ECONOMY
Standard & Poor`s rates Rabitabank among top five most transparent banks
Baku, October 24 (AZERTAC). Rabitabank is among top five most transparent banks in Transparency & Disclosure by Azerbaijani banks report released by Standard & Poor`s.
The transparency index, calculated as an average score across the 30 largest Azerbaijani banks is the first survey of this kind performed by Standard & Poor`s in Azerbaijan. The survey is a research project by Standard & Poor`s focused on analysis of disclosure practices of the 30 largest Azerbaijani
banks. The survey is based purely on public information. Its methodology is based on 111 criteria of disclosure grouped in three blocks: ownership structure and corporate procedures, financial and operational information, and board and management structure and processes. The transparency index of Azerbaijani banks came out at 30%, with top five average scores exceed the overall average by 14 p.p.
Rabitabank is a commercial bank operating in Azerbaijan since 1993. As of September 31, 2010, total assets of the bank amounted to USD 145 million while the total capital was USD 20 million. Rabitabank provides full range of financial services to its retail and corporate clients through a network of 20 branches including 15 in the regions of Azerbaijan and 6 in the city of Baku. The bank has a successful history of cooperation with international financial institutions including the International Finance Corporation (IFC), European Bank for Reconstruction and Development (EBRD), the Islamic Corporation for Development (ICD) and World Business Capital (WBC).
Standard & Poor`s is known to investors worldwide as a leader of financial-market intelligence. With offices in 23 countries and a history that dates back 150 years Standard & Poor`s strives to provide investors who want to make better informed investment decisions with market intelligence in the form of credit ratings, indices, investment research and risk evaluations and solutions.