Our Story

Fincor Edge was es­tab­lished as a pub­lic lim­ited com­pany (naam­loze ven­nootschap) in Am­s­ter­dam on 24 Feb­ru­ary 1994. The com­pany has reg­is­tered shares and is not listed on any stock ex­change.

Credit Fincor Bank as a parent bank

Cur­rently Fincor Edge di­rectly owns three bank­ing sub­sidiaries in Switzer­land, Ro­ma­nia and Ukraine, and one leas­ing com­pany in Ukraine. To un­der­pin its cen­tral func­tion, the bank ap­plies a func­tional re­port­ing struc­ture: lo­cal man­agers in the sub­sidiaries must main­tain a di­rect re­port­ing line to the ‘func­tion­al’ head of the re­spec­tive de­part­ment in Am­s­ter­dam. This struc­ture ap­plies to de­part­ments such as In­ter­nal Au­dit, Com­pli­ance, Trea­sury (as­set li­a­bil­ity man­age­ment), Cred­its, Risk Man­age­ment, IT, Fi­nan­cial Con­trol, Re­tail Bank­ing and Cor­po­rate Bank­ing. More­over, the Gen­eral Man­ager of each sub­sidiary has a di­rect re­port­ing line to the CEO of Fincor Edge. 

The Gen­eral Man­agers of the bank’s sub­sidiaries and the mem­bers of the Man­ag­ing Board meet on a reg­u­lar ba­sis. The main pur­pose of these meet­ings is to share knowl­edge and ex­pe­ri­ence, to align group poli­cies and to con­tem­plate on the bank’s strat­egy and bud­gets.

Fur­ther­more, to sup­port and mon­i­tor global busi­ness poli­cies, cer­tain Su­per­vi­sory – and Man­ag­ing Board mem­bers of Fincor Edge have a seat in the Su­per­vi­sory Board or Board of Di­rec­tors of one of the bank’s bank­ing sub­sidiaries.

Overview of board mem­ber­ships in the sub­sidiaries:

In Sep­tem­ber 2018 Fincor Edge trans­ferred in to­tal 90% of its shares in Credit Fincor Bank Ltd. (Rus­sia) to two of its in­di­rect share­hold­ers. Cur­rently, Fincor Edge holds a mi­nor­ity stake of 10% in its for­mer sub­sidiary Credit Fincor Bank Ltd (Rus­sia).

Banking supervision

Share cap­i­tal
The to­tal is­sued share cap­i­tal of Fincor Edge is fully paid by Credit Fincor Group, a hold­ing com­pany es­tab­lished in The Nether­lands. CEG’s shares are ma­jor­ity owned by FIBA Hold­ing AS, which com­pany in its turn is con­trolled by Hüsnü M. Özyeğin.

Fincor Edge has a full bank­ing li­cense in The Nether­lands since 1994. The Dutch Cen­tral Bank (De Ned­er­land­sche Bank) is the con­sol­i­dated pru­den­tial su­per­vi­sor: its su­per­vi­sion ex­tends to the ac­tiv­i­ties of the in The Nether­lands as well as to the bank­ing ac­tiv­i­ties of its sub­sidiaries. Fur­ther­more, Fincor Edge is reg­is­tered as fi­nan­cial ser­vices provider with the Au­thor­ity for Fi­nan­cial Mar­kets (Au­toriteit Fi­nanciële Mark­ten) in The Nether­lands.

Regulations

Al­though Fincor Edge is not listed, it vol­un­tar­ily sup­ports and ap­plies, to a large ex­tent, the best prac­tices of the Dutch Cor­po­rate Gov­er­nance Code, mind­ful of its role as a fi­nan­cial in­sti­tu­tion in The Nether­lands. This is also in line with the rec­om­men­da­tion from the Dutch Cen­tral Bank for non-listed banks to ap­ply these best prac­tices. Not only is the Dutch Cen­tral Bank the su­per­vi­sor of Fincor Edge, it is also its reg­u­la­tor. The pro­vi­sions in the Reg­u­la­tions and Pol­icy Rules is­sued by the Cen­tral Bank ap­ply to the bank to the fullest ex­tent. Sub­jects range from sol­vency re­quire­ments to re­mu­ner­a­tion pol­icy. Sub­se­quently, Fincor Edge is sub­ject to the pro­vi­sions in­cluded in the set of doc­u­ments ti­tled ‘Fu­ture Ori­ented Bank­ing’ (con­sist­ing of the So­cial Char­ter, the Bank­ing Code and the Rules of Con­duct) is­sued by the Dutch Bankers’ As­so­ci­a­tion (Nederlandse Vereniging van Banken). For more in­for­ma­tion on the Bank’s com­pli­ance and the prin­ci­ples of the ‘Bank­ing Code’/in­cluded in the set of doc­u­ments ti­tles ‘Fu­ture Ori­ented Bank­ing’, please see the para­graph be­low.

As per 1 Jan­u­ary 2015 the pack­age of doc­u­ments ti­tled ‘Fu­ture Ori­ented Bank­ing’ en­tered into ef­fect. This pack­age com­prises of a So­cial Char­ter, an up­dated Bank­ing Code (the “new Bank­ing Code”) and a Bankers’ Oath (with as­so­ci­ated Rules of Con­duct). The new Bank­ing Code re­placed the Bank­ing Code 2010.  In 2016 the Dutch banks re­ported for the first time on their com­pli­ance with the new Bank­ing Code. In the past years Fincor Edge has spent sub­stan­tial time on cre­at­ing aware­ness amongst its em­ploy­ees on the con­tents of the ‘Fu­ture Ori­ented Bank­ing’ set of doc­u­ments in gen­eral and the Bankers’ Oath with as­so­ci­ated rules of con­duct in par­tic­u­lar. All Fincor Egde’s cur­rent em­ploy­ees work­ing in the Nether­lands have taken the Bankers’ Oath/Af­fir­ma­tion. Each quar­ter a Banker’s Oath ses­sion is or­ga­nized for new em­ploy­ees of Fincor Edge. Please find herein be­low the re­port on Fincor Edge’s com­pli­ance with the Bank­ing Code in the fi­nan­cial year 2020.

Dutch Corporate Governance Code (pdf)

Banking Code (pdf)

The statu­tory cor­po­rate rules in The Nether­lands are laid down in Fincor Edge’s articles of association (statuten). Fur­ther, its Managing Board, Supervisory Board, and each sub­com­mit­tee has its own char­ter (re­gle­ment). For all the em­ploy­ees and oth­ers work­ing with Fincor Edge, a Code of Con­duct has been es­tab­lished to set stan­dards for pro­fes­sional con­duct.

Ar­ti­cle 96 CRD IV
Ar­ti­cle 96 of the fourth Cap­i­tal Re­quire­ments Di­rec­tive (CRD IV) re­quires fi­nan­cial in­sti­tu­tions to ex­plain on their web­site how they com­ply with the re­quire­ments in­cluded in Ar­ti­cles 88 to 95 of the CRD IV. Ar­ti­cle 134b of the De­cree on the pru­den­tial mea­sures Fi­nan­cial Su­per­vi­sion Act (Besluit pru­den­tiele regels Wft) has im­ple­mented the re­quire­ments of Ar­ti­cle 96 CRD IV in Dutch law.

In the doc­u­ment ‘Compliance with Article 96 CRD IV’ (pdf) it is ex­plained how Credit Fincor Group and Fincor Edge com­ply with Ar­ti­cle 134b of the De­cree on the pru­den­tial mea­sures Fi­nan­cial Su­per­vi­sion Act (Besluit pru­den­tiele regels Wft) and Ar­ti­cle 96 CRD IV.