Fitch Affirms Expobank’s Rating at ‘B+’

Fitch Ratings, London/Moscow, has affirmed Expobank LLC’s Long-Term Issuer Default Rating (IDR) at ‘B+’, Outlook Stable.

According to Fitch Ratings analysts, rating affirmation reflects the Bank's stable financial performance through the credit cycle, in particular stable asset quality and healthy financial performance.

The agency highlighted the Bank's reasonable capital buffers with capital adequacy ratio at 19.6% at H1-end 2017.

Analysts also pointed out the Bank’s excessive liquidity cushion covered client accounts by high 65%. Apart from that, market refinancing needs are limited.

CEO of Expobank LLC Alexey Sannikov said, “In the changing market environment, the rating affirmed at such a high level reflects our systemic professional approach to implementation of the business model and efficiently structured business processes. It is the result of concerted effort of the whole Bank’s team”.

Expobank will continue to focus on relationships with corporate clients and adhere to the organic growth model accompanied by implementation of M&A deals. Up to now Expobank has closed the deals on acquisition of the Russian subsidiary of RBS (UK), WestLB Vostok from WestLB AG (Germany), FB-Leasing from VR Leasing AG (Germany), Commercial Bank ‘Stromcombank’ Limited (Krasnoyarsk), ‘Sibbusinessbank’ JSC (Surgut), the Russian subsidiary of Barclays Bank PLC (UK).

As of H1-end 2017, IFRS assets of the Bank amounted to RUB 66.5 billion, capital – to RUB 12.9 bln, while customer and clients’ funds – to RUB 44.5 bln. Half-year net profits equaled RUB 874 million.

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