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BIODERMA VENEZUELA Enero - Febrero


Palabras Gerente General with excellent results, after an arduous and fruitful work which allowed it to successfully complete important projects which nowadays are realities at a financial and operative level, thus maintaining its position as the country’s first bank. During the first half of this year, Banesco Banco Universal was the pioneer in technology, according to international standards, strengthening its platform through multiple efforts among which we can point out the progressive implementation of better practices in these issues. In like manner, and urging the organization’s risk culture, we integrated the Risk Administration Model to the development of processes, systems and quality management. The electronic channels, the main pillar of our service, experienced an important increase in the average number of transactions carried out this semester, the most important operations having been those carried out through BanescOnline, our web page, where we achieved important increases in the volume of transactions as well as in the number of affiliates. On the other hand, the Customer Phone Banking Service also recorded highly competitive service levels.

“No es cuestión de leche es cuestión de actitud”

Luis E. Cadena Gerente General

Palabras Gerente Comercial with excellent results, after an arduous and fruitful work which allowed it to successfully complete important projects which nowadays are realities at a financial and operative level, thus maintaining its position as the country’s first bank. During the first half of this year, Banesco Banco Universal was the pioneer in technology, according to international standards, strengthening its platform through multiple efforts among which we can point out the progressive implementation of better practices in these issues. In like manner, and urging the organization’s risk culture, we integrated the Risk Administration Model to the development of processes, systems and quality management. The electronic channels, the main pillar of our service, experienced an important increase in the average number of transactions carried out this semester, the most important operations having been those carried out through BanescOnline, our web page, where we achieved important increases in the volume of transactions as well as in the number of affiliates. On the other hand, the Customer Phone Banking Service also recorded highly competitive service levels.

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Ana Victoria Madrid Gerente Comercial


Cerramos Nuestro año with excellent results, after an arduous and fruitful work which allowed it to successfully complete important projects which nowadays are realities at a financial and operative level, thus maintaining its position as the country’s first bank. During the first half of this year, Banesco Banco Universal was the pioneer in technology, according to international standards, strengthening its platform through multiple efforts among which we can point out the progressive implementation of better practices in these issues. In like manner, and urging the organization’s risk culture, we integrated the Risk Administration Model to the development of processes, systems and quality management. The electronic channels, the main pillar of our service, experienced an important increase in the average number of transactions carried out this semester, the most important operations having been those carried out through BanescOnline, our web page, where we achieved important increases in the volume of transactions as well as in the number of affiliates. On the other hand, the Customer Phone Banking Service also recorded highly competitive service levels.

“La perseverancia la mejor aliada para tus sueños”

Our customers also enjoy the services of a modern and functional electronic banking system,

xvHGAjhgjgagkkhkjhjahkjhjkashkjsh with excellent results, after an arduous and fruitful work which allowed it to successfully complete important projects which nowadays are realities at a financial and operative level, thus maintaining its position as the country’s first bank. During the first half of this year, Banesco Banco Universal was the pioneer in technology, according to international standards, strengthening its platform through multiple efforts among which we can point out the progressive implementation of better practices in these issues. In like manner, and urging the organization’s risk culture, we integrated the Risk Administration Model to the development of processes, systems and quality management. The electronic channels, the main pillar of our service, experienced an important increase in the average number of transactions carried out this semester, the most important operations having been those carried out through BanescOnline, our web page, where we achieved important increases in the volume of transactions as well as in the number of affiliates. On the other hand, the Customer Phone Banking Service also recorded highly competitive service levels. Our customers also enjoy the services of a modern and functional electronic banking system,

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Mejor Desempeño en Ventas 2012 Visita Médica “Cuanto más altas sean tus miras, más lejos llegarán tus Èxitos.”

Punto de Ventas

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Empleado del Mes

“Cuanto más altas sean tus miras, más lejos llegarán tus Èxitos.”


Producto del mes. Beneficios Very Special Events

Our Banesco customers, who had their allowances through their Banesco Visa and/or MasterCard approved, can also obtain up to US$ 400 in advance, either in cash or Travel Checks, at the Banesco agencies nationwide. And, as of April of 2005, they can use their Sambil credit card to request this cash allowance authorized by CADIVI.

Banesco Cardholders visited Miami 200 tickets to Miami were raffled among the cardholders who used their dollar allowances with their Banesco Visa and MasterCard.

Quick and safe change of PIN code Banesco customers can now change their PIN codes to use their Visa and MasterCard credit cards for cash advances from our ATMs. It’s just as easy as that!

If I were a rich man… in 48 hours... Banesco MultiCredits… in record time This June, Banesco launched a new product with an innovative campaign: Banesco MultiCredits, by means of which you only need 48 hours to obtain credits for

Dollars for our customers According to the amendment to the providence issued by CADIVI, the allowance in dollars for travels abroad or for Internet consumptions

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19.75% Credit Card Financing Only the leader in credit cards could do this. From February 3 and until March 31, we offered our customers the preferential rate of 19.75% for all payments made with their Banesco Visa, MasterCard, Rattan and Sambil cards.

El Nacional-Banesco Alliance Until May 15, cardholders enjoyed a 30% discount whenever they used their Banesco Visa and MasterCards to pay for the affiliation to the El Nacional subscribers’ club.

Win prizes with BanescOnline We launched the BanescOnline promotion by means of which, between March 15 and December 15, those customers navigating on the best banking net: BanescOnline, participate in the

Two Generations in Ciudad Banesco

The “Trilogy for Banesco” The average mural, by the well-known electronic Ve n e z u e l a n a r t i s t transactions increased Oswaldo Vigas, has been by almost 26.5% inaugurated in the in relation to Central Plaza of Ciudad the previous year Banesco on May 12. We took advantage of the occasion and showed the short film “Elephants Never Forget” by Lorenzo Vigas Castés, who has been awarded numerous international prizes.

Acknowledgements •The Fitch Rating Agency improved the national short term banking rating to the level of F-2 (ven) and the long term banking rating to a level of A-(ven). •Banesco received the Andres Bello Catholic University Order in acknowledgement for its commitment towards the Education in Venezuela

Distant Banking to serve Our Customers At the closing of the first The The average average semester 2005, the electronic electronic average electronic transactions increased transactions transactions increased byalmost almost26.5% 26.5%in by by almost 26.5% in relation to the previous in relation to relation to the year, which means the theprevious previousyear year organization achieved an average relative share of 72.4% of the total operations, which represents an improvement higher than the 3.3 percentage points in comparison to the previous year.


Tema del mes. Beneficios In line with the 2005 Corporate Social Responsibility Program and within the framework of the internalization of our corporate values, we launched the Banesco Stock Exchange incentives program. Over 3,000 employees working in the administrative areas of Banesco Banco Universal will be taking part of this program during a period of six months, which will allow them to share and live each one of the organizational values, not only in group activities with their co-workers but also by interacting within the Stock Exchange’s portal available on the corporate intranet.

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More Banesco Citizens

projects by means of which

At the closing of the first semester of 2005, Banesco, within its social program as an institution generating labor positions, recorded a total of 953 new employees, which represents a During the first 6.28% increase in The average semester of the year electronic 2005, Banesco recorded a r e l a t i o n t o transactions total of 953 newincreased admissions, December of by almost 26.5% the most important one being 2004, the most in relation the enrollment of 3toyoung important being people Down the incorporation the suffering previousofyear syndrome, who of three young came from persons with Down syndrome, who came from the non-governmental Audacious Organization for Orientation and Encouragement (Asociación Audaz para Orientación y Estímulo (Apoye)).

the labor records can now be

Measuring the Organizational Environment The Banesco 2005 Study on Climate, Culture and Values began during this period, with the assessment of Psico Consult, C. A., a company that will furnish information on the perception on the members of the organization as to how they function, their permanence and working performance, thus establishing the background to determine strengths and opportunities for improvement.

automatically requested via intranet, as well as the payments for the daycare center, which will allow us to decrease the time of response for these services.

First line formation Within the framework of the formation and development of human capital, the pilot phase of the Empowerment Project, a new model of attention of the network of agencies relating to the creation of a new stile of leadership through coaching, has been completed and the instruments to monitor the follow-up in the execution of this model have been developed. In like manner, the new certification programs were executed

based

on

international methodologies which allowed the tasks with the areas of collection and customer attention over the phone

to

be

more

professional, empowering the


Dermátologo del mes with excellent results, after an arduous and fruitful work which allowed it to successfully complete important projects which nowadays are realities at a financial and operative level, thus maintaining its position as the country’s first bank.

Bs. 8,075 billion, and a 14.75% share, but we also held

During the first half of this year, Banesco Banco Universal was the pioneer in technology, according to international standards, strengthening its platform through multiple efforts among which we can point out the progressive implementation of better practices in these issues. In like manner, and urging the organization’s risk culture, we integrated the Risk Administration Model to the development of processes, systems and quality management.

of the Housing Policy Act, where we increased not only

The electronic channels, the main pillar of our service, experienced an important increase in the average number of transactions carried out this semester, the most important operations having been those carried out through BanescOnline, our web page, where we achieved important increases in the volume of transactions as well as in the number of affiliates. On the other hand, the Customer Phone Banking Service also recorded highly competitive service levels. Our customers also enjoy the services of a modern and functional electronic banking system, represented by a large network of ATM’s, self-service tellers, points of sale and checkbook dispensing machines, to contribute towards more fluid operations.

the first position in products so important for their significance in the life of our customers and clients, such as the administration of funds under the modality the number of savings customers but also the number of customers and clients for whom we manage their whole finances, to Bs. 821 billion in June of 2005, thus bonding 30% of the national market. The institution kept its leadership within the trust business area throughout the semester, and closed June of 2005 with an amount of Bs. 4,387 billion, taking into account the recorded 41.5% growth in relation to the first semester of the year 2004, equivalent to Bs. 1,286 billion. The bank’s assets increased during June of 2005 to a level of Bs. 9,444 billion (a 13.4% market share) due to, partially, the impulse of the productive assets, important being the growth of our credits portfolio which, thanks to the joint efforts of all the areas involved, totaled Bs. 2,508 billion and recorded an increase, in relation to the figure presented by the end of June of 2004, close to 106.8% (Bs. 1,295 billion), an amount higher than the

Technology and processes go hand in hand with the human capital of our institution, to execute important projects addressing the professional entity of the members of our staff. These initiatives, for Banesco Banco Universal, did translate into the achievement of the goals set forth for this period, thus maintaining the leadership within the national banking system in matters of the various products and services offered, backed-up by the institution’s capacity of response and flexibility in view of the changes. All this allowed the achievement of important increases in all areas, building up the organization’s banking presence during the period, with a volume of third party resources equal to Bs. 15,755 billion, which represents 16.1% of the market share as well as the first place within the ranking, after having experienced an inter annual growth of Bs. 5,988 billion compared to the figure presented in June of last year, equivalent to a relative variation of 61.3%, higher than the average within the banking sector. This way, Banesco rallied on the preference of the public not only in the traditional funds gathering modalities, such as deposits of its customers, an item in which we are leaders, with a volume of

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average growth of the commercial and universal banking industry for this product (83.9%).


CONOCIENDO A BIODERMA 8

P

erspectives for 2005

The growth expectations of world economy remain the same for next year, which is a positive variable for the behavior of investment flow. In this account, the Venezuelan case shall greatly depend upon the dissipation of political uncertainty, which probably had kept potential investors at bay. For the year 2005 the expectation concer ning international investment flow are positive. Capitals are expected to recover as a result of the momentum given by world economic growth. • An increase in the world demand for petroleum is expected, particularly as a result of the expected growth of the U.S. and China. • P e t ro l e u m p r i c e s a re expected to remain high, though on average may result slightly below those of 2004. • The Venezuelan petroleum production may prove to be restrained by PDVSA’s lack of productive capacity, and therefore the eventual increase of the production would be mainly supported by strategic associations. • The expansive fiscal policies which characterized 2004 shall

I

nsurance Market

Despite the behavior of the Venezuelan economy by the end tendency towards the end of 2004 registered a more dynamic environment regarding economic activity. Likewise, a decrease in political conflict allowed the benefiting of the operative environment in which enterprises of every economic sector participate actively. The Venezuelan insurance market once again registered positive results, supported not only by the increase in the volume of operations but also by the improvements in the processes of insured event control and in operative costs. According to the report issued by the Venezuelan Insurance Chamber an accrued amount of VEB 4,975,694 million in net collected insurance premiums was registered, evidencing an annual growth of 43.5% compared to the same period of the previous year (VEB 3,470,376 million), and being the largest sum in the last seven years. Among the most relevant elements affecting the surge in the operations of insurance companies, the greater dynamism evidenced by the automotive sector is to be highlighted which according to the statements presented by the Venezuelan Automotive Chamber registered a growth of 110.84% in total sales throughout 2004. Likewise, other significant elements affecting insurance operations were the reactivation of credit for the financing of insurance premiums as well as the increase in the insured amounts, since insurance companies throughout the first semester of the year performed adjustments in automotive and health care premiums, which implied an increase in amounts insured and in the amount payable for said premiums. In real terms, upon deduction of the annual Price Consumer Index (IPC) for the period (19.2%), net collected premiums registered an increase of 24.2%, while its equivalent is USD also registered an increase of 19.5% for the same period. Concerning statistics for sales volume distribution, figures evidence that the first 10 companies maintained a total 70.4% of their net collected premiums. The first 20 companies maintained 90.5%, while 50% of all companies accrued more than 95% of all premiums, and


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INVITADO DEL MES

e again registered positive results, supported not only by the increase in the volume of operations but also by the improvements in the processes of insured event control and in operative costs.

nsurance Market

Despite the behavior of the Venezuelan economy by the end tendency towards the end of 2004 registered a more dynamic environment regarding economic activity. Likewise, a decrease in political conflict allowed the benefiting of the operative environment in which enterprises of every economic sector participate actively. The Venezuelan insurance market once again registered positive results, supported not only by the increase in the volume of operations but also by the improvements in the processes of insured event control and in operative costs. According to the report issued by the Venezuelan Insurance Chamber an accrued amount of VEB 4,975,694 million in net collected insurance premiums was registered, evidencing an annual growth of 43.5% compared to the same period of the previous year (VEB 3,470,376 million), and being the largest sum in the last seven years. Among the most relevant elements affecting the surge in


Cumpleañeros del Mes

P M m P

erspectivas para 2005

Se mantiene la política antiinflacionaria, basada en controles de cambio y de precios, ampliación de la red de distribución de bienes de consumo por parte del gobierno.

Las expectativas de crecimiento de la economía mundial se mantienen para el próximo año, lo cual es una variable positiva para el comportamiento de los flujos de inversión. En este marco, el caso venezolano dependerá en gran parte de la reducción de la incertidumbre política, la cual probablemente mantenía en espera a potenciales inversionistas. Para el año 2005 las expectativas son positivas con respecto a los flujos de inversión internacional. Se espera que los capitales se recuperen, producto del impulso del crecimiento económico mundial.

e r c a d o Asegurador

Contrario al desempeño enmarcado en la economía venezolana al cierre del año 2003, la tendencia de la misma al cierre de 2004 registró un entorno de mayor dinamismo en cuanto a las actividades económicas. A su vez, se observó una disminución del nivel de conflictividad política, permitiendo de esta manera beneficiar el ambiente operativo en el cual se desenvuelven las diferentes empresas que participan dentro de cada sector.

Se estima un crecimiento de la demanda mundial de petróleo, principalmente por el crecimiento esperado de Estados Unidos y China. Se prevé que los precios del petróleo se mantendrán elevados, aunque en promedio, tal vez sean ligeramente inferiores a los de 2004.

Se mantendrá la política fiscal expansiva característica de 2004 hasta mediados del año 2005, lo cual generará fuertes presiones sobre los agregados monetarios. La política fiscal estaría financiada, principalmente, mediante elevados ingresos petroleros, operaciones de deuda pública interna y utilidades cambiarias del BCV. El gasto público podría estar más concentrado durante el primer semestre. ∑ Se mantendrá el control de cambio durante 2005, pero con mayor flexibilidad en la entrega de divisas. Como consecuencia del control de cambio y los elevados niveles de

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INVITADO DEL MES

La producción petrolera venezolana puede verse limitada por la falta de capacidad productiva de PDVSA, por lo cual el eventual crecimiento de la producción estaría sustentado básicamente en asociaciones estratégicas.

El sector asegurador venezolano logró nuevamente registrar resultados positivos, apoyado no sólo por una expansión en el volumen de negocios, sino también por las mejoras en los procesos de control de siniestros y costos de operación. Según el informe presentado por la Cámara de Aseguradores de Venezuela, se observó un monto acumulado de Bs. 4.975.694 millones por concepto de primas cobradas netas, reflejando un crecimiento anual de 43,5%, con relación al mismo período del año anterior (Bs. 3.470.376 millones), siendo ésta la más alta en los últimos siete años. Entre los aspectos más importantes que tuvieron gran incidencia en el repunte de la actividad de las empresas aseguradoras destacó el mayor dinamismo observado en el sector automotor, el cual según el balance presentado por la Cámara Automotriz de Venezuela, registró un incremento de 110,84% en las ventas totales del año 2004. De igual manera, contribuyeron de forma significativa,


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