Moody's Investors Service confirms rate of Azerbaijani bank
Azerbaijan, Baku, July 7 / Trend N. Ismayilova /
On June 19 of 2009 Moody's Investors Service, the international rating agency confirmed ratings of OJSC "Kapital Bank", the bank said on July 7.
The ratings of long and short term deposits in foreign currency and manats are assigned "B1/NP" and the Bank financial strength as "E+". Outlook is "stable".
Fitch Ratings affirmed the Long-term Issuer Default Rating (IDR) of Kapital Bank (Kapital) at 'B+' with Stable Outlook, Short-term IDR at 'B' and Individual Rating at 'D/E'. Support Rating affirmed at '4' Support Rating Floor: affirmed at 'B+'.
The affirmation of the Long-term IDR of Kapital Bank reflects its important roles in distributing pensions and other social payments through its large nation-wide network and servicing state entities and regional treasury accounts countrywide.
Fulfillment of these functions is supported owing to presence of branches. Number of its branches has no equal. Presently, position of capital, profitability and liquidity of the bank are adequate.
Presently, structure of share holders of the bank was formed in the following way: Pasha Holding owns 97.5 percent of shares, 2,400 bank employees have 2.5 percent of shares.
Presently, the bank has 87 branches, 2 independent departments and 97 (cash-desks), as well as 12 exchanges operate all over Azerbaijan. The bank intends to expand activity of outside Azerbaijan and set up 2 representations in CIS countries in future.
On July 7, the official exchange rate is 0.8042 manat to $1.
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