The National Rating Agency has given an individual creditworthiness rating of A+ (high creditworthiness, Level 1) to First United Bank (Samara), the agency’s press service reported.
“NRA views as a positive the bank’s close relations with the structures of its shareholders. Substantial support in the form of capital and funding creates certainty about the execution of the lender’s business development strategy and further support of its market cap on the part of its owners,“ the press release said. Moreover, “a sharp increase in the clientele and the bank’s size, as well as the lender’s time-tested ability to successfully limit credit and operating risks in the conditions of fast expansion, have produced a positive influence on the rating,” the press service added.
NRA also takes into account the lending institution’s plan to attract a Rub 1.4 bln subordinated loan (including Rub 700 mln of shareholders’ funds) in January-March 2009. “As positive factors the agency highlights stable capitalization, years of strong profits, the developed risk management system, acceptable market and sector risks, the stable management team and headway, prescribed by the strategy, in rolling out retail operations (fund-raising and the execution of corporate clients’ salary projects)," the press release noted.
According to the data from Banki.ru and news agency Interfax-CEA, as of January 1, 2009 net assets of First United Bank stood at Rub 39.16 bln (75th place in Russia). The lending institution is a member of the national deposit insurance system.
