Bank Of Baku

Standard & Poor’s: Information transparency of Azerbaijan-based banks is at lower level

Standard & Poor’s: Information transparency of Azerbaijan-based banks is at lower level
# 21 October 2010 10:46 (UTC +04:00)
Baku. Nijat Mustafayev – APA-Economics. Today, the results of research on information transparency of Azerbaijan-based banks conducted by Standard & Poor’s International Agency by the support of IFC were explained in Baku.

According to Svetlana Borodina, the Director of Governance Services at Standard & Poor’s the research was conducted among the 30 banks. The information transparency index made 30%: “This is lower than other banks in CIS Countries. Information transparency of Ukrainian banks makes 43$, Russian banks make 52%.”

She also noted that this was connected with few information in web sites of banks and lack of annual reports: “Only 14 banks from 30 issued annual reports. There are few information in English by the banks.”

5 banks of Azerbaijan had highest level of information transparency: AccessBank (52%), Mugan Bank (44%), Amrahbank (44%), Rabitabank (43%) andf DemirBank (40%).
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THE OPERATION IS BEING PERFORMED