VAB Bank’ brand was chosen in the nomination of “Excellent reputation” among other banks in the Ukrainian annual contest “Brand of the year - 2008”. This information was reported by the contest organizers.
VAB Group president Petr Baron said: “We are very proud that consumers chose our brand in the “Excellent reputation” category. As you may know, you need to spend a lot of time for the creation of the good reputation. And exactly such an excellent reputation we have been creating for more than 15 years of our presence on the market. The fact of our winning in this contest under the newly created brand, in which creation we invested more than USD 18 million, shows that rebranding had a positive influence on our products and services perception among the clients. I can say for sure that a strong brand is the keystone of long-term and successful development not only of the VAB Bank but also of the whole VAB Group.”
VAB Group marketing director Alex Garmash admitted that the victory in the contest proves once more the growth of a brand positive perception among the consumers and their trust to VAB Bank as to the financial institution with 16 years history and stable reputation.
According to the results of the researches, hold by the marketing agency «Innovative Research Solution» in Aprli,2008, recognizability of brand has icreased on 29% and amounts 47% this year, while last year this rate was only 18% ( for VAB Bank brand). Most of respondents characterized VAB brand as “modern, dynamic and European one”.”
The contest “Brand of the year” is an independent brand popularity rating, in which the brands are appraised by the customers. This contest is held annualy since 2000. The consumers vote for the brand they like through the questionnaires sent by post, printed in newspapers with million editions and spread in Internet.
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 according to NBU. In October 2006, VAB Bank became a member of VAB Group, a full-service financial group. Branch network consists of 25 branches and 148 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 6.4 billion as of 01 February 2008, total capital — UAH 663 million.
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