Baku, Azerbaijan, April 17
By Fikret Dolukhanov – Trend:
Standard & Poor's international rating agency upgraded the long-term credit rating of the Uzbek JSCB Turonbank to “b/b” with a Stable forecast, the bank's press service said in a statement.
Positive rating action reflects a significant improvement in the capitalization of the bank after a significant infusion of capital by various government structures, which led to a more than a fivefold increase in its capital base.
According to the forecast of the rating agency, a significant increase in capital will allow the bank to increase the growth of crediting, in particular, crediting of state projects.
The credit rating of the JSCB Turonbank had been at the level of “b-/c” since 2012, the figure changed to “b-/b” in 2017, and ultimately was upgraded to “b/b” in 2018.
It was reported earlier that the JSCB Turonbank and the Tajik OJSC Orionbank signed a memorandum aimed at increasing the trade turnover between Uzbekistan and Tajikistan. The document was signed during the Tajik-Uzbek business forum in Dushanbe on March 9.
JSCB Turonbank has a branch network throughout the Republic of Uzbekistan - there are 19 branches and 30 mini-banks that provide the full range of banking services to both legal entities and individuals.
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