By the results of the second Ukrainian Bank Transparency and Disclosure Survey conducted by Standard & Poor's and Financial Initiatives Agency VAB Bank has escalated by 1 notch in information transparency rating of 30 largest Ukrainian banks in 2007 and is on the fourth position at the moment (the Bank was ranked fifth by the results of survey in 2006).
The survey was based on the methodology developed by Standard & Poor's Governance Services which rests on the full and timely disclosure of sufficient information to investors and all interested parties (analysts, customers, etc).
In accordance with international standards S&P rated the level of the disclosed information by the most important criteria: financial standing, shareholders structure and mechanisms of corporate governance. The survey analysed the information contained in annual reports and official web sites, as well as the information provided by the National Bank of Ukraine, the State Commission on Securities and the Stock Market and their affiliates and the information about domestic and Eurobond issues.
“Our transparency in relation to the shareholders and investors is the key element in the management system and our high standards were once again reassured by the rating of the independent authorized agency”,- said CEO of VAB Group Petr Baron.
Reference dataVseukrainsky Aksionerny Bank (VAB Bank) has been operating in the Ukrainian financial market since 1992 and belongs to the group large banks in Ukraine. In October 2006, VAB Bank became a member of VAB Group, a full-service financial group. Branch network consists of 25 branches and 143 outlets throughout Ukraine and a representative office in Budapest (Hungary). A large international company, TBIF Financial Services (Amsterdam, the Netherlands), is among the bank’s shareholders.
Total assets of VAB Bank amounted to UAH 5.4 billion as of 01 November 2007, total capital — UAH 629 million. The 20th issue of VAB Bank’s shares, the results of which were approved by the General Shareholders’ Assembly on 27 July 2007, shall increase total capital to UAH 670 million
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