On June 4, 2013, Ukrainian biggest rating agency "Credit Rating" confirmed the previously assigned credit rating of Piraeus Bank in Ukraine. The bank’s long-term credit rating was confirmed at uaA level with forecast "stable". This rating remains unchanged for 5 years (since its assignment on June 13, 2008).
According to the agency, the uaA rating is characterized with high creditworthiness of the bank compared to other Ukrainian obligors or debt liabilities. A stable forecast indicates that there are no reasons to change the rating during the year.
While making the analysis the agency used the financial statements of the bank for 2011-2012 and for Q1 2013, as well as the inside information provided by the bank in the rating process.
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 main shareholder, Piraeus Bank S. A., high liquidity and the diversification of liabilities assets among the main contributors, availability of the relatively cheap resource base that allows the bank to maintain a competitive position in the financial market.
Vyacheslav Koval, Piraeus Bank in Ukraine Acting Chairman of the Board: "Due to balanced approach to the lending policy and active work on resources’ attraction, the bank maintains a high credit rating for 5 years already"
"Confirmation of the bank's high credit rating demonstrates that the Piraeus Bank in Ukraine is minimally sensitive to adverse business, financial and economic factors. Due to balanced approach to the lending policy and active work on resources’ attraction, the bank maintains a high credit rating for 5 years already", Vyacheslav Koval, Piraeus Bank in Ukraine Acting Chairman of the Board, said.
In addition, the agency confirmed the Piraeus Bank deposits’ rating at the level "5" (highest reliability). According to the agency, this rating signifies the bank's minimum sensitivity to adverse business, financial and economic factors. The likelihood of problems with returning the deposits in time over the next 12 months from the date of the ratings’ publication is very low, “Credit Rating” agency mentioned. Piraeus Bank in Ukraine maintains the highest level of deposits’ reliability from March 2009.
Note. Piraeus Bank Group is one of the major banking institutions of Southern and Eastern Europe. Piraeus Group's pro-forma total assets amount to €94.4.bn, net loans to €71.9 bn and customer deposits to €53.3 bn (according to Q1 2013 results).
Piraeus Bank entered the Ukrainian market in 2007.
Piraeus Bank has the highest rating of deposits reliability provided by "Credit-Rating" Agency (grade "5"as of latest rating of 04.06.2013).
The Bank is authorized by the Pension Fund of Ukraine to make payments of pensions and financial assistance. The Bank is a member of Fund of Guaranteeing the Deposits of Individuals and Forum of Leading International Financial institutions (FLIFI).
Piraeus Bank in Ukraine Press Service