On May 29, 2012 the Ukrainian largest rating agency "Credit Rating" has revised the deposits’ reliability ratings of banking institutions, assessing the reliability of the deposits of 17 banks. Among them only seven financial institutions received the highest deposits reliability ratings.
As a result of the ratings’ reviewing, Piraeus Bank in Ukraine received the confirmation of its highest rating (score "5") at the level of the previous month. The Bank continues to hold the highest possible deposits’ reliability rating since the rating’s founding in March 2009.
According to the agency, the highest deposits reliability rating characterizes the ability of financial institutions to accomplish their obligations to return deposits in the next 12 months from the date of rating’s publication.
"Piraeus Bank holds the highest deposits’ reliability rating for 3 years in a row, so it is a weighty confirmation of the correctness of strategy chosen. Stable financial growth, constant growth of the resource base and efficient operations allow us to provide our depositors a significant level of reliability of placing funds on deposits with attractive level of profitability ", Nikita Malyasov, Piraeus Bank in Ukraine head of deposit and insurance products, said.
Nikita Malyasov, Piraeus Bank in Ukraine head of deposit and insurance products: "Correctness of the chosen strategy allows bank to provide depositors with a significant level of reliability of placing funds with attractive level of profitability "
Banks’ deposit ratings are updated by "Credit Rating" agency on a monthly basis. The Agency maintains all of the published ratings up-to-dated with information on current levels of banks’ deposits ratings published on the agencies’ website.
During the process of assigning and monitoring the deposit ratings the agency analyzes the bank's current liquidity, structure and concentration of the resource base, the concentration and quality of assets, balance sheet in terms of maturity, the bank's sensitivity to adverse business, financial and economic conditions, access to external sources of funding and dependence on them.
Note. Piraeus Bank is one of the major banking institutions of Southern and Eastern Europe with assets of EUR 47,5 bln and total equity of EUR 3 bln (as of 31.03.2012). Established in 1916, Piraeus Bank today is presented in Greece, Ukraine, Romania, Bulgaria, Albania, Egypt, Serbia, Cyprus as well as in the world financial centers 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.
The Bank has «uaA» long-term credit rating with the forecast "stable" provided by “Credit-Rating” (updated on 22.12.2011). 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.
Piraeus Bank in Ukraine Press Service
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