Standard & Poor`s Governance Services said transparency remains low at Ukrainian Banks despite positive developments, according to Thompson Financial.

S&P said the level of transparency remains low, at 41 pct, and in addition the last year was characterized by a decrease of 1 pct point in the index. Only one of last year`s top three banks managed to retain its leading position in the ranking--Ukreximbank, with the top score of 64 pct.

The negative dynamics of the 2007 index relate to the fact that the previous study was conducted against a backdrop of a peak activity in terms of transactions in which Ukrainian banks were bought by international institutions, as well as eurobond issues, S&P said.

There has been a great deal of effort by the state regulatory bodies, the National Bank of Ukraine and the State Commission on Securities and the Stock Market, to improve banks` transparency. Nevertheless, adoption of regulatory standards has not yet had a meaningful influence on banks` transparency, S&P added.