Basic Bank Information
Priorbank (full name: Priorbank JSC) is a commercial bank founded in 1989 and headquartered in Minsk, Belarus, with its specific address at V. Khoruzhey Str., 31A, Minsk, 220002. As the only bank in Belarus with Western capital, its main shareholder is the Austrian group Raiffeisen International, which holds 87.74% of the shares (as of 2024). Raiffeisen International is one of the largest banking groups in the Central and Eastern European region, which provides Priorbank with strong international support and resources. Priorbank is not a public company and its shareholding structure is dominated by Raiffeisen International, demonstrating its solid international background.
Priorbank's services cover the entire territory of Belarus and its branch network is one of the best in the Belarusian banking industry, with branches in Minsk and all major cities and regions. As of 2018, Priorbank has 87 locations serving approximately 800,000 customers. Although the latest data is not publicly available, its extensive coverage ensures that customers can easily access services throughout Belarus. ATMs are also widely distributed, providing convenient cash deposit and withdrawal services for traditional bank customers.
In terms of regulation and compliance, Priorbank is strictly regulated by the National Bank of the Republic of Belarus to ensure that its operations comply with national financial regulations. The deposit insurance system in Belarus is managed by the Agency of Deposit Compensation, and Priorbank's deposits are protected by the scheme, which provides customers with the security of their funds. There have been no major compliance issues in the near term, but due to international sanctions, Priorbank's international business may be subject to some restrictions, and clients should pay attention to relevant developments.
Financial health
Priorbank's financial performance reflects its solid position as a leading bank in Belarus. According to industry data, the off-balance sheet lending ratio of the Belarusian banking sector was 4.9% in 2023, indicating that the overall risk of the industry is manageable. However, Priorbank's specific financial metrics, such as capital adequacy ratio, non-performing loan ratio and liquidity coverage ratio, are not disclosed in public information. As part of Raiffeisen International, Priorbank benefits from the support and resources of the group, which enhances its financial stability. In 2024, Raiffeisen International announced the sale of its 87.74% stake in Priorbank to Soven 1 Holding Limited, which is expected to close in the fourth quarter of 2024 and may have some impact on the bank's financial position, but not its regulatory capital ratio.
When assessing the financial health of Priorbank, clients should consider its position as a leading bank in the industry, while paying attention to the economic environment in Belarus and the potential impact of international sanctions. Overall, Priorbank's financial position appears to be solid, but clients are advised to consult the latest financial reports for more accurate information.
Deposit & Loan Products
Priorbank offers a diverse range of deposit products, including demand deposits, term deposits, high-yield savings accounts and certificates of deposit. These products support a wide range of currencies such as the Belarusian ruble (BYN), the Russian ruble (RUR), the US dollar (USD) and the euro (EUR), and the interest rates are dynamically adjusted according to market conditions to remain competitive. For example, deposit terms range from one day to more than one year, and customers can choose between fixed or variable interest rates (based on the National Bank refinancing rate, LIBOR or Mosprime).
In terms of loans, Priorbank offers home loans, car loans, personal lines of credit and credit card overdrafts. In 2023, Priorbank has adjusted its mortgage rates, such as the "Friendly Family" and "Safe Buy" loan products, to 12% for the first two years and 14.6% thereafter. Loan products often offer flexible repayment options, such as early repayment or adjustment of repayment terms, to meet the needs of different customers.
List of common fees
Priorbank's fee structure includes account management fees (which may be charged monthly or annually), domestic and cross-border transfer fees, overdraft fees, and ATM interbank withdrawal fees. For example, international transfers may involve additional fees, depending on the transaction amount and currency type. Customers should pay special attention to potential hidden fees, such as minimum balance requirements, to avoid additional payouts.
Digital service experience
Priorbank's digital services are one of its core competencies, and its mobile banking app, Prior Online, is available for download on Google Play and the App Store, which has been well received by customers. The app supports functions such as account management, real-time transfers, bill payment, deposit opening, and provides biometric technologies such as facial recognition and fingerprint login to enhance the user experience. The app also supports useful features such as finding nearby ATMs and branches, checking exchange rates, and banking news. Priorbank has invested heavily in the field of artificial intelligence, developing AI customer service, robo-advisors, and open banking API support, driving the digital transformation of the banking sector in Belarus. Customer feedback shows that Prior Online's interface is user-friendly and feature-rich, and the bank is continuing to optimize the app's performance, although some users have mentioned that there may be minor issues on some devices.
Quality of customer service
Priorbank offers a variety of customer service channels, including 24/7 phone support (+375 17 289 90 or Cornet 487), online chat, and social media responses (such as X Platform). As a large commercial bank, its customer service system is well-established and committed to providing high-quality services. Customers can submit questions or suggestions through the feedback form on the official website, and the quick response on social media also enhances the customer experience. Priorbank supports the service in Russian and English
Security measures
Priorbank's deposits are protected by the Belarusian Deposit Insurance Agency, and the maximum insured amount is not clearly disclosed, but it meets national standards to ensure the safety of client funds. The bank uses advanced anti-fraud technology, including real-time transaction monitoring and a multi-channel risk assessment system, to protect against financial risks. In terms of data security, Priorbank is ISO 27001 certified and implements strict information security management to protect customer data from unauthorized access. There have been no major data breaches in the past, but customers should remain vigilant, update their passwords regularly and pay attention to the bank's security tips.
Featured services and differentiation
Priorbank stands out in the Belarusian banking sector for its distinctive services and differentiated products. The bank offers high-end customer service, such as Visa and MasterCard's premium card products, combined with global benefits and privileges, including 24-hour concierge service, purchase protection, legal and medical support, and more. In addition, Priorbank offers customized service packages for SMEs, providing flexible financial solutions tailored to the size and needs of the business. The bank has also launched the Prior Plus loyalty program, which allows customers to accumulate points and redeem discount codes for card payments. For market segments, Priorbank may offer student accounts (fee-free), senior wealth management and green financial products (supporting ESG investments) to meet diverse customer needs.
Market Position & Accolades
Priorbank occupies a leading position in the Belarusian banking sector, especially in attracting foreign investment and credit card business. According to Raiffeisen International, Priorbank ranks sixth in the loan market and is one of the most efficient and profitable banks in Belarus. The bank has been named "Bank of the Year" by The Banker magazine for many years in a row and has been recognized as a reliable long-term partner by international institutions such as Global Finance and Euromoney. As part of Raiffeisen International, Priorbank benefits from the Group's reputation and resources to maintain a competitive edge in the Belarusian banking sector.
Conclusion
Priorbank is a long-established and well-serviced Belarusian commercial bank, known for its extensive service network, solid financial position, and high-quality customer service. As part of Raiffeisen International, Priorbank combines an international perspective with a local service to provide a diverse range of financial solutions to individual and corporate clients. Despite the challenges posed by international sanctions and the economic environment, Priorbank's digital capabilities and innovative services have allowed it to maintain its leading position in the Belarusian banking sector. When choosing Priorbank, customers should pay attention to its latest financial data and policies to ensure that it meets their personal or business needs.
