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CODE OF BUSINESS CONDUCT
AND ETHICS
Welcome to our professional team!
2008
Everyone has its own success,
success is multifaceted and comprehensive,
but the most essential thing is that it is
achievable.
Success is an integral part of the art to define
the goal and achieve it.
We are the VAB team that never stops at what has been
accomplished; we are devoted to our work and are confident
of our results. No matter what our duties, rank or job titles
are, which part of financial business we are or where we live
and work – we have to know our principles and goal.
We believe that each employee makes contribution into
goal achieving.
Ahead of us lies the new stage of our company development
which is also the new life stage for each of us.
Our philosophy explains: who we are, where we go and how
we, the VAB team, will be able to achieve our goals and share
our common success.
Dear colleagues, Welcome to our big and friendly team!
Each of us is an integral part of VAB strong financial structure. Our company has existed for
16 years. We have been developing together with the young Ukrainian economy, and every
year brought in experience, strength, opened new prospects of development. Together we
built up a standing of the reliable financial institution.
Today we are the leader! And our main task is to increase and widen our leadership. There
is no counterpart to VAB range of financial products and services in the Ukrainian market.
Hereby, we do not support price war policy because we do not consider low price to be an
argument for client attraction.
Our principal priorities were and remain the quality of service and products, high level
expertise of our team.
VAB is unique both for clients and for employees. Nowadays we have the most multifold
possibilities of professional and carrier growth. If you want to progress and be advanced, go
with VAB. We are confident that together we shall be able to achieve a lot.
VAB Shareholders
SergeyMaksimov
President of VAB
PetrBaronCEO of VAB
Ies Kanes
Vice-president of VAB
ZeevHadar
Vice-president of VAB
Content
VAB history ............................................................................................................ 5
VAB today ................................................................................................................ 9
Our vision ................................................................................................................. 10
How do we imagine our success? ............................................................................ 10
What brand do we create? ....................................................................................... 12
Who is VAB financial guide? ..................................................................................... 14
The concept of our business: «VAB – more than a Bank» ......................................... 15
Who are we? ............................................................................................................ 15
What do we sell? ...................................................................................................... 16
Who are our clients? ................................................................................................. 17
How do we use information? .................................................................................... 18
How do we use technology? .................................................................................... 18
VAB values ............................................................................................................... 20
Success depends on us! .......................................................................................... 24
VAB HR policy .......................................................................................................... 25
Your compensations and benefits ............................................................................. 26
Your growth in VAB .................................................................................................. 27
VAB corporate standards ......................................................................................... 28
Core principles of our cooperation ............................................................................ 31
Collaboration with shareholders (investors) ............................................................... 32
Collaboration with clients .......................................................................................... 32
Collaboration with business rivals ............................................................................. 33
Collaboration with mass media ................................................................................. 33
Participation in humanitarian programs and social campaigns
(our corporate and social responsibility) .................................................................... 34
Intercommunication .................................................................................................. 34
5
VAB history
Year Event
1992
On July 2, Vseukrainsky Aksionerny Bank was registered by the
National Bank of Ukraine as an Open Joint Stock Company (registration
#120). The Bank was founded by the non-governmental institutions,
enterprises of various forms of ownership, and individuals.
1993The VABank's regional network development was launched. The first
branch in Dnepropetrovsk was registered.
1995
The Bank was awarded the prestigious Euromarket Award 1995 by
the European Marketing Research Center for the contribution into
the pan-European economic integration.
VABank was one of the first to participate in privatization of state-
owned properties.
1996
VABank became authorized agent of the European Bank for
Reconstruction and Development in servicing the credit line to
streamline investment into small and medium business.
In June the Bank became an official distributor of the NBU's
numismatic products. Jointly with the NBU, the Bank presented
Ukraine at the 105th Convention of the American Numismatic
Association – a major numismatic fair held in Denver.
1997
The Bank signed an agreement with VISA International, and thus
became an associated member of one of the biggest international
payment systems.
VABank became an authorized agent bank to service
intergovernmental treaties.
1998
TBIH Financial Services Group N.V. (Amsterdam, the Netherlands)
was founded to steer direct investment into the sector of retail
business as well as insurance and pension provision development in
Central and Eastern Europe.
6
Year Event
The Group’s major stockholders are such companies as Kardan
Financial Services BV (58.19% shares), MidOcean Partners
(24.65%), Englefield Capital (17.16%).
According to the resolution of Ukraine’s Cabinet of Ministers dated
13 November 1998, the Bank earned the status of an agent of the
Ukrainian Government to service foreign credit lines attracted against
Ukraine’s Cabinet of Ministers’ guarantees within the framework of
international treaties.
1999The Bank's representative office in Budapest (Hungary) was officially
registered.
2000
VABank became an agent bank authorized to effect compensation
payments to citizens of Ukraine who suffered from Nazi persecutions
during the Second World War.
The Bank's development strategy of international payment cards
issuance and service for 2001-2003 was approved. The strategy was
designated primarily with the view to offer exclusive services to card
holders. Within the framework of the strategy implementation, the
Bank negotiated a contract with IFS International (USA), which in its
turn was the first step to the introduction of the chipset technologies
according to the EMV international standards (Europay Master Card
VISA).
2002 On March 14, the insurance company «Leader» was founded.
2003
Moody's Investors Service rating agency assigned to VABank the
E+ financial strength rating and B2/NP short- and long-term foreign
currency deposit ratings.
2004 On April 1, the reinsurance company «Leader RE» was founded.
7
Year Event
On June 2, the insurance company «Leader Life» was established to
expand operations in the life insurance market.
2005
The insurance company «Leader» was recognized by the National
Program «Ukrainian Financial Olympus» as one of the most
prospective insurance companies of Ukraine.
The reinsurance company «Leader RE» became the «Ukrainian
Financial Olympus» prize-winner in the nomination of «the
Reinsurance Company of the Year».
Moody's rating agency confirmed VABank's ratings with the stable
outlook.
A Dutch company TBIF Financial Services B.V., the 100% subsidiary
of TBIH Financial Services Group N.V. (Amsterdam, the Netherlands)
became VABank's stockholder with a 9.55% capital share.
On November 15, TBIF Financial Services Group B.V., which
represented international financial holding TBIH Financial Services
Group N.V. (Amsterdam, the Netherlands) in Ukraine, founded TBI
Leasing to develop leasing business in the country.
2006
On June 8, VAB Express, consumer lending company, was
established within the framework of foundation of the first universal
financial group VAB Group.
On July 17, VAB Asset Management was established within the
framework of foundation of the first universal financial group VAB
Group.
On August 10, VAB Capital investment company was established
within the framework of foundation of the first universal financial
group VAB Group.
On October 10, an official press conference dedicated to the
foundation of the first Ukrainian universal financial group VAB Group
was held.
8
Year Event
2006 –
2007
In late 2006 – early 2007, within the framework of foundation of universal financial group VAB Group, all member companies were renamed.
Since that time VAB Group has been comprising:
VAB Bank
VAB Leasing
VAB Express
VAB Asset Management
VAB Insurance
VAB Pension
VAB Life
VAB RE
VAB Capital
In May 2007, VAB Bank successfully entered the international capital market with its debut Eurobond issue amounting to USD125 million with coupon of 10.125% and maturity in 2010.
In May 2007, Moody’s Investors Service upgraded national scale long-term deposits rating to A1.ua and assigned positive outlook to the Bank's B2 long-term local and foreign currency deposit ratings.
According to the results of the second Ukrainian Bank Transparency and Disclosure Survey conducted by Standard & Poor’s and Financial Initiatives Agency in 2007, VAB Bank has escalated by one notch in the information transparency ranking of the 30 largest Ukrainian banks and is on the fourth position at the moment.
2008VAB Bank was recognized as the best brand in «Impeccable Reputation» nomination by the results of all-Ukrainian annual competition «Brand of the Year 2008».
9
VAB today
Today VAB Bank is among top 20 Ukrainian banks in terms of assets and capital. The
Bank services more than 100 thousand accounts of corporate and retail clients and is one
of the most reliable financial institutions in terms of the capital adequacy ratio.
Our insurance company VAB Insurance entered into the group of the most dynamically
developing insurance companies in Ukraine.
VAB Pension, the administrator of pension fund, enjoys 30% of market share providing
non-governmental pension services.
VAB Leasing is the market leader in leasing services to small and medium
businesses.
Today our reinsurance company VAB RE remains the market leader. The reinsurance
(retrocessional) coverage for the reinsurance company VAB RE is provided by the biggest
reinsurance companies of the world: Converium (Germany), Hannover Re (Germany),
Canopius (Lloyd's Syndicate), Actuarial Society of India, British insurance and reinsurance
Group Brit Insurance.
We live in Ukraine. We understand opportunities presented by our developing economy, we know life of people in the East and West,
North and South of our country. Our goal is to become closer to each Ukrainian. Every year we open more and more regional representative offices and branches. Today there are already 545 POS under VAB logo in Ukraine. We are one of the biggest financial institutions in Ukraine with the team of over four thousand employees. We maintain high growth rate, not only quantitative but first of all qualitative.
10
Our vision
Our goal is to create a new format of financial services, free from the stereotype of
traditional banking. Close, clear, friendly, modern, reliable, knowledgeable, and
trustworthy. Here people can rely on professional consultation, friendly advice,
advertence and assistance.
We are creating the financial institute that provides new quality of life for its clients presenting optimal decision of ALL
their financial needs, using the ENTIRE spectrum of modern financial instruments.
Thus, our task is rather ambitious. We want to present the biggest range of services to our clients to satisfy all their financial needs; we want to be the leading provider of financial services at each of our priority markets.
Our task demands of us persistence, consistency and commitment, individual treatment
of each client, teamwork to service 100% of each client’s business.
How do we imagine our success?
We are confident that a clear image of the future will lead us and our clients to success.
Let us view the desirable response to us of all our key audiences: our employees, clients
and shareholders.
From the point of view of our employees
We shall be known as the company that considers its employees to be a competitive advantage, as a company with an excellent place to work, as the company that really takes care of employees, that is able to appreciate different skills of employees and encourage innovations: new and better ways of client servicing. Our team members shall be able to say: «I have chosen the right company. I am highly appreciated. I am rewarded. My success is recognized. We work hard but we enjoy it. I can improve my skills in this company. I can achieve my career goals. I am satisfied with my work».
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We focus our attention on our employees because these are they who influence our clients.
We are proud to work in one of the key business spheres necessary for the national
economy growth, the industry where we can make a fair profit and at the same time
benefit our clients and society. As employees we shall be proud to work with VAB, one of
the most successful financial companies in Ukraine.
From the point of view of our clients
We shall be known among our clients as a reliable financial partner, providing excellent
services and qualified financial consultations, the partner that meets all the client’s needs
and assists in achieving success.
Our clients, local and foreign, will be our friends. They will be aware of what we do. They
will recommend us to their relatives, friends, and acquaintances.
Our clients will consider us rather as their financial services company than as a bank.
They will come to us and stay with us because the best employees work here, we know
our clients' needs and preferences, we provide the biggest range of financial services.
The more our products they buy the more beneficial for them our offers become.
We shall deem that we have achieved our goal if:
at least 75% of clients, who tested our products, become VAB regular customers �
the majority of our clients, when asked, say they consider VAB to be the best financial �institution in their region
the average number of financial products per client is not less than 4-6 �
the volume of operations and profitability of SME customers as well as the number of �individuals in the client base increase
From the point of view of our shareholders
We shall respect and protect the rights of our shareholders.
Our financial results will rank among the highest in the sphere of financial services. We
shall be among the leaders in our sphere in terms of return on equity, return on assets,
income growth and profitability.
12
What brand do we create?
We strive to create a strong VAB brand. The brand essence is the promise it gives to
customer. The VAB brand promises quality (fast, simple, clear), friendliness (customer
solution-driven), expertise (professional consulting), innovations.
Quality
«Fast»
Time is very important. We respect and take care of out clients’ time – that is why we
do our best to solve their financial issues as quickly as possible. We adjust and optimize
procedures. We train our staff to work quickly and diligently. We want the client not «to
fill in 200 forms and wait for everything to end up». We want the client not to wait for
hours for the loan decision to be made. We strive for efficient and well coordinated work,
«accurate» like a clock, so that our clients could spend no more than 15 minutes on a
regular visit to VAB.
«Simple»
Financial guide and clear navigation system in sales points will help the client to easily
find himself inside the outlet. Service procedures are to be elaborated and, hence, made
easy: it is easy to open/close an account, it is easy to apply for a loan, it is easy to receive
a statement, etc.
«Clear»
We strive to understand the clients' needs and speak their language. Informational
materials, web-site, documents – everything should be simple and clear. We want our
staff to be qualified and customer oriented, so that the customer could ask any question
and they could explain everything. Our products should be understandable and clear for
client: it should always be something they want.
Friendliness
The work specifics of our financial guides is that they are not just ready to provide
qualified financial service either for business or personal financial needs of clients, but
also they should be oriented to support and assist our clients in solution of their financial
issues. The client can be in a hurry, dissatisfied, irritated, tired, carefree, inattentive…VAB
financial guides should always understand the client’s mood, respect him and be friendly
and amiable.
13
Expertise
Professionalism, responsibility and experience lay the ground for our work. Knowledge and
experience of VAB financial guides allow to offer clients the most optimal and intelligent
decisions that are the most appropriate in that situation. Everyone who works with VAB
should be confident to receive a qualified assistance.
Innovations
VAB is a financial institution that implements modern technologies to improve services to
clients so as to eventually make everything faster, easier and clearer.
14
Who is VAB financial guide?
It is typical of a human being to personify any institution. School for a student is his
headmaster and teachers. Company for an employee is his colleagues and his boss.
Shop for a buyer is a shop assistant at the counter.
Financial company for a consumer of financial services is not an account number,
not a credit card or an account statement in a mail box. These are the people that
the client meets buying or using financial product. The client meets many of our
employees, from security officer to top manager. But most frequently he will meet our
financial guides.
It is VAB financial guide who will make the clients feel the difference with our competitors
but not only design and the layout of sales points, logo or format of advertising
booklets.
VAB financial guide embodies our business model, VAB brand, our corporate culture and
values.
VAB financial guide must reflect our strategic intention to be modern, dynamic and customer-oriented financial institution:
Understandable �
Clear �
Friendly �
Reliable �
15
The concept of our business: «VAB – more than a Bank»
The world constantly changes. The same happens to the concept of financial institution
that would meet modern realities. We can observe the recent tendencies when the
full range of financial facilities which the Bank strives to make available for its clients
is expending even more and moves away from classical banking. Modern financial
center applies absolutely different approach to money in comparison to conventional
bank. «Financial services» are the largest and the most dynamic branch of business
in the world.
We strive to understand (even to shape to some extent) and meet customers’ real needs but not to impose decisions «convenient»
for the bank. Our service is to give sound financial advice and to create new opportunities and benefits for clients by using our financial products. In other words, we focus on clients’ needs rather than on products. This differs us from the «financial supermarket»; we look for solutions of client’s financial issues but do not try to impose end products on an average consumer.
Who are we?
VAB is more than a bank. VAB is the financial services provider supplying various financial
products through specialized channels system: personal sales of our managers, regional
network of our branches, ATMs, call-center, telephone, Internet, agency network. Any
channel that our client prefers. Any product that our client requires. Any time at the client’s
discretion. We leave our client the choice. We want all our clients to know that no financial
institution of Ukraine provides such range of financial services through such number of
sales channels as VAB!
Our clients will see us as one integral financial institution, not as a group of separate
companies.
The clients will be interested to come directly to us as they will know that we will be able to
decide all their financial issues faster, giving sound advice and proper decision. The client
should be in the centre of all our financial services, only then he will see us not just as a
bank, but as his financial services company. It is convenient for him and profitable for us.
16
In any VAB sales point the clients must be met by a well-disposed and competent financial
guide, who gives comprehensive information about VAB products, taking into account
the client’s financial profile, and offers sound and beneficial decision in customers’ best
interests.
We decided to become the financial institution with much wider range of services than a bank by three reasons:
To provide the widest range of choices and comfort to our clients �
To increase sales volume and business profitability at the expense of synergy effect for �the company in general
To offer more career opportunities for potential fulfillment to members of our team �
What do we sell?
Our product is provision of services. Our additional services are financial advice. Our
personnel is our competitive advantage. The products and services are inseparable
with VAB. Sales increase does not always lead to improvement of service but improved
service almost always leads to sales increase. Our business is consumer services.
Our staff professionalism and their profound financial consultations promote sales
increase. Quality of service is a guarantee that the client will come again looking for
new products. This is our biggest value and contribution to growth of annual income.
We try to differ from our competitors in our aspiration to ally with our clients. We desire
to provide them with such a perfect service that they entrust the whole business to
us, make us happy with our products repeat purchase. We want each our client to
buy from 4 to 6 products on average; this is twice as much as compared with today's
figures.
«Cross-selling» or what we call «sale on the ground of requirements» is the
most significant strategy. Why? Because this is a «profit increase» business
model. Cross-selling is similar to «network effect» of e-commerce, as it enlarges
opportunities exponentially. The more you sell to the clients, the more you know
about them. The more you know about them, the easier you sell more products
to them.
The more products clients get with your help, the more loyal they become. The
longer time they stay with you, the more possibilities you have to meet their arising
financial needs.
17
What does VAB quality standard of service mean?
This service is beyond clients expectations. We know what this is because all of us are
clients too. We go to laundries, groceries, and restaurants and always remember the
situation when we want to exclaim «Well done!» We leave and remark that indeed these
people have listened to us and helped to buy the goods we needed. When a financial
guide assists a client in any of our outlets, when a call-centre manager consults a client
on the phone or when a client makes online transaction through www.vab.ua we need
the client to say: «I did not know that such high level service is possible. I have learnt
something new about my financial performance and possibilities. I can not but tell
everyone about this!»
«The service begins with me» – when this statement becomes our inside motto, we shall
be able to attract and keep twice as many clients with VAB.
We want each VAB employee to feel and behave like a financial guide – always ready to
come and help a client. We want to amaze and surprise our clients with a perfect service
and be recommended to their relatives and friends.
18
Who are our clients?
We build up our business in the clients’ best interests. We single out three main client segments:
Individuals; �
Small and medium enterprises; �
Large business. �
We divide these client segments into three main groups: retail clients (individuals),
small and medium business and corporate clients (large business). We want
to arouse client's interest in different VAB financial products. We offer packaged
products which save time and money. We meet financial needs of our clients at every
stage of their life. With time our clients will be able to progress from the borrowers
when young to investors, from life insurance to investment, from the secured loan
to the unsecured one.
How do we use information?
The clients come to us as they expect our companies to collaborate in assisting them to
meet all their financial needs. To achieve this we should share information about a client
with our companies to better understand how we can meet his needs. The client must not
shop all over the city and get innumerable statements from different companies to satisfy
his requirements in banking services, insurance, investments and leasing. We do not sell
information about our clients to third parties and do not share it with other companies. Our
clients come to us because they trust us. They entrust us with this information to provide
them with products and services which will save their time and money.
We must derive the maximum benefit from our awareness of client’s business to offer him
a choice and comfort of our collaboration. Due to information technologies we shall know
which products the client uses and which products will be in need. The winners in financial
services provision will be the companies that know the most about their clients needs,
obtain information with minimum expenses, take good care of information, make the best
use of it, and thereafter, attract clients.
19
How do we use technology?
Technologies allow our clients to choose where, when and how they want to make use of
financial service. Technologies allow the front office staff to be independent in decision-
making. Technologies are important in cross-selling, target marketing, information
privacy protection, products and services pricing, client relationship management,
client’s income analysis, expenses policy, development of new products and services
as well as self-service support anywhere and anywhen.
We shall aim at using cutting-edge technologies and to always be one step ahead.
Tomorrow must come to us a little earlier than to others. We must always be sure that we
work with creativity and offer clients new ideas and opportunities.
20
VAB values
We want all our employees to know VAB business philosophy, share our values, and
implement them every day. These are our values:
Satisfaction of our client’s needs 1.
To exceed client’s expectations, amaze and enrapture �
To do things that are most beneficial for client �
To build long-term relations �
To care of client �
Our job is to give sound financial advice to our clients and make them richer. If we do
something for the benefit of our clients it means that we do it for our own benefit. We focus
not on products but on clients’ needs. For instance, our job is not to grant a mortgage to
client but rather to help client to buy a new house.
Business ethics 2.
To honour letter of law, abide by the code of ethics and rules of fair conduct of �business, value our reputation
To build relations with shareholders, clients, colleagues, and public on the ground �of openness and parity
To be responsible for our behaviour and decisions; �
To give promises which will be kept �
If the situation changes, to inform people about this �
To avoid any factual abuse of authority �
Honesty and trust are the main things in setting high standards of corporate
management. But they are not based only on the responsibility of our top management
and the Supervisory Board. All of us, each of four thousand VAB employees shares
this responsibility. Corporations have no conscience. People have it. Corporate ethics
means thousands of decisions which we make every day. If you want to know what
company ethics is, supervise the personnel work and decisions they make every day.
This is the true indicator of efficient corporate governance. It is even more important
in financial services sphere since all our actions are based on Trust. Our clients
entrust their money to each of us. They entrust accurate and quick transaction
21
to our cashiers. They trust our financial guide’s recommendations to buy the most
appropriate products and services. They trust our expert who has to help conclude
a deal with the most beneficial terms for the client and as soon as possible. They
entrust their private confidential information to us.
Leadership and individual responsibility 3.
To communicate our business philosophy to colleagues and subordinates, make it �have a clear meaning for each VAB employee
To make contribution to common success �
To lead by personal example �
To take upon ourselves justified risk and responsibility for decision making �
To remember about client, member of the team and society during decision �making
To care of one another, to adhere to the principles of mutual assistance and �understanding
Leadership is one of our key values. It relates not only to top management. All
of us can be leaders. All of us are links between VAB and our clients. Leaders
carry responsibility for mistakes. They share both responsibility and awards with
others.
Team members, who share responsibility, can act faster than their competitors. When
client is waiting for reply, they should be able to answer the question quickly and at site.
This is a competitive advantage.
When the team needs assistance, the leader handles the task like all others, not confining
himself to giving orders. Each of them bears personal responsibility of client’s problem
solving and goes through with it.
The leaders encourage people to develop ideas, practise in their implementation,
determine quantitative results and then share the most successful of them with
other Group companies and regional branches. The best leaders take a role of
mentors.
Leadership is the ability to create and communicate to employees the vision of the future
and motivate others to believe in it and to make it a part of their life. A good leader
inspires his subordinates with confidence of him. An excellent leader helps people to be
confident.
22
Progress of Team Members4.
To encourage feedback about personal and team effectiveness and needs in �progress
To analyze success and failures on a regular basis, learn from our own experience �as well as experience of our colleagues
To look for the best techniques of job performance and share them with colleagues �
To constantly bear in mind the example we set to colleagues �
To strive for new knowledge, upgrade our skills in providing best services to our �clients
How we are to achieve high financial results continuing to invest into development of
technologies and business growth and overcoming freaks of the market? We believe that
our main attention should be focused on knowledge and skills of our employees. We
believe in people as our competitive advantage. These are their abilities that help
us to succeed despite the market conditions.
23
To attract talents to work is not enough. All of us need to grow and progress. Every year
we invest in advanced trainings, evaluation of qualification, managerial and leader skills
development.
Career growth in VAB is a common concern. We should realize which skills will be needed
in our work tomorrow and then with the help of VAB Academy and a mentor to acquire the
necessary knowledge and skills.
So far as we believe in people as our competitive advantage, we shall invest in «human
capital». This is the most valuable investment we can make.
Enthusiasm and passion5.
To demonstrate personal enthusiasm, optimism and inspire colleagues �
To combine individual and functional goals with VAB strategy, to constantly pay �attention to how efforts of each team member lead to common success
To look for possibilities to go further than the goal set, exceed the highest �expectations
To record and encourage achievements of employees �
These are the employees rather than products or technologies that embody consumers'
expectations from VAB brand. The employees are more talented, more motivated, more
energetic and full of initiative than business rivals. We believe that our employees will
surpass business rivals, because they are more interested in their job.
People want to believe in their company, feel themselves as an integral part of it, do not
they? But people believe in their company only when the company believes in them – if
the company values people and a contribution each employee makes to success, if the
company gives an interesting job and opportunity to grow professionally, if the company
encourages and rewards achievements.
Our employees should know that they are highly valued, they can go as far as their
strength and abilities allow. Thus, the company support and their diligence will lead them
to the goal. Our success depends on how much our staff are interested in their job, to
what extent they are attentive to our clients and to each other.
Another way of influence on employee’s behaviour and work results is a praise, the long
ago «forgotten» way in our country. If someone did something well, tell him about this.
Tomorrow he will do it even better.
24
Success depends on us!
We have a common vision of our concept. We share common values. We have goals,
strategy, financial transactions philosophy, efficient business model and essential,
competitive advantages. We form understandable and effective corporate culture. We
have all prerequisites, resources and opportunities to be the leading Ukrainian company
providing financial services.
We must not forget that the well-developed strategy is important, but it is unimportant if not followed. The second-rate strategy
followed to the full always will outdo the first-rate though badly followed one.
Our way to goal achievement demands permanency and consistency, efforts and concentration on key success factors:
Firstly, we must attract, train, retain and motivate a team of the most talented people, who
are concerned about company business.
Secondly, selling and cross selling. All of us are salespeople and we should be proud of
this.
Thirdly, it is important for us to provide the first rate service for our clients to admire our
service.
Fourthly, we must be responsible for risk management. To be the best in provision of
financial services means to be the best in risk management.
Fifthly, we must efficiently develop and utilize technology.
Sixthly. Let us derive pleasure from work! We shall not be better than our business rivals,
if the climate inside the company stimulates no enjoyment from work. What distinguishes
the company providing financial services from the best company is the mood of staff
members, attitude to clients, colleagues, shareholders, society. Enthusiasm enables even
ordinary people create miracles.
Globalization, dynamism, acceleration and ambiguity are the features of the new epoch.
More changes take place over a year on the Ukrainian financial market than it was over
five years before. With years competition in financial sphere becomes more intense. We
believe that we shall retain our competitive advantage – we shall be one step ahead due
to efficiency, flexibility, knowledge of the market, customer orientation, friendly team, and
due to the fact that today we are already «More than a Bank».
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Each of us, members of VAB team, must know: our success depends not only on our
knowledge and abilities, but also on our attitude to Business – on what is in our hearts
and not only in our minds.
VAB HR policy
Our values and approach to our job
We, the VAB team, do not belong to those who stop at what has been accomplished; we
are loyal to work and are confident of the result.
Our values:
Satisfaction of clients needs �
Business ethics �
Leadership and individual responsibility �
Development of team members �
Enthusiasm and passion �
We focus attention on our employees because these are they who influence our clients.
We shall be known as:
A company that considers its employees to be a competitive advantage �
An excellent place to work at �
A company that really takes care of employees and is able to appreciate different abilities �of employees
We strive to improve the quality of life in big VAB family and create for you:
Fair and transparent job assessment system �
Effective communication system with employees �
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Your compensations and benefits
We highly value the employees’ contribution to achieve common goals and company
growth.
Fair and transparent remuneration of labour with VAB Group:
Open for the market �
Fair inside the company �
We highly value each VAB employee and so we created within the company:
A uniform system of compensations and benefits �
Special offers for our employees when provided with financial services �
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Your growth in VAB
We invest in the most valuable – our staff.
Our company fairly evaluates work of our employees, offers opportunities for employees’
development and professional growth, and assists in personal fulfillment.
Here you will be able:
To build a career and become either middle or senior manager in one of VAB �Companies
To gain valuable experience and acquire knowledge �
To learn to be a good time manager �
To learn to teamwork �
To meet new people who will possibly become your friends forever �
To broaden your outlook �
To show potential and realize abilities �
To train staff, share experience and knowledge �
VAB enables you to grow, develop and make career in any direction and with no
limits.
You always have chance to try your hand in new financial fields: leasing, asset management,
insurance, etc.
You will be assisted by:
VAB Academy �
VAB Competences �
Our mentors �
Your desire �
We guarantee transparent process of inside personnel recruitment and equal
opportunities for all employees.
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VAB corporate standards
We stick to the common rules of business etiquette, which forms the basis for VAB
corporate standards.
Telephone conversations
Telephone etiquette is the part of corporate culture and is one of the most important
components of our image. Improvement of communication with partners and clients is
the guarantee of success in competitive environment. Observance of etiquette rules must
become a norm for the company regardless of the business. Only then the name of our
company will evoke only positive emotions and the number of people with strong desire
to work with VAB will increase.
Telephone communication is a continuous information interchange irrespective of distance.
Culture of telephone communication is an essential element of each employee's business
quality and this chapter is a «guide for action» for each of us:
We pick up the telephone receiver before the third-fourth ring; �
We use just one uniform greeting: �
Company name, greeting, name and
surname of employee
We do not leave a call without answer: if �the employee whose telephone is ringing
is busy, someone of his/her colleagues
should answer the phone instead.
«VAB Bank, good afternoon,
Anna Ivanova»
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Mobile phones
We work in «open space», thus:
We set the ring tone with the casual melody and an average volume; �
At conferences and meetings we switch our mobile phones to the «meeting»/ «silent» �profile.
We consider e-mail as the main communication facility.
That is why we adopted the following rules:
Email must be signed according to the template below (signature can be in Russian, �Ukrainian and English):
Best regards,
Ivan Ivanov
Sales expert
VAB Bank
__________________________________________
Tel.: +38 (044) 222 22 22
Mob.: +38 (067) 777 77 77
E-mail: [email protected]
www.vab.ua
**********************************************************************
CONFIDENTIALITY / DISCLAIMER NOTICE
This communication contains information which is privileged and confidential. It is for
the exclusive use of the recipient. If you are not the intended recipient please note that
any distribution, copying or use of this communication or the information in it is strictly
prohibited. Any views or opinions presented are solely those of the author and do not
necessarily represent those of VAB Bank. If you have received this communication in
error please notify us by e-mailing the author and then delete the communication and
any copies of it.
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Sample of electronic signature in electronic format as well as documents that
regulate application rules of corporate standards are here:
Homepage of VAB Intranet portal » Library » Advertising and marketing »
Signature template of e-mail messages for VAB companies
We always answer e-mail within � 24 hours, if another time is not indicated, or inform the
sender about a different time of reply.
If out of work for more than one day we set «Deputy», an auto answer to the incoming �mail;
The e-mail is for official use ONLY since all e-mails that are created and saved on VAB �computers are VAB’s property and are not considered to be personal.
Dress code
We use business style of dress based on common rules of business etiquette.
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VAB style
Conventional, official. Clothes and footwear of classical business style �
Neat, tidy. Clean clothes, polished footwear �
Moderate. The clothes of one color spectrum, soft colors. Moderate approach to the �quantity of accessories
Casual style in clothes is permitted only on Friday if you have no business meetings �scheduled. For front office employees who work directly with clients business style of
clothes is the only one admissible
The essential requirement to employees' appearance working directly with �clients (financial guides, sales points staff) is the representative cards
(badges) and the following elements of clothes: white shirt, business suit, red
corporate tie for men, and white blouse, black skirt and red corporate kerchief
for women
Inadmissible � in clothes are:
open and transparent blouses >
over-knee skirts and dresses >
training closes, jeans, open and beach shoes >
Basic principles of our cooperation with clients and business partners
Bona fides �
Honesty �
Professionalism �
Responsibility �
Mutual trust and mutual respect �
Sociability �
Priority of customer’s interests �
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Collaboration with shareholders (investors)
We highly value the trust from investors and do our best to strengthen it.
That is why we take the following commitments:
To serve and defend the interests of shareholders and investors �
To respect and guarantee equal rights of all shareholders �
To stand to the principles and standards of corporate governance �
To build professional and qualitative management to guarantee fair and competitive �profit on shareholders' and investors' capital
To allow open and timely access to the information restricted by law and competitive �environment only
Collaboration with clients
We respect our clients and take the following commitments:
To provide our clients with high quality financial products and services that meet their �needs
To work with clients honestly in all aspects of commercial activity �
To create equal conditions for all clients �
To guarantee respect for human dignity in services, marketing, advertising �
To timely and attentively consider possible difficulties in cooperation with clients, to �decide questions in a constructive and fast way
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Collaboration with business rivals
We suppose that compliance with the antimonopoly and competition laws is obligatory for
us in achieving the goals set.
That is why we take the following commitments:
To facilitate open market development for commerce and investment �
To everywhere demonstrate mutual respect to our business rivals �
To observe the rules of honest competitive activity with other professional market �participants
To avoid unfair agreements with business rivals about pricing policy, collusions of bid �proposals, distribution of market and clients
To avoid information interchange on marketing plans �
Not to take part in discussion of the pricing policy of competitive banks and other similar �issues during the official meetings
Collaboration with mass media
VAB aims at information transparency. Hereby, each VAB employee should understand that
any his expressed point of view or disclosed information relates directly to the company
and influences on its image in business society.
The main official source of information about the Group is website www.vab.ua, www.
vabgroup.com.ua, as well as web-sites of VAB companies.
If a journalist asks you to provide the information about the company, you shall pass the
request on to the marketing department or public relations department by these telephone
numbers:
(044) 481 32 54, 481 33 41, 481 32 21.
Public relations department employees are VAB Bank employees who coordinate work
with mass media on all VAB companies.
Communication of all VAB employees with mass media shall not to be beyond the scope
specified in the «Statement on Information Policy» relating to official, commercial, and
bank secrecy, confidential and insider information. The Order No.704 «On Control over
Official Communication with Mass Media» regulates the list of people who are authorized
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to comment the company’s business, give interview, i.e. communicate with mass media
representatives.
If one of VAB employees takes part in an event organized by mass media within the
framework of his job duties or other duties, such employee should provide information
about VAB activities in compliance with VAB information policy and after it has been
preliminary approved by the authorized person.
Participation in humanitarian programs and social campaigns (our corporate and social responsibility)
VAB is conscious of the corporate social responsibility and actively participates in charity
and sponsorship.
Directed at the fulfillment of corporate and social responsibility, VAB actions are based
on VAB values described above. We do not support people, organizations that promote
violence, racism, illegal actions.
The coordination of VAB’s activity within the framework of social responsibility is
accomplished by the public relations department.
Intercommunication
The public relations department regularly issues information bulletin «VAB Team» with the
view to inform employees about news in VAB. The VAB management’s solid position and
view concerning current VAB activities are reflected in the bulletin. In addition, we invite
you to visit VAB Group internal site: http://intra.vabank.ua.
www.vab.ua
