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S&P Global Ratings confirmed Eurasian Bank ratings

ALMATY, 5 December 2018, Press Release. S&P Global Ratings, the international credit-rating agency confirmed the issuing Eurasian Bank’s (hereinafter-the Bank) long-term and short-term В/В rating outlook. The alteration forecast remains unchanged. At the same time on a national scale the Bank rating was confirmed as “kzBB+”.


S&P considers, “Confirmation of the ratings reflects our view that Eurasian Bank will continue to receive benefits thanks to its significant market share in the retail deposit segment and its leading position in the consumer loan segment, especially auto loans, as well as a fairly stable funding base, which is due to the relative fame of its brand in the country”. In addition, the agency analysts estimated the state of the Bank liquidity, “adequate liquidity reserves against the background of a relatively stable funding base support our point of view regarding its financial profile in the context of increased industry risks”.  


According to Pavel Loginov, CEO of Eurasian Bank, “The rating action reflects the correctness of the development strategy with a focus on retail buisness chosen by the Bank, which provides the Bank with a stable market base of funding and a high-quality income portfolio of assets with a controlled risk level. Unfortunately, we are witnessing a general increase in risks of the Kazakhstani banking sector, which adversely affects market participants and requires us to carefully and judiciously approach the Bank’s credit risk management”.  


The new development strategy, adopted in September 2017, has already yielded its results: Eurasian Bank moved from 5th to 4th place in terms of the retail loan portfolio among the second-tier banks of the Republic of Kazakhstan following the results of 9 months of 2018. 


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