National rating agency "Credit Rating" held the update of banks’ deposit ratings. According to information as of November 2011, Piraeus Bank received confirmation of its highest rating (level "5") at the rate of the previous month. The Bank continues to maintain the highest rating of deposits’ reliability since the founding of the rating, i.e. from March 2009. According to November’s data, the highest rating from the agency "Credit Rating" received only 9 of 93 banks that passed the evaluation.
As the agency noted, the highest rating of deposits’ reliability confirms the possibility of a financial institution to perform the assumed obligations of returning the deposits within the next 12 months from the date of rating publication in time and fully.
"Since early 2009, when Piraeus Bank received the highest rating of deposits, we continue to hold the highest rating indicating that we have chosen the right business strategy for Piraeus Bank on the Ukrainian market, - Vyacheslav Koval, Piraeus Bank in Ukraine acting Chairman of the Board, said. - Bank continually updates its line of deposit products, offering customers the deposits that best suit their everyday needs. For example, at the time customers choose the short term deposits with high interest rates. That's why we offered the deposit "Christmas spirit" with 20% per annum in hryvna for 2 months placement."
Vyacheslav Koval, Piraeus Bank in Ukraine acting Chairman of the Board: "Bank continually updates its line of deposit products, offering customers the deposits that best suit their everyday needs"
Banks’ deposit ratings are updated by "Credit-Rating" agency once in a month. The agency supports all published ratings to be up-to-dated using the information obtained from banks within the contractual relationship with them. Information on current levels of banks’ deposit ratings is available on the agency’s website. During the estimation and subsequent monitoring of deposit ratings agency analyzes the banks’ current liquidity, structure and concentration of funding base, concentration and quality of assets, balance of assets and liabilities by terms to maturity, bank’s sensitivity to unfavorable business, financial and economic conditions, availability to access external funding sources and the degree of dependence on them.
Note. Piraeus Bank is one of the major banking institutions of Southern and Eastern Europe with assets of EUR 55,6 bln and total equity of EUR 3,1 bln (as of 30.09.2011). Established in 1916, Piraeus Bank today has presence in Greece, Ukraine, Romania, Bulgaria, Albania, Egypt, Serbia, Cyprus as well as in the world financial centres of New York and London. Piraeus Bank S.A. leads Piraeus Bank Group, which consists of 10 banks and 21 companies covering the entire range of financial services.
In Ukraine Piraeus Bank provides a full range of banking services to individuals, small and medium enterprises and corporate clients. Piraeus Bank is a member of Association of Ukrainian Banks, Forum of Leading International Financial institutions (FLIFI) participant of the Fund of Guaranteeing the Deposits of Individuals. The Bank is also included in the list of banks authorized by the Pension Fund of Ukraine to make payments of pensions and financial assistance.
Piraeus Bank has the highest rating of deposits reliability provided by “Credit-Rating” Agency (grade “5”; last update took place on 07.12.2011), that shows the bank's capacity to make payments on existing deposits timely and in full. The Bank has «uaA» long-term credit rating with the forecast "stable" provided by “Credit-Rating” (updated on June, 21 2011). This long-term rating belongs to the group of investment ratings that is one of the highest ratings given to banks operating on the Ukrainian market.
On December, 5 Piraeus Bank in Ukraine became one of the most dynamic banks of 2011 (among the III group of banking institutions according to the volume of assets) and one of the three best banking employers according to the UKRAINIAN BANKER AWARDS 2011 presented by the powerful business magazine "InvestGazeta".
Piraeus Bank in Ukraine Press Service
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