10 October 2007
For the third consecutive year, Vozrozhdenie has been rated the top bank in terms of shareholder transparency in Standard & Poor’s survey of the 30 largest Russian banks. Among banks whose shares are listed and traded on financial exchanges, Vozrozhdenie showed the greatest increase in its shareholder transparency rating, rising to 77% from last year’s 61%. This significantly widens the gap between it and the next ranked bank which scored 62% this year.
Standard & Poor’s notes that while disclosure provided to minority shareholders has generally improved, the average disclosure by large banks is still well below levels demanded in western financial markets. The survey was based on the most common public sources of information: annual reports, web-sites and public filings with regulatory authorities.
“We are very pleased to be recognized by S&P for the third year running as the most transparent bank to our shareholders. We try hard to provide appropriate and reliable information as this gives investors greater confidence in the potential of their investment. Strong investor relations gives the Bank better access to domestic and international markets to obtain equity and debt funding to support the growing borrowing needs of its clients. Transparency in shareholder relations is one of the strong elements in Vozrozhdenie’s good corporate governance.” noted Neil Withers, Advisor to the Chairman of Vozrozhdenie.