Bank Petrocommerce: Standard & Poor's Affirms Credit Ratings Assigned to Bank Petrocommerce
EquityStory.RS, LLC-News: Bank Petrocommerce / Key word(s): Miscellaneous Bank Petrocommerce: Standard & Poor's Affirms Credit Ratings Assigned to Bank Petrocommerce
14.12.2011 / 14:35
Moscow
Standard & Poor's Affirms Credit Ratings Assigned to Bank Petrocommerce
On 09 December 2011, Standard & Poor's affirmed the following credit ratings of Bank Petrocommerce in accordance with the updated methodology:
- international scale rating: +/ (long-term/short-term credit ratings in foreign and national currencies)
- national scale rating: ruA
- outlook: stable.
Bank Petrocommerce is currently characterized by sizable business volumes compared to its peers in the Russian financial market. Since 2000, Bank Petrocommerce has sustainably ranked among top 30 Russian banks. It enjoys robust capitalization (its tier 1 capital adequacy ratio by IFRS is more than twice as high as the floor level of 8% set by the Basel Capital Accord). The Bank's shareholders are willing to render their financial support, if necessary. The Bank is the strategic partner and main settlement bank of the LUKOIL group in the ruble area.
The Bank's development strategy till 2015 adopted in Q1 2011 is focused on the most promising client segments and products, including retail, and is expected to take the Bank's operations to a whole new level. Implementation of the strategy will contribute to the expansion of the Bank's customer base, generation of higher profit, acquisition of new competitive edges and enhancement of its positions in the Russian financial market.
The Bank has top notch expertise in providing services to key client groups: large and medium-sized corporations, holdings, corporate clients' employees, premium segment of individual customers, that constitute the backbone of the Bank's clientele.
Bank Petrocommerce has sustainably enjoyed an adequate liquidity position, a low level of currency risks, a loan portfolio, which is well diversified across various economic industries, an improving situation with non-performing assets, a well diversified funding base with low reliance on international capital markets.
The Bank's extensive regional network ensures its operations in the major economic hubs and in the regions with high growth potential.
Profile:
Bank Petrocommerce was established in 1992 and is a universal credit organization, which renders a complete range of bank services. The Bank ranks among top 30 largest banks of Russia. Bank Petrocommerce is part of IFD Kapital Group, one of Russia's largest diversified holdings with interests in the oil industry, financial sector, pension funds, high technologies, power generation and mass media. As of 01.10.11, the Bank's equity was RUR 21.2 bln., assets - RUR 212.4 bln., loan portfolio - RUR 116.7 bln., customer accounts and deposits - RUR 163.2 bln., net profit for 9 months - RUR 407 mln. Bank Petrocommerce has been assigned +/ (international scale) and ruA (national scale) ratings by Standard&Poor's and Ba3/NP (international scale) and Aa3.ru (national scale) ratings by Moody's Investors Service. Russian Expert RA has assigned its + to the Bank. The Bank is a member of the mandatory deposit insurance system and is authorized to act as a guarantor to the customs authorities. Petrocommerce Banking Group comprises the following commercial banks: OJSC Stavropolpromstroybank, OJSC Komiregionbank Ukhtabank, PJSC Bank Petrocommerce-Ukraine. The extensive network of the Banking Group consists of 166 points of sale in 75 Russian cities ________________________________________ Public Relations and Advertising Division of Bank Petrocommerce pr@pkb.ru, + 7 495 625-87-71, +7 495 981-76-54
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Language: English Company: Bank Petrocommerce 24/1, Petrovka 127051 Moscow Russia Phone: +7 (495) 411-6411 Fax: +7 (495) 623-3607 E-mail: office@pkb.ru Internet: www.pkb.ru ISIN: RU000A0JQM39, RU000A0JQ9V7, RU000A0JQ9X3
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149743 14.12.2011
ISIN RU000A0JQM39 RU000A0JQ9V7 RU000A0JQ9X3
AXC0155 2011-12-14/14:36
