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Entering into an Agreement on Establishment of the OJSC "Non-bank Financial Institution "Belinkasgroup"

On February 9, 2018, an agreement on establishment of the OJSC "Non-bank Financial Institution "Belinkasgroup"" was signed at the National Bank of the Republic of Belarus by Pavel Kallaur, Chairman of the Board of the National Bank of the Republic of Belarus, Sergey Melnik, Deputy Chairman of the Board of the JSC "JSSB Belarusbank", and Anatoli Lysiuk, Chairman of the Board of the JSC "Belagroprombank".

The Agreement was signed pursuant to Degree of the President of the Republic of Belarus No. 45 "On Establishment of the Open Joint-Stock Company" dated February 1, 2018 and determines the procedures for carrying out mutual activities on establishing the institution, conditions of building up the authorized capital and making contributions by the founders, as well as the objectives and types of activities of the joint-stock company being established.

According to the Agreement, the share of the National Bank’s participation in the joint-stock company being established shall amount to 44%, of the JSC "JSSB Belarusbank" – 49%, and of the JSC "Belagroprombank" – 7%.

After signature of the Agreement, the first constituent meeting of the OJSC "Non-bank Financial Institution "Belinkasgroup"" took place. At this meeting the key decisions on the issues of approval of the Statute of the institution, assessment of the non-monetary contribution of the banks – shareholders to the authorized capital of the non-bank financial institution (NBFI), issue of shares, establishment of the institution’s management bodies and election of the members of the management bodies and Revision Commission, as well as on appointment of the NBFI’s head, his/her deputies and chief accountant were taken.

According to the decision taken, Mr. Andrey Poskannoy was appointed the Chairman of the Board of the OJSC "Non-bank Financial Institution "Belincasgroup"".

In the short term, with a view to implementing the project it is planned to complete the matters of procedure related to the formation of the money share of the NBFI’s authorized capital and to apply for the state registration of the Belinkasgroup.

The OJSC "Non-bank Financial Institution "Belinkasgroup"" shall be established for the purpose of reducing the general government expenses and improving the efficiency of the banking system functioning. The main objectives of the Belinkasgroup are: rendering assistance to the National Bank in ensuring cash circulation, organization of the centralized system of collection, processing and delivery of cash and other valuables when providing cash and collection services to the banking system of the Republic of Belarus and economic entities and carrying out cash transactions.

Establishment of the specialized institution with application of the advanced experience and best global practices makes it possible to implement the innovative model of cash circulation in the Republic of Belarus. The new principles of interaction of the banking services market participants make it possible to preserve the centralized management of cash circulation and organize the efficient circulation of cash.