International Industrial Bank has become a leader by disclosure transparency growth

The Standard & Poor's Corporate Governance Rating Service has published its annual Transparency and Disclosure Survey of Russian Banks. According to the survey over the last year the IIB’s transparency has grown from 12% to 56% and allowed the bank to move up by 15 rating point at a time from the 30th to the 15th place, provided that the bank has shown the record 44% disclosure transparency growth dynamics.

"IIB has been aggressively entering international capital markets", - stated Andrei Snitko, Senior Deputy Chairman of the Executive Board. “In 2007 we have placed two Eurobond issues – for USD 150 000 000 and EURO 200 000 000 and raised a USD 140 000 000 syndicated loan. Better disclosure transparency, providing to its investors the most complete and reliable information as to the corporate governance principles, ownership structure and risk management policy have to a large extent served to the success of such borrowings."

The Transparency and Disclosure Survey of Russian Banks has been held already three years running and assessed the disclosure transparency and practices of the 30 largest Russian banks. The Transparency and Disclosure Survey of Russian banks is a Standard & Poor's analytical project suppored by British Embassy in Russia. The survey was based on information from three main available sources: the annual report, the web-site and the financial statements as disclosed to the regulatory bodies.

Press service