“The Banker” magazine includes Vozrozhdenie among world’s largest banks

15 July 2008

The authoritative economic magazine “The Banker” traditionally publishes a list of the world’s 1000 largest banks, rating according to their equity capital. This list now includes 35 Russian banks, up from 27 in 2007. Bank Vozrozhdenie is included in this ranking for the first time, with equity of $489mln, in 699-th position). Each bank’s equity capital is evaluated according to International Financial Reporting Standards (IFRS).

The first Russian banks were included in the “The Banker” top 1,000 in 1997. Now the leading banks have over $100 billion capital and to be included in the top 1000 banks need at least $ 250 million in equity. Analysts commented that the global financial crisis has adversely affected some international banks while the high rates of business growth (up to 40% a year) and new equity issued by Russian banks has increased the number of Russian banks in The Banker" list of the worlds leading banks.

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