19 June 2009
Moody’s Investors Service has yesterday announced the revised credit opinion on Bank Vozrozhdenie. The long-term rating of Bank Vozrozhdenie was affirmed on the same level Ba3 with “Negative” outlook, deposit ratings remained the same Ba3. The bank financial strength rating (BSFR) retains on the level D-.
“Affirmation of Bank Vozrozhdenie credit ratings confirms the soundness of the chosen strategy. Our conservative approach to risk management and business development justify itself: high level of liquidity, reliable funding sources, stable and diversified resource base focused on the domestic market, all this let us to preserve fortress balance sheet in difficult economic environment” — said Andrey Shalimov, the Head of Bank’s Treasury.
As it is mentioned in the credit opinion of rating agency, “the rating is supported by the Bank’s entrenched positions in the Oblast of Moscow (share of 10% in private deposits and 4% in loans to individuals, second by quantity of branches and outlets), adequate franchise in retail and SME banking, relatively conservative risk-profile, solid fee-generating capacity and adequate efficiency”.
Bank Vozrozhdenie positions itself as a “community bank for SMEs and individuals”, and pursues a strategy of organic growth in the European part of Russia. The bank has a large client base of 1.35 million individuals and 55.000 companies. It ranked 28th among Russian banks by assets and 10th by retail deposits.