Moody`s Interfax Rating Agency raises rating of "Ak Bars" bank
Moody`sInterfaxRatingAgency gave to "Ak Bars" bank (Kazan) a long-termed credit rating in national scale on level Aa3.ru.
It was announced earlier that Moody`sInterfaxRatingAgency gave long-termed and short-termed ratings on deposits in foreign currency on Level "Ba3" and "NP", correspondingly and also rating of financial stability on level "E+". Forecast on all ratings - stable.
In Moby?s opinion rating given to bank on deposits in foreign currency on level "Ba3" (forecast - stable) reflects a high probability of support from side of Tatarstan government.
This assumption is based on following facts: bank is important for economics of republic; companies controlled by Tatarstan government owns 93% of bank stock; "Ak Bars" plays role of "government Treasury"; bank also finances regional projects of development; bank is interpreted by citizens as system connected with government.
Rating of finance stability "E+" reflects a dominating position of the bank in Tatarstan, high level of capitalization and development ob branches in other Russian regions.
The head office of "Ak Bars" bank is situated in Kazan. It was established on 1993 by Tatarstan government for financial service of local administration. Lately nominal structure of property has changes but still government controls the bank. There are no plans of privatization of the bank.
By holding and stock amount "Ak Bars" is a leading bank of Tatarstan. It yields only to Russian savings bank by amount of deposits from natural person.
"Ak Bars" was on 14th place among Russian banks by July 2005.