PRESS RELEASE
22 January 2015
Fitch Ratings affirms the ratings of JSC 'Halyk Bank' and its 100%-owned subsidiary JSC Halyk Finance
On 21 January 2015, the international rating agency Fitch Ratings (hereinafter - Fitch) announced that it had affirmed long-term foreign and local currency Issuer Default Ratings (hereinafter - IDRs) of JSC 'Halyk Bank' (hereinafter - the Bank) and its 100%-owned subsidiary JSC 'Halyk Finance' (hereinafter - Halyk Finance) at 'BB' with Stable Outlook.
The affirmation of the Bank's IDRs reflects Fitch's view of 'limited recent changes to the Bank's standalone credit profile'. In its report Fitch mentioned the Bank's established nationwide franchise, sound capitalisation, robust profitability, and adequate liquidity.
According to Fitch, Stable Outlook reflects 'that the Bank has considerable resilience against risks stemming from a weakening of the operating environment, due to a fall in oil prices, and potential further devaluation of the tenge'.
The Bank's affirmed ratings are one of the highest among Kazakhstan banks and confirm its position of the most sustainable domestic financial institution.
Halyk Finance's rating is based on Fitch's view that it is one of the Bank's core subsidiaries, which is likely to receive support from the parent, if necessary.
***
JSC Halyk Bank is the leading financial services group and the leading retail bank in Kazakhstan with the largest customer base and the broadest branch network. The Bank holds the first place in net income among second tier banks of Kazakhstan. The Bank is developing as a universal financial services group rendering a wide range of services (banking, insurance, leasing and brokerage services) to its retail, SME and corporate clients. The Bank also operates in Russia, Georgia and Kyrgyzstan.
Halyk Finance is a leading investment bank focused on Central Asia. Based in Kazakhstan, we combine intimate knowledge of the local market with the highest international standards of efficiency and integrity. We offer a wide range of services, from brokerage, asset management, research, consulting and underwriting. Our experience in executing complex and innovative transactions customized to the clients' needs is unparalleled in the region.
For further information please contact:
Halyk Bank
Viktor Skryl
Director, International Department +7 727 259 04 27
Mira Kasenova
Head of Financial Institutions +7 727 259 04 30
Halyk Finance
Farkhad Okhonov
Director, Consulting and Underwriting +7 727 330 0152