AGBank Satisfies with Rating of Fitch Ratings

Business Materials 27 November 2008 19:19 (UTC +04:00)

Azerbaijan, Baku, 27 November / Trend , corr. N.Ismaylova /"The management of the Azerbaijan's AGBank is satisfied with the rating of the Fitch Ratings international rating agency, Azar Movsumov, the chairman of AGBank Board, said.

"The obtaining of the rating by the bank coincided with the broken out global crisis. The fact that AGBank successfully passed the process of the analysis of international rating agency and was as a result obtained the rating, which is inferior only to bank with the state participation, is the index of quality of our bank and stability of the banking system of Azerbaijan as a whole," Movsumov said.

Fitch Ratings gave AGBank the following rating: long-term IDR in the foreign currency of " B -" (B minus), the forecast is " Stable", short term IDR in the foreign currency of " B", the approval rating of " 5" the individual rating of " D/E", is appropriated the level of the support of long-term IDR of " there is no level of support".

The assets of AGBank to the beginning of November exceeded AZN 221mln. An increase of assets since the beginning of the year was at 41 percent. More than to AZN 50mln grew the credit portfolio of the bank, which on 1 November reached the mark of AZN 162.5mln.

Since the beginning of the year the volume of the funds drawn by bank grew to AZN 51mln and composed AZN 186.7mln on 1 November. In this case the investments of individuals exceeds in the deposit structure of, which made up 54 percent since the beginning of the year.

AGBank is the participant in the program of financing trade along the line of the European bank of reconstruction and development most important in Azerbaijan. The IFC is the shareholder of bank with the 17.5- percent participation in its capital.

On 27 November, the official currency rate is 0.8079 AZN/USD.

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