assets of 9,035 billion roubles per Russian Accounting Standards. The present ratings show NRBank among the top 15 Russian banks, in terms of capital and assets, and among the top ten Russian banks in terms of quality of ratios. Further expansion of capital and asset size was set to be completed by the end of 1996.