OREANDA-NEWS. December 30, 2009. Moody’s Investors Service affirmed Uniastrum Bank’s long-term credit rating at Ba2 with a stable outlook, while Moody’s Interfax Rating Agency assigned the lender a long-term national scale rating of Aa2

Uniastrum’s financial strength rating has been reaffirmed at E+, and its short-term foreign and local currency deposit rating at NP.

The agency’s rating reflects Uniastrum’s stable financial standing, its sizable client base and growth rates, as well as its BoC-partnered strategy geared toward expanding its SME business portfolio and Russia-wide retail clientele. Over its 15-year history Uniastrum has steadily and surely carved itself solid positions in the national banking market and today is one of Russia’s Top-20 most recognizable and well-known brands.

Based on recent financial statements, as of December 1, 2009 the Bank’s equity capital stood at Rb 7.2 bn, while its total assets amounted to Rb 126.4 bn. In the reporting period, net assets topped Rb 63.9 bn. This November a general meeting of Uniastrum shareholders approved a Rb 1.3 bn increase in the Bank’s charter capital.

Uniastrum’s loan portfolio is highly diversified in terms both of its product mix and client base, affording it a high degree of protection and security in the event of default on the part of major borrowers on the corporate or individual front. Large business loans (over €6 mn) account for 15.8% of the Bank’s overall lending portfolio, those to small businesses 8.58%, and retail credits 30% (47% of which are auto loans and 12% credit cards)

“Moody’s rating properly reflects our Bank’s financial stability, as well as its development prospects in a new situation,” says Pavel Neumyvakin, Chairman of Uniastrum’s Management Board. “Our merger with the Bank of Cyprus means we are now able to harness its infrastructural and technical capacities, and we plan therefore to ramp up business volumes at least 40% in 2010”.