The FINANCIAL -- In its annual survey of Transparency and Disclosure of the 30 largest Russian banks Standard & Poor’s assigned VTB Bank one of the top rankings. VTB markedly improved its transparency, jumping from sixth place last year to second this year with a total score of 68% in 2007, up from 61% in 2006.
VTB Bank Chairman of the Board and CEO, Andrei Kostin, said: “We are very pleased to be among the leaders for transparency in the Russian banking sector. VTB is striving to improve its transparency and disclosure practices in a sustainable way to contribute to the increase of shareholder’s value.”
The average level of transparency of Russian banks according to the Standard & Poor’s survey increased to 52% in 2007, as compared to 48% in 2006. Additionally 29 out of 30 banks improved their scores, according to Standard & Poor’s.
VTB is a leading Russian universal banking group offering a wide range of banking services and products across Russia, certain CIS countries and selected countries in Western Europe, Asia and Africa. VTB is focused on providing banking products and services to Russian and CIS clients through its domestic and foreign operations and to foreign clients doing business primarily related to, or in, Russia and the CIS through its foreign banking subsidiaries and representative offices.