EUROCOMMERCE Bank PJSC's Credit Rating Lowered
The rating was downgraded due to the bank's difficulties in making payments, as well as a significant outflow of funds from corporate clients and unprofitable activities as of the reporting date. The Agency notes the extremely high proportion of individuals funds in the structure of liabilities (93% of the borrowed funds) and inadequate structure of assets.
EUROCOMMERCE Bank PJSC (formerly Caucasian Bank for Reconstruction and Development) was founded on April 20, 1992, in Nalchik (Kabardino-Balkaria). In September 2010, the bank changed its registration and moved the head office to Moscow. The bank has the license of the Bank of Russia for banking operations in rubles and foreign currency with legal entities and individuals. Since February 2005, the bank is a party to the deposit insurance system (№623), and is a member of the Association of Russian Banks and the Moscow Entrepreneurs' Association.