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Moody's Investors Service affirms ratings of Hamkorbank

January 23, 2014

Tashkent, Uzbekistan ( ) -- Moody's Investors Service has affirmed international ratings of Open joint stock commercial bank Hamkorbank on 14 January 2014 , the Uzbek bank's press service said on 21 January. The Uzbek bank said in a statement that Moody's affirmed assigned the standalone E+ bank financial strength rating to Hamkorbank. Local currency deposit rating of Hamkorbank was affirmed at B1 level and foreign currency deposit at the B2 level. The baseline credit assessment affirmed at b1. The outlook on all of the bank's ratings is stable, Hamkorbank said in its statement. The experts of the rating agency noted that firm and good relations with international financial institutions, existing system of corporate management and risk management, strong position in the market of crediting and small and medium businesses and market of remittances and other factors were taken into account during rating process. The credit portfolio of the bank rose almost 45% in January- November 2013 and 40% in 2012 due to high demand to loans in Uzbekistan . Hamkorbank is also one of leading banks in money transfers market and it services about 30% of all remittances in Uzbekistan .

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Source: UzDaily (Uzbekistan)

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