Belarusbank

Belarusbank is the largest banking institution in Belarus and a central component of the country's state-dominated financial system. It operates as a universal bank, offering services to individuals, companies, entrepreneurs and public-sector-linked organizations. Its activities span retail deposits and payments, consumer and housing finance, corporate lending, investment and international banking, foreign-exchange services, leasing, brokerage and related financial services. The bank is also associated with a number of subsidiary and affiliated businesses, including ASB Leasing, ASB Consult, ASB Broker and recreational enterprises. The institution's historical roots lie in the Soviet savings-bank system. From 1922 until the late Soviet period, savings-bank operations in Belarus were integrated into the State Labor Savings Banks System of the USSR. In 1987, the Belarusian Republican Bank of the Savings Bank of the USSR was established. Following the dissolution of the Soviet Union, that organization was reorganized in 1991 as the Belarusian Savings Bank. The modern Belarusbank brand was created in 1995 through a state-directed merger between the Belarusian Savings Bank and the commercial bank Bank Belarusbank. The merger consolidated substantial banking assets under state control, with the government initially holding approximately 99 percent of the shares. Further consolidation followed. In 1996 Belarusbank acquired Belsviazbank and Belzheldorbank, reinforcing its role in the nationalization and concentration of Belarusian banking. The bank expanded its payment capabilities during the same period by introducing a Client-Bank system and joining Europay International as a principal member. It later became a principal member of Visa International in 2000. International representation developed through offices in Warsaw, Moscow, Frankfurt and Beijing, although the Warsaw and Moscow offices were subsequently closed. The Beijing office, opened in 2007, supported the bank's relations with Chinese financial institutions and businesses. Belarusbank has combined a very large domestic branch structure with international correspondent and syndication activity. It has historically ranked first in Belarus by assets, equity, deposits and lending, and has been especially prominent in household deposits and loans to individuals. Its customers have included large industrial, energy, transport and retail enterprises as well as tens of thousands of companies and individual entrepreneurs. The bank also participates in national payment infrastructure, including the Belkart payment system, and has introduced mobile and contactless payment products in cooperation with Mastercard and Samsung. The bank's state ownership has shaped both its market position and its exposure to public policy. Belarusbank has been used as a major channel for retail banking, housing finance and other state-supported economic programs, while its scale has made it an important source of funding for domestic enterprises. At the same time, sanctions imposed on Belarus and on the bank since 2021 have affected its international financial relationships and contributed to the withdrawal or lowering of external credit ratings. The institution remains active, but its cross-border operations and access to Western financial markets are more constrained than before the sanctions regime. Belarusbank combines a very large domestic branch network with international correspondent-banking and syndicated-lending activity. It has historically ranked first in Belarus by assets, equity, deposits and loans, with particular strength in household deposits and personal lending. Its customers include large industrial, energy, transport and retail enterprises as well as tens of thousands of companies and individual entrepreneurs. The bank also participates in national payment infrastructure, including the Belkart payment system, and has launched mobile and contactless payment products with Mastercard and Samsung.

Belarusbank developed from the savings-bank institutions that served Belarus during the Soviet period. From 1922 to 1987, Belarusian savings operations formed part of the State Labor Savings Banks System of the USSR. In 1987, a Belarusian Republican Bank of the Savings Bank of the USSR was established. After Belarus became independent, the institution was reorganized in 1991 as the Belarusian Savings Bank. The present bank was formed in 1995 through a state-directed merger of the Belarusian Savings Bank with the commercial Bank Belarusbank. The transaction created Joint-Stock Savings Bank Belarusbank and placed almost all of its shares under state control. This consolidation was part of a wider effort to organize the country's banking sector around several large state-linked institutions. In 1996, Belarusbank acquired Belsviazbank and Belzheldorbank. The acquisitions expanded its customer base and reinforced its position in communications-sector and railway-related banking. The bank also introduced a Client-Bank electronic banking system and became a principal member of Europay International. In 1997 it opened representative offices in Warsaw and Moscow. Belarusbank continued to develop its international payment infrastructure during the following decade. It became a principal member of Visa International in 2000 and established a representative office in Frankfurt in 2003. MinskComplexBank merged into the group in 2005. In June 2007, Belarusbank opened a representative office in Beijing, its first such office in China, and in 2008 introduced foreign-exchange transactions involving the currency of the People's Bank of China. The bank subsequently built relationships with financial institutions in Europe, Asia and neighboring markets. Its Warsaw representative office closed in 2016 and its Moscow office closed in 2018. The institution's international banking role was accompanied by participation in syndicated lending and banking associations. In 2010 it signed a three-party framework agreement with French and Belgian banking partners and arranged a syndicated loan reported as the largest then raised in Belarus's banking system. Belarusbank joined the World Savings and Retail Banks Institute in 2012 and became a partner bank of the Shanghai Cooperation Organization Interbank Consortium. It also received international-payment processing awards from correspondent banks and Visa during the 2012–2013 period. Belarusbank has played a significant role in domestic payment modernization. In 2013 it joined other Belarusian banks as a founder of Belkart, a national payment-system initiative. It later introduced Belarusbank Pay in 2018, using Mastercard and host-card-emulation technology to enable contactless payments through compatible Android phones. In July of the same year, it worked with Samsung Electronics and Mastercard to make Samsung Pay available to eligible Belarusbank Mastercard debit-card holders. Belarusbank Pay was discontinued in 2021. The bank has also expanded specialized retail services. In February 2018 it opened Belarus's first dedicated mortgage office, combining housing-loan processing with related property and transaction services. Its wider banking holding includes leasing, brokerage, consulting and recreation businesses. Domestically, it has maintained the country's largest banking-service network, including regional branches, banking-service centers, outlets and exchange offices. State ownership remains central to Belarusbank's identity and business model. The Republic of Belarus controls the overwhelming majority of the shares through the State Property Committee and regional authorities. This ownership has supported the bank's systemic importance but has also linked it to the country's political and economic policy. From 2021 onward, the bank became subject to European, Swiss, Canadian and Ukrainian sanctions. External ratings were withdrawn or lowered during the sanctions period, restricting access to some international markets. Despite these constraints, Belarusbank remains an active universal bank and a dominant institution in Belarus.

• 2022

  Further sanctions and claimed cyberattack

  [1]Belarusbanken.wikipedia.org

  Ukraine and Canada impose additional measures, while Anonymous claims a cyberattack against the bank's website.

• 2021

  International sanctions imposed

  [1]Belarusbanken.wikipedia.org

  The European Union and Switzerland impose sanctions affecting Belarusbank.

• 2018

  Mortgage office and mobile-payment launches

  [1]Belarusbanken.wikipedia.org

  The bank opens a dedicated mortgage office and introduces Belarusbank Pay; Samsung Pay support follows later that year.

• 2013

  Belkart founded

  [1]Belarusbanken.wikipedia.org

  Belarusbank joins Banks Processing Center and other banks as a founder of Belkart.

• 2012

  Joins international savings-bank organizations

  [1]Belarusbanken.wikipedia.org

  Belarusbank joins the World Savings and Retail Banks Institute and becomes a partner of the Shanghai Cooperation Organization Interbank Consortium.

• 2007

  Beijing representative office opens

  [1]Belarusbanken.wikipedia.org

  Belarusbank opens its first representative office in China.

• 2000

  Visa principal membership

  [1]Belarusbanken.wikipedia.org

  The bank becomes a principal member of Visa International.

• 1996

  Acquisition of Belsviazbank and Belzheldorbank

  [1]Belarusbanken.wikipedia.org

  Belarusbank acquires two sectoral banks and introduces the Client-Bank system.

• 1995

  Belarusbank created through merger

  [1]Belarusbanken.wikipedia.org

  The Belarusian Savings Bank merges with Bank Belarusbank under a state-directed consolidation, creating Joint-Stock Savings Bank Belarusbank.

• 1991

  Reorganized as Belarusian Savings Bank

  [1]Belarusbanken.wikipedia.org

  The post-Soviet institution is reorganized as the Belarusian Savings Bank.

• 1987

  Belarusian Republican Savings Bank established

  [1]Belarusbanken.wikipedia.org

  A Belarusian Republican Bank of the Savings Bank of the USSR is created.

• 1922

  Belarus enters the Soviet savings-bank system

  [1]Belarusbanken.wikipedia.org

  Savings-bank operations in Belarus become part of the State Labor Savings Banks System of the USSR.

A state-controlled universal bank with nationwide reach, dominant retail and corporate banking share, and a strategic role in Belarus's financial infrastructure.

• Deposits and everyday banking

  Retail banking

  Belarusbank provides personal accounts, savings products, payment cards, cash services, transfers and foreign-exchange services through its extensive Belarusian branch and outlet network. Retail deposits and household lending have historically represented a particularly important part of the bank's system-wide position.

• Housing finance · 2018

  Residential lending and mortgage services

  The bank provides loans for residential construction and purchase, including transactions involving newly built and secondary-market housing. Its dedicated mortgage office, opened in 2018, combined loan selection and processing with property, co-investment and title-registration support.

• Business banking

  Corporate and institutional banking

  Corporate services include operating accounts, deposits, credit facilities, payment processing, foreign-exchange transactions, international transfers and other banking support for companies and entrepreneurs. Customers have included major Belarusian energy, transport, industrial and retail businesses.

• Mobile payments · 2018

  Belarusbank Pay

  Belarusbank Pay was a mobile contactless-payment service built with Mastercard using host-card-emulation technology. Eligible Mastercard and Maestro cardholders could create a virtual card in a supported Android application and pay at contactless terminals. The bank announced that support would end from September 1, 2021.

• Mobile payments · 2018

  Samsung Pay

  In cooperation with Samsung Electronics and Mastercard, Belarusbank enabled eligible personal Mastercard debit-card holders to use Samsung Pay. The service supported contactless purchases without requiring an internet connection at the moment of payment.

• Specialized finance

  Leasing and related financial services

  Through ASB Leasing and associated entities, the Belarusbank holding provides leasing and related financial or brokerage services. These businesses extend the group's offer beyond conventional deposit-taking and lending.

• 2022

  Claimed Anonymous cyberattack

  The Anonymous hacker collective claimed to have hacked the Belarusbank website in March 2022. The available reference identifies the claim but does not establish the full technical impact.

  Source

• 2016

  Bribery investigation involving senior executive

  Belarusian authorities announced that senior deputy head Henadz Haspadaryk had been detained and that a criminal case concerning alleged bribery had been opened.

  Source

Read more

• 2021

  Belarusbank Pay discontinuedOther

  Background

  The bank reassessed support for its proprietary mobile-payment platform amid changes in the international payments environment.

  Action taken

  Belarusbank announced that support for Belarusbank Pay would end on September 1, 2021.

  Aftermath

  The bank's own HCE payment service ceased to be supported.

  Source

• 2021

  Response to international sanctionsStrategy

  Background

  The European Union and Switzerland imposed restrictive measures on Belarusbank and related Belarusian financial interests.

  Action taken

  The bank continued domestic operations while its international financial relationships became subject to sanctions-related constraints.

  Aftermath

  External ratings and access to some international markets were affected.

  Source

• 2018

  Launch of Belarusbank PayProduct launch

  Background

  Contactless mobile payments were expanding through card-network and smartphone technologies.

  Action taken

  Belarusbank introduced an HCE-based mobile-payment service for compatible Mastercard and Maestro cards.

  Aftermath

  The service offered customers a bank-linked mobile alternative to physical-card payments before being discontinued in 2021.

  Source

• 2018

  Dedicated mortgage office openedProduct launch

  Background

  Housing finance customers needed a centralized process covering lending and property transactions.

  Action taken

  Belarusbank opened the country's first dedicated mortgage office.

  Aftermath

  The office combined residential lending with property-selection, developer and registration services.

  Source

• 2013

  Participation in BelkartStrategy

  Background

  Belarusian banks were developing domestic payment infrastructure.

  Action taken

  Belarusbank joined the Banks Processing Center and other banks in founding Belkart.

  Aftermath

  The bank became part of the institutional base for a national card-payment system.

  Source

• 1996

  Acquisition of two sectoral banksM&A

  Background

  The bank continued the consolidation of Belarus's banking sector.

  Action taken

  Belarusbank acquired Belsviazbank and Belzheldorbank.

  Aftermath

  The acquisitions broadened the bank's sectoral reach and strengthened its national position.

  Source

• 1995

  State-directed merger creating BelarusbankM&A

  Background

  Belarus sought to consolidate major savings and commercial banking operations under state control after independence.

  Action taken

  The Belarusian Savings Bank and Bank Belarusbank were merged to establish Joint-Stock Savings Bank Belarusbank.

  Aftermath

  The transaction created the country's dominant state-controlled banking institution.

  Source

• 2020.11.12

  Reported2020.11.14

  Belarusbank begins offering cryptocurrency exchange service[2]Belarusbank 开始提供加密货币兑换服务news.bitcoin.com

  Belarusbank reportedly began providing a cryptocurrency exchange service that lets customers buy bitcoin using Visa cards. The article says the service was initially available to citizens of Belarus and Russia.

Read more

1. 1Belarusbanken.wikipedia.org
2. 2Belarusbank 开始提供加密货币兑换服务news.bitcoin.com