The «Credit-Rating» agency confirmed the reliability level of deposits of financial institutions at a Rating committee meeting. According to the agency decision on 5 February, 2014 the deposit rating of JSC «Piraeus Bank ICB» was confirmed at the level «5» (highest reliability).
According to the «Credit-Rating» the bank deposit ratings reflects the agency independent opinion with regard to banks capacity to timely and in full meet its commitments on the deposit obligations in the course of the next 12 months. This type of rating has been developed in order to protect banks depositors via their informing with regard to strength of the banking institutions. This rating mirrors probability of obstacles for timely repayment of deposits (in case of introduction of regulatory restrictions for before due repayment of deposits, the repayment upon expiration of the deposit agreement shall be considered the timely repayment of deposits).
Unlike banks general credit rating, the bank deposit ratings take into account priorities for meeting commitments on the banks obligations. The bank deposit ratings correlate with the banks rating, yet being assigned by a special scale, which is employed for financial institutions only.
At the same level were confirmed ratings of 17 banking institutions: among from public ratings 5 banks received level «5» (highest reliability) and 7 banks have rating at level «4» (high reliability).
Along with Piraeus Bank the top five banks with the highest rated bank deposit includes VS Bank, Marfin Bank, Universal Bank PUMB. For a complete list of banks that received ratings’ confirmation at the same level, you can find at the rating agency "Credit Rating" website.
Earlier, Piraeus Bank in Ukraine reported on the updated results of financial institutions credit ratings as «stable» – «Credit Rating» agency confirmed the reliability level of deposits in Piraeus Bank in Ukraine and assigned it «stable» credit rating.
Note About Piraeus Bank
Piraeus Bank Group is one of the major banking institutions of Southern and Eastern Europe. Piraeus Group's pro-forma total assets amount to €93 bn, net loans to €62 bn and customer deposits to €55 bn (at the end of Septebmer 2013).
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 04.02.2014).
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).
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