Best bank
Aval Bank Best debt house
DrKW
Best equities house
Dragon Capital
Best local partner
Ukrsotbank
Ukraine is enjoying strong economic growth this year. In April, the economy grew 13% year on year, with GDP growth for 2004 as a whole expected to be about 9%. Ukrainian banks have also taken a step forward, in profitability and in the sophistication of their financing.
Aval Bank, winner of the best bank award, and the largest bank in the Ukraine, has posted strong growth since it won this award last year. Its assets have grown from $1 billion in 2002 to $1.8 billion in 2003, net interest income has grown from $66 million to $87 million, and net income has grown from $10 million to $12 million, over the same period.
The bank has forged a strong brand for itself in Ukraine, coming first in a poll of bank consumer preferences carried out by the Institute of Reforms. Partly, this reflects its good reputation in the market ? another poll found Ukrainians believed it was the country?s most trustworthy bank.
It also reflects the bank?s ability to adapt and expand to meet market needs. It is setting up 130 new branches in 2004, has launched a pension fund business, and is also developing its consumer credit business.
DrKW wins the award for best debt house, having carved out a 30% market share in new issues, through issues for the sovereign, City of Kiev and Ukrsibbank.
Ukrsotbank wins the award for best local partner, having won a leadership position in the fledgling local debt market, issuing 10 domestic bonds in the past year. According to Dealogic, it has issued the highest volume of debt among local banks. Ukrsibbank has also developed a strong bond origination business.
Dragon Capital wins the best equity house award. It traded the highest turnover in 2003, and also provides clients with important information on what can often be a slightly opaque market, via excellent research by Andriy Dmytrenko and his team, and other statistics such as the KP-Dragon index.
