Fitch Ratings assigns В- rating to Uzbek Trustbank
Uzbekistan, Tashkent, Feb. 22 / Trend D.Azizov /
The international rating agency Fitch Ratings has assigned an international rating to the private open joint stock exchange bank Trustbank. Fitch Ratings assigned a B- Long-Term Issuer Default Rating (IDR) with a Stable Outlook. The bank added that the agency assigned a B Short-Term IDR and a 5 D/E Individual and Support Rating, the bank told Trend.
The rating demonstrates the bank's liquidity and sustainability.
The bank noted that the rating also opens new opportunities for attracting foreign investments, and expanding and deepening cooperation with international financial institutions.
Trustbank is engaged in providing financial services to companies on the stock market and engaged in wholesale trade and was established in 1994. In 2006, it was converted into a private bank upon a decision by the shareholders.
In 2010, the bank's assets, calculated according to national accounting standards, rose by 46.7 to 392.4 billion soum, compared to 2009. Its loan portfolio increased by 1.8 times to 80.7 billion soum and its equity jumped by 46.7 percent to 40.85 billion soum.
The bank has six branches, 16 minibanks, 22 remittance points, 14 exchange points and 15 savings banks. Correspondent relations have been established with 15 banks, including 10 abroad.
As previously reported, banks whose charter capital consists of no less than 50 percent of funds generated from private individuals are considered to be private banks in Uzbekistan.
The Uzbek banking system is represented by 32 banks, including three state banks.
The total assets of Uzbek commercial banks increased by 32.1 percent to 20.739 trillion soum in 2010 compared to 2009, the Central Bank of Uzbekistan reported. Their total loan portfolio increased by 35 percent to 11.539 trillion soum.
Their aggregate bank capital increased by 36.2 percent to 4.1 trillion soum as of Jan. 1, 2011.
Their total deposit account balance of the population grew by 52.6 percent to 4.446 trillion soum.