First Ukrainian International Bank (FUIB) is in the TOP 3 in the rankings of transparency of Ukrainian banks according to the study by UCRA with support from the Independent Association of Ukrainian Banks (NABU) and the Financial Sector Development Project (FINREP) of the USAID.
The study analysed the quality of information disclosure on the websites of 30 largest banks. The analysis was conducted applying the methodology of UCRA developed to meet the international best practice of information disclosure. Within the scope of the study was the disclosure of information in three main areas: ownership structure and corporate governance, operations and financial reporting, management and collegial bodies.
Disclosure of information on the web site of FUIB according to the findings of the study is 74.9% which is well above the average level of disclosure by 30 banks (56.6%) that were analysed. According to the findings of the study the web sites of the leading banks contain comprehensive information about their affiliated companies, regularly published financial statements under the IFRS and various internal regulations (articles of association, risk management policy, regulation on the credit committee, etc.).
"We believe that the transparency and openness of the bank is one of the key elements in building a relationship of trust with our customers and partners. The third consecutive year FUIB confirms the conformity of its disclosure standards to the international best practice. We deliberately enhance business standards trying to achieve the best results in the industry," said Sergey Chernenko, Chairman of the Management Board of FUIB.
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