04.12.2009

Standard and Poor’s names Bank Forum one of the most transparent banks in Ukraine

Bank Forum is one of Ukraine's top three banks rated on transparency according to Standard & Poor's and Financial Initiatives Agency survey. The bank was ranked second and scored 68.8% against an average score of the Ukrainian banking sector as a whole of 42%.

The survey evaluated public access to information such as annual reports, corporate web-sites and filings with regulatory authorities, the National Bank of Ukraine and the State Committee for Securities and the Stock Market. The methodology includes 110 criteria broken down into three categories: ownership structure and shareholders rights, financial and operational information, management and board composition and procedures.

The 2009 survey of the transparency of Ukrainian banks noted that Bank Forum significantly improved transparency by 'publishing a full annual report reflecting the performance of the Supervisory Board and the management as well as a full selection of regular financial reports'.

'We have long been focused on strengthening our transparency', noted Yaroslav Kolesnyk, Chairman of the Board of Bank Forum. 'Our initiatives have been welcomed not only by investors, but by clients and partners as well, including the European Bank for Reconstruction and Development (EBRD) which recently granted Bank Forum a subordinated loan of $80 million. Despite the difficulties faced by the Ukrainian banking system, Bank Forum succeeded in increasing its number of clients by one third.'


Summary
Joint-Stock Commercial Bank Forum was founded in 1994. It is one of the largest banks in Ukraine. Commerzbank AG, the second biggest bank in Germany and one of the largest in Europe, is the main shareholder of Bank Forum. As of 1st November, 2009, the bank’s authorized capital totaled UAH 2,260 mln, net assets - UAH 19,365 mln, loan portfolio — UAH 16,201 mln, total assets — UAH 31,119 mln.

Standard & Poor's – is a worldwide leader in financial-market intelligence. Today Standard & Poor's provides market players with market intelligence in the form of credit ratings, indices, investment research and risk evaluations and solutions.

Financial Initiatives Agency – is an independent private Ukrainian analytical company which provides consultancy services in the banking and investment fields, as well as risk management.