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Fitch affirms Alfa Bank's ratings - London, UK
08 Jul 2004
Fitch Ratings, the international rating agency, has today affirmed the Long-term foreign currency rating of Alfa Bank at "B+", with a Stable Outlook, its Short-term rating at "B", its Individual rating at "D" and its Support rating at "4".
According to Fitch, unsubstantiated rumours concerning Alfa Bank's financial standing have resulted in Alfa Bank experiencing an outflow of retail deposits of about USD 70 million from its Moscow branches this week. Alfa Bank remains open for business, even extending branch opening hours, and is making settlements and payments as contracted. Fitch understands that the bank's corporate funding base has remained relatively stable.
In addition, Alfa Bank's shareholders have injected liquidity into the bank and have publicly stated that they are prepared, if needed, to make their "sizeable resources and assets" available to the bank to enable it to meet its obligations in full. Fitch believes that Alfa Bank's liquidity is being maintained at a level that is consistent with its ratings.
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Alfa-Bank Russia
Alfa-Banking Group includes Alfa-Bank Russia which is today one of the largest privately owned banks in Russia. It also includes Alfa-Bank Ukraine, one of the top-ten largest banks in Ukraine. Alfa-Banking Group also comprises banks in the Netherlands, in Belarus and in Kazakhstan as well as presence in Cyprus, the United States and the United Kingdom. The Group offers a wide range of products and operates in all sectors of the financial market, including corporate and retail lending, deposits, payment and account services, foreign exchange operations, cash handling services, custody services, investment banking, trade finance and other ancillary services to corporate and retail customers.
Alfa-Bank Russia, founded in 1990, has developed rapidly to become one of Russia's largest privately owned banks. It provides a full range of banking services — corporate banking, retail banking, investment banking, asset management and trade finance. In 2010, Alfa-Bank Russia had 364 branches over nine time zones in Russia, the Netherlands and the United Kingdom, also had presence in the United States and Cyprus.
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