OREANDA-NEWS. December 10, 2009. S&P recognized VAB the most transparent bank in 2009. The survey was conducted by Standard & Poor’s Corporate Governance Services jointly with the Financial Initiatives Agency among 30 largest Ukrainian banks, reported the press-centre of VAB Bank.

VAB Bank’s total transparency scored 71.4%, setting a historical record in the Ukrainian market. The Bank’s disclosure of “Ownership Structure and Shareholder Rights” category information matches the highest international practice. In addition, S&P remarked VAB Bank’s belonging to an international financial group, the Bank’s proactive advance into the Ukrainian market through creation of a favorable image that rests on confidence and information transparency.

Svetlana Borodina, the Director of Governance Services at Standard & Poor's, noted: “Adoption of a multifaceted approach to information disclosure implying cross-references with other sources stimulated the increase of overall transparency among the banks”.

 “This achievement is a result of the Bank’s balanced and consistent policy of disclosing information to its clients and partners. It gives them the complete vision and understanding of the Bank they work with. And we truly believe that both the Bank and its clients benefit from openness and transparency our shareholders advocate”, commented Mr. Lukas Tursa, VAB Bank Deputy CEO, Head of Treasury and FI.

The survey is a research project by Standard & Poor's based on public information alone. Its methodology is based on 116 criteria of disclosure grouped in three blocks: Ownership structure and shareholder rights, Financial and operational information, and Board and management structure and processes.

The full report on Ukrainian Bank Transparency and Disclosure Survey 2009 is available at http://www2.standardandpoors.com/spf/pdf/equity/TD_press_release_Eng.pdf.