Alfa-Bank receives Awards for Quality and Dynamic Development in Cashless Settlements

J.P.  Morgan and Commerzbank AG, two leading global banks, singled out Alfa-Bank as one of the best clearing banks based on 2008 results.

Executive Director at J.P.  Morgan, Nataradjan Sethumathavan, presented Natalia Petelina, Head of Settlement and Cash Services at Alfa-Bank, with the Best Correspondent Bank in Dollar Settlements Award.

Alexander Botsiyev, Executive Director at J.P.  Morgan and Head of Financial Institutions Relationship in Russia and the CIS said, «The best banks are singled out from J.P.  Morgan’s 6000 correspondent banks. For the seventh time in a row, the award in that category has been given to Alfa-Bank, showing further acknowledgment of the bank’s high standards in making dollar payments.»

In addition, based on 2008 results, Alfa-bank received high appraisal from Commerzbank AG, Europe’s largest clearing bank, for its dynamic development in Euro cashless settlements. The 2008 Award for Excellence in Commercial Payments and Money Transfers Co-operation was presented by Axel M. Bommershaim, Vice-President at Commerzbank AG.

— These awards show just how excellently the Bank is operating on the financial market. We believe we will fulfill the requirements to meet international standards, and will deserve awards from authoritative financial institutions in the future, said Natalia Petelina, Head of Settlement and Cash Services at Alfa-Bank.

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