Welcome from the Chairman of NP”League of financial institutions”, Ivashkin A.V.
Last Updated on Friday, 15 July 2011 08:15 Written by ADMIN Saturday, 7 February 2009 02:57
Dear colleagues! Dear friends!
I am delighted to welcome you on the site of our Partnership.
The forthcoming APEC 2012 Summit in Vladivostok imposes a special role for the regional financial institutions taking into account globalization and, first of all, competition between financial institutions. Within the financial-banking system of the Primorski Territory and Far East region, the unrealized potential of the financial market is distinctly observed. Therefore the decision on the creation of LFI is a strong choice in favor of the development of a modern regional financial market that has a high degree of complexity, capable of attracting and sustaining internal and external investments for the benefit of the economy of region and to give to domestic and foreign business additional insurance upon various risks.
The fundamental basis of competitiveness of the regional financial market is the recognition that a stronger regulatory mode and market infrastructure are the most convenient in comparison with the same intraregional analogues. One of the contributing factors of this process is the strengthening role of associations of professional participants within the financial market. The pressing need for quality of regulation within the regional market – is a fact that is not unsubstantiated.
The origins of the collapse in 2010, of three major Primorye KPKG, each of which had a significant number of clients, largely lies in the lack of standards for financial performance and regulatory voids, capital rushed into investment, which has become an appreciable factor in inflation of a bubble.
Speaking about plans on League development according to the adopted strategy, we notice that one of the problems of the regional financial market is that it focuses on the internal market competition. Instead, the League aims to help members to be focused on competition with the leading financial institutions of neighboring countries. Thus solving some of the problems and challenges we face. Among them:
- We initiate, by necessity, the modernization of the regional financial industry and its advancing development in relation to the regional economy as a whole, balanced with the dynamics of the separate sectors (banks, insurance companies, stock market, the institutional investors working with capital of the population, etc.);
- We advocate improving the quality of the regional stock market capitalization, and the development and consolidation of its infrastructure;
- We directly influence the investment behavior of the population and its increased financial literacy in order to enhance its revenues, as well as the development of a funded pension system (in its mandatory and voluntary parts);
All these problems are interconnected, but nevertheless, everyone has their own reasoning as into the decision, assuming your tools, resources, responsibilities, time period of realization and so on. If we ensure the implementation of these reforms we can:
- Transform the regional financial and banking sector into a international competitive branch with the high added value;
- Raise funds for individual investors;
- Create within the region a homogeneous and equally accessible financial space;
- To fix pricings on local actives.
The Achilles’ heel of regional financial institutions is the presence of the fact that the Customer focus of the financial-bank sector had began to lag behind considerably over time. We do not seek to “ingratiate” the client, as though we are not concerned as into the competitiveness of others and anyway the client is going anywhere. But before financiers a new paradigm – clients have grown, from unsophisticated in financial knowledge, to regular consumers of financial services and thus they should be treated as such.
Therefore we have headed for the orientation of the League to the new values in their work – honesty, dedication to customer needs and focus on results. For this purpose we launched the project “The Territory of Trust”.
“League of Financial Institutions” (NP “LFI”), established October 4th, 2007, is intended to implement policies to protect the interests of the regional financial community, contribute to improving the legal and regulatory framework. And though growth in the number of laws doesn’t necessarily lead to improvement of the quality of the legislative environment in which we operate, there are within the expert and professional community significant claims as into the level of transparency of financial policy and we should continue to raise these concerns with the appropriate authorities. Indeed, sometimes as financiers we quite often have a different understanding of the importance and usefulness of information that explains the actions of the regulators.
Professional association NP “LFI” as presented in the financial market is a patrimonial sign of our region, who having united within the structure, leading financial institutions from three key economic branches (insurance, lending, investment), representatives of business, professional traders and expert community, became a small staff on planning and the organization of the future formation of a favorable and sustainable fiscal space within our region.
On our site you will find information and news that occurs in the League, as well as about developments within the financial and banking sector of the region.
The league is open to public dialogue within the region, as well as for constructive cooperation with the media and public authorities. Various committees and centers have become basic elements within the League structure; today there are five. These divisions provide effective communications between professionals within banks, credit cooperatives, insurance companies, realtors and investment companies, creating an atmosphere of trust and fruitful cooperation within the structures of the financial markets of the region, with similar associations, unions, and with the regulators.
I hope that materials on the site will be interesting and useful in your practice!
Yours faithfully,
Chairman of NP “LFI”
Alexander Ivashkin
