“Fitch Ratings, an international rating agency (hereinafter referred to as “Fitch”) has confirmed the Long-Term Issuer Default Rating (hereinafter referred to as “IDR”) in foreign and national currency of Altyn Bank JSC (Subsidiary Bank of China CITIC Bank Corporation Ltd) (hereinafter referred to as the Bank) at “BBB-“, upgraded the viability Rating to the level of “bb”. The outlook for long-term IDRs is “Stable”.
According to Fitch, the Bank’s IDRs are based on potential support from the parent bank, China CITIC Bank Corporation Limited (hereinafter referred to as “China CITIC Bank”), owning a 51% stake. The Bank’s Viability Rating reflects good profitability, sufficient capital cushion and stable asset quality. It should also be noted that the Banking Sector Asset Quality Rating (AQR), conducted by the National Bank of Kazakhstan, did not reveal the need for additional provisions and capitalization increase of the Bank. An increase in the Viability Rating to the level of “bb” is a confirmation of competent management, high quality assets and a sufficient level of liquidity. “Altyn Bank’s creditworthiness on its own is one of the strongest in Kazakhstan, in particular in terms of asset quality and liquidity,” a Fitch press release said.
“The high rating of the Fitch international agency is the result of the efficient work of the Altyn Bank team and once again confirms the Bank’s strong positions, supported by the powerful resources of the shareholders, China CITIC Bank and Halyk Bank. The ratings demonstrate the success of our development strategy aimed at introducing advanced banking technologies, maintaining high asset quality, a balanced approach to risk assessment and improving customer service,” Marat ALMENOV, Chairman of the Board of Altyn Bank JSC, said.
The Altyn Bank JSC (the BS of the China CITIC Bank Corporation Ltd), formerly the BS of the HSBC Bank Kazakhstan JSC, has been operating in the financial market of Kazakhstan for more than 20 years. The Altyn Bank JSC is a universal commercial bank and serves corporate and retail customers, ranks 13th in terms of the size of its assets and has the highest ratings (Fitch – “BBB-”, Moody’s – “Ba1”) among commercial banks in Kazakhstan. The Altyn Bank JSC launched the first in Kazakhstan full-fledged digital bank Altyn-i with a full range of financial services for individuals. It has 6 branches: in Almaty, Nur-Sultan, Atyrau, Shymkent, Aktau and the AIFC, as well as 2 additional branches in Almaty.
For more information, please, contact:
АО «Altyn Bank» (ДБ China CITIC Bank Corporation Limited)
Tel.: +7 (727) 356 62 73, ext. 30 537