“The international rating agency Fitch Ratings (the “Fitch”) announced the confirmation of the long-term issuer default rating (the “IDR”) in the foreign and national currency of Altyn Bank JSC (Subsidiary Bank of China CITIC Bank Corporation Ltd) (the “Bank”) at the level of “BBB-“ rating of stability at the level of “bb”. The guidancea for the Long-term IDRs are Stable.
Altyn Bank’s ratings are one of the highest among the second-tier banks in Kazakhstan. When confirming the ratings, the agency assessed the high possibility of support from the parent bank – China CITIC Bank Corporation Limited (the “China CITIC Bank”), if necessary. The Viability Rating reflects the successful performance of Altyn Bank under the current management, as well as good financial performance during the assessment period. National rating “АА+(kaz)” reflects the creditworthiness of Altyn Bank JSC relative to other issuers in Kazakhstan
“The high assessment of Fitch International Agency is the result of the effective work of the Altyn Bank team and the interaction of management with shareholders – China CITIC Bank and Halyk Bank. The bank maintains high operational efficiency. The ratings confirm the success of the bank’s development strategy, which is based on the implementation of IT technologies, maintaining high asset quality and a balanced approach to risk assessment”, said Marat Almenov, Chairman of the Board of Altyn Bank JSC.
Altyn Bank JSC (SB China CITIC Bank Corporation Ltd), formerly SB HSBC Bank Kazakhstan JSC, has been operating in the financial market of Kazakhstan for over 20 years. Altyn Bank JSC is a universal commercial bank serving corporate and retail clients, ranks 13th in terms of assets and has one of the highest ratings (Fitch – “BBB-”, Moody’s – “Ba”) among Kazakhstani commercial banks. Altyn Bank JSC launched the first full-fledged digital bank Altyn-i in Kazakhstan with a full range of financial services for individuals. It has 6 branches: in Almaty, Nur-Sultan, Atyrau, Shymkent, Aktau and in the AIFC, as well as 2 additional branches in Almaty.
For additional comments you can contact:
Altyn Bank JSC (SB China CITIC Bank Corporation Limited)
Tel. +7 (727) 356 62 73, (int. 30 537)