On December, 22 the rating committee of the national rating agency "Credit Rating" renewed and confirmed the current long-term credit rating of Piraeus Bank in Ukraine at uaA level with forecast "stable". During the analysis the rating agency used the financial statements of Piraeus Bank in Ukraine in 2009-2010, and Q1-Q3 of 2011 as well as the inside information provided by the bank in the rating process.

According to the agency, the uaA rating is characterized with high creditworthiness of the bank compared to other Ukrainian obligors or debt liabilities. The level of creditworthiness is vulnerable to adverse business, financial and economic conditions.

A stable forecast indicates that there are no reasons to change the rating during the year.

The assignment of uaA rating for Piraeus Bank in Ukraine by the rating agency "Credit Rating" was influenced by the following factors:

• availability of support from the major shareholder Piraeus Bank S.A., one of the largest banks in South-Eastern Europe;
• high liquidity and the balance of assets and liabilities by term to maturity;
• increase in the level of provisions for active operations;
• availability of the relatively cheap resource base that allows bank to maintain a competitive position in the financial market.

A high credit rating of Piraeus Bank in Ukraine remains unchanged at uaA level since its assignment by the agency "Credit Rating" on June 13, 2008. 

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.

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
Andriy Sakhno
cell.: +38(067)214-4081
e-mail: asakhno@piraeusbank.ua