On September 06, 2010, the International Agency Fitch Ratings assigned the following ratings to Subsidiary Bank VTB (Kazakhstan) JSC: long-term foreign and local currency issuer default ratings (“IDR”) “BBB-“, short-term IDR “F3”, support rating “2” and national long-term rating “AA(kaz)”. Forecast for long-term issuer default rating and national long-term rating is “Stable”.
Sergey Gussarov, Chairman of the Management Board of Subsidiary Bank VTB (Kazakhstan) JSC said:
“”BBB-“ Rating (forecast “Stable”) obtained by Bank VTB (Kazakhstan) evidences of positive and stable financial state of the Kazakhstani subsidiary bank, as well as high resistance to short-term stresses”.
Experts of Fitch Ratings Agency emphasized among key performances confirming reliability and creditworthiness of the bank a potential support, which may be provided by the major shareholder – Bank VTB OJSC, which has traditionally high rating “BBB”/forecast “Stable”.
“BBB-“ rating/forecast “Stable” is high performance of a young Kazakhstani subsidiary bank, which, irrespective of small size against parent structure, for a year of work in local market demonstrates stable growth of business, efficient corporate governance, as well as high level of support by Bank VTB OJSC.
For information only:
The authorized capital stock of Subsidiary Bank VTB (Kazakhstan) JSC amounts to 9 billion tenge.
Bank VTB (Kazakhstan) is a universal financial institution servicing legal entities and natural persons.
Bank VTB OJSC and its subsidiary banks are leading international financial group providing wide range of services in Russia, CIS, countries of the Western Europe, Asia, and Africa.
Principal shareholder of VTB is the Government of the Russian Federation, which, being represented by the Federal Agency for Government Property Administration, holds 85,5% of share capital of the Group.