Bank Petrocommerce
Bank Petrocommerce: Standard & Poor’s Affirms Credit Ratings Assigned to Bank Petrocommerce
Bank Petrocommerce / Key word(s): Miscellaneous 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: В+/В (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. End of Corporate News 14.12.2011 Dissemination of a Corporate News, transmitted by EquityStory.RS, LLC – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. EquityStory.RS, LLC’s Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
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 | |
End of News | EquityStory.RS, LLC News-Service |
149743 14.12.2011 |