Business news

MINSK, 1 December (BelTA) – Belarus’ Priorbank was named by The Banker magazine (UK) among the winners of the Bank of the Year financial award, BelTA learned from the Priorbank press service.

The world’s best banks were announced at an official ceremony in London. The experts evaluated financial organizations of some 150 countries. Priorbank was named the best bank in Belarus for its performance during 2017 in different fields. Some other famous banks made it to the top, including Lloyds Banking Group, UniCredit, Banco Santander and Raiffeisen Bank.

The Bank of the Year award is considered to be one of the most reputable in the financial world. It is annually presented to the best banks in different countries. An editorial team chooses winners basing on the analysis of banking data and knowledge about a certain market. The main criteria include financial development, innovativeness, and marketing activity.

“The Bank of the Year award has a big importance on the international arena. It shows the bank’s sustainability, efficiency, and innovativeness. Many international companies entering or working with the Belarusian market pay close attention to such competitions. This also certainly reflects the level of the financial industry the bank is closely related to,” the press service noted.

Earlier on, Priorbank was included in the Euromoney ranking of the world’s top 100 banks and won the Euromoney Award for Excellence. Shortly after, another European periodical, EMEA Finance, named Priorbank Belarus’ best foreign bank.

Priorbank is affiliated with Raiffeisen Group (87.74% of shares). This is Belarus’ largest private bank which is also among the country’s backbone financial institutions.