12.11.08VAB Bank is a Leader in S&P Transparency Survey
For the third consecutive year VAB Bank ranks among the top most transparent banks in Ukraine according to the survey conducted by Standard & Poor’s Corporate Governance Services jointly with the Financial Initiatives Agency. According to 2008 results, VAB Bank ranks 3rd with the transparency score reaching 66.3% (falling only 0.2% short to the second place) and outperforming its fourth position in 2007. This year VAB Bank was placed first in the “Ownership Structure and Shareholder Rights” category with 71.8% disclosure.
“Our transparency to shareholders and investors is a strong element of corporate management culture, and findings of a high-profile independent expert have been yet another proof of the high standard of VAB Bank administration,” commented Petr Baron, VAB Bank CEO .
The study of the transparency of Ukraine’s 30 largest banks is based on the methodology developed by Standard & Poor’s Corporate Governance Services. The methodology involves examination and analysis of generally available information on ownership structure and shareholder rights, financial and operational information, board and management structure contained in three main sources: annual reports, web-based disclosures, and public regulatory filings. The core principle of the methodology is timely and complete disclosure of all information essential to bank’s investors and shareholders (analysts, clients, etc.)
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Vseukrainsky 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. 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 6.7 billion as of 01 July 2008.Other news
