Moody’s affirms Uniastrum Bank’s international and national ratings

On May 31, Moody’s Investors Service affirmed Uniastrum’s long-term global foreign and local currency deposit rating at Ba2 with a stable outlook, while Moody’s Interfax Rating Agency affirmed the lender’s national scale rating at Aa2.

Uniastrum Bank’s financial strength rating stands at E+ with a stable outlook, while its short-term local and foreign currency deposit rating (NP) remains unchanged.

Uniastrum’s international rating reflects the Bank’s sound financial standing, its sizeable client base, growth rates, as well as its strategy, crafted jointly with the Bank of Cyprus, geared toward boosting retail and SME business volumes Russia-wide. For 16 years now the Bank has steadily and surely carved itself solid positions in Russia’s banking market and the Uniastrum brand is today one of the nation’s Top-20 most respected and recognizable bank brands.

Based on its FY09 results, Uniastrum once again proved itself to be one of the best banks in the country, ranked by CBR among Russia’s Top-30 systemically important banks, and in the Top-20 among banks with well ramified branch networks. Meantime, Uniastrum places 48th by asset volume, 36th based on the value of its overall credit portfolio, 21st by total retail deposits, 8th by auto loans, and 6th in terms of SME portfolio and loan volumes, according to figures released by RosBusinessConsulting new agency.

In 2009, Uniastrum’s total assets climbed 56% to around Rb 140 bn. Last year saw the lender’s corporate lending portfolio expand 60%, while its small business loan portfolio more than doubled.

Q110 results drafted to RAS show the Bank’s total assets at Rb 148.1 bn, credit portfolio as of April 1, 2010 at Rb 54.9 bn, with net income meantime at Rb 116.4 mn.

In the first quarter Uniastrum’s charter capital increased Rb 1.3 bn following an additional contribution by the sole shareholder, totaling Rb 5.1 bn as of May 1, 2010. During the same period equity capital improved 19% to Rb 8.8 bn as of April 1, 2010. The uptick in charter capital is imperative for growth, moving forward, and if the Bank is to press ahead with plans to expand its credit portfolio more than 30% in the current year.

Moody’s last reviewed Uniastrum’s ratings on November 25, 2008, when the agency raised the Bank’s long-term local and foreign currency deposit rating 3 notches to Ba2, simultaneously upgrading its long-term national scale rating from Baa1.ru to Aa2.ru. At the same time, the lender’s financial strength rating (BFSR) was affirmed at E+, and its short-term local and foreign currency deposit rating (NP). The review of the Bank’s deposit rating and national scale rating followed hot on the heels of the Bank of Cyprus’s acquisition of an 80% stake in Uniastrum.

For more information call or write Olga Kurganova:

744 04 04, ext. 1066

kurganova@uniastrum.com

www.uniastrum.ru