Question 1

What is Priorbank?

Accepted Answer

Priorbank is one of the largest commercial banks in Belarus and the largest private bank in the country. As of 2022, the bank held a market share of 6.6% in the Belarusian banking sector.

Priorbank operates as a universal bank, providing comprehensive financial services to individuals, legal entities, and individual entrepreneurs throughout Belarus. In 2024, the bank's assets totaled 8.67 billion Belarusian rubles with equity of 2.13 billion Belarusian rubles.

Question 2

When was Priorbank founded?

Accepted Answer

Priorbank was established on January 20, 1989 as Minsk Innovation Bank, a joint venture of several major industrial concerns including Minsk Tractor Works, Minsk Automobile Plant, MZH, MZVT, and "Gorizont." The bank was formally registered on July 12, 1991.

In 1991, the institution changed its name to Priorbank. The bank underwent significant transformation in 2003 when the Austrian banking group Raiffeisen Bank International acquired 50% of shares, later increasing its stake to 87.74%.

In September 2024, Raiffeisen Bank International sold its stake to Soven 1 Holding Limited, an investor from the United Arab Emirates, completing the transaction in Q4 2024. This marked RBI's exit from the Belarusian market as part of its de-risking strategy in Eastern Europe.

Question 3

Where is Priorbank headquartered?

Accepted Answer

Priorbank's headquarters are located at V. Khoruzhey Street, 31A, Minsk, 220002, Belarus. The bank's head office operates Monday through Thursday from 8:30-17:30 and Friday from 8:30-16:15, with a lunch break from 12:30-13:15.

The bank maintains its central operations and management functions in Minsk, the capital city of Belarus.

Question 4

Where does Priorbank operate?

Accepted Answer

Priorbank operates throughout Belarus, serving customers across all regions of the country. The bank maintains a network of branches and service points in major cities and towns across Belarus.

The bank also operates an extensive ATM network throughout the country, providing customers with convenient access to banking services nationwide. Priorbank focuses exclusively on the Belarusian market, offering services tailored to local individuals and businesses.

Question 5

What services does Priorbank offer?

Accepted Answer

Priorbank provides a comprehensive range of banking services including:

Retail Banking: Deposits, personal loans, consumer credit, mortgage lending, credit cards (Visa, Mastercard, and Belkart), debit cards, and payment services. The bank offers various service packages including Premium Direct and Premium Prime with personalized managers and enhanced benefits.

Digital Banking: The Prior Online mobile application with over 1 million downloads enables customers to open accounts remotely, make payments and transfers, apply for loans and deposits, issue virtual cards, exchange currency, and manage card settings. The bank also offers Prior Business for corporate clients with push notifications and real-time account monitoring.

Corporate Banking: Settlement and cash services, corporate loans, guarantees, sureties, factoring, leasing, and treasury operations. The bank provides specialized financing for automobile purchases and Belarusian goods.

Additional Services: International money transfers to over 100 countries, contactless payment integration with Apple Pay and Samsung Pay, insurance products including card insurance and comprehensive Pro100 packages, and loyalty programs such as PriorPlus for Visa cardholders.

Question 6

What makes Priorbank unique?

Accepted Answer

Priorbank distinguishes itself as the largest private commercial bank in Belarus with several distinctive features:

Market Leadership: The bank accounts for approximately one-sixth of total commercial bank profits in Belarus (excluding the Development Bank), demonstrating strong financial performance with a 22.8% return on capital and 5.6% return on assets in 2024.

Digital Innovation: Priorbank was among the first banks in Belarus to launch comprehensive mobile banking through Prior Online, which allows customers to become bank clients without visiting a branch. The app features instant virtual card issuance, real-time currency exchange at favorable rates, and transfer request functionality.

International Recognition: For several consecutive years, Banker magazine recognized Priorbank as "Bank of the Year," while international agencies such as Global Finance and Euromoney have acknowledged the bank's reliability as a long-term partner.

Foreign Investment Heritage: The bank has a history of cooperation with major international financial institutions including the European Bank for Reconstruction and Development, International Finance Corporation, and Export-Import Bank of Taiwan.

Question 7

What type of financial institution is Priorbank?

Accepted Answer

Priorbank is a universal commercial bank operating under a full banking license (License No. 12) issued by the National Bank of the Republic of Belarus on February 13, 2024. As a universal bank, Priorbank provides the complete spectrum of banking services to both retail and corporate clients.

The bank also holds License No. 5200-1246-1080 for professional and stock-exchange activities with securities, issued by the Committee on Securities under the Council of Ministers of the Republic of Belarus. This enables Priorbank to engage in investment banking operations alongside traditional commercial banking activities.

The bank operates as an Open Joint Stock Company (OAO) with an authorized capital of 86,147,908.70 Belarusian rubles.

Question 8

What is Priorbank's SWIFT code?

Accepted Answer

Priorbank's SWIFT/BIC code is PJCBBY2X. This code is used for international wire transfers and communication within the global banking network.

The bank can also be reached through payment systems using the identifiers SPRINT: PRIORBANK/CUSTOMERS and Refinitiv FX Trading: PRBM.

Priorbank

in Belarus 🇧🇾

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About Priorbank in Belarus