The average level of information disclosure by 30 largest Ukrainian banks was 46.14%, which is evidence of a lack of transparency in the Ukrainian banking system compared to the international practice of information disclosure.
The conclusion was made in a survey on the information transparency of Ukrainian banks conducted by Credit-Rating agency jointly with the Financial Initiatives Agency.
"The level of transparency of Ukrainian banks is still far from ideal… Banks should aim at meeting international information disclosure standards as [this is] one of the important components of a corporate management system," reads the report, a copy of which has been forwarded to Interfax-Ukraine.
According to the document, the leader in the quality of information disclosure is VAB Bank (71.6%), while First Ukrainian International Bank (FUIB) ranked second (62.07%), and Raiffeisen Bank Aval was third (60.75%).
Brokbusinessbank, ING Bank Ukraine and Universal Bank have the lowest indicators.
"Information about the supervisory board and managers, especially about bonuses, is disclosed best of all," reads the report.
According to the document, in 2011, Credit-Rating company and Financial Initiatives Agency (the Financial Initiatives Agency had been analyzing transparency of Ukrainian banks jointly with Standard&Poor’s in 2007-2010) united efforts and drew up joint methods for analyzing transparency of banks: the quality of information disclosure was monitored, in particular, in annual reports, on banks’ Web sites, in databases open for the public, on Web sites of the National Bank of Ukraine and exchanges.
The agencies analyzed the availability of information as of Aug. 1, 2011: the analysis was based on information about the structure of ownership and corporate structure, financial and operation data, information about supervisory boards and managers.
