YEREVAN, July 21. / ARKA /. Fitch Ratings, Moody’s and Standard&Poor’s have not revised their ratings of one of the largest Russian banks, Gazprombank, which is the sole shareholder of its Armenian subsidiary Areximbank-Gazprombank Group, despite growing macroeconomic and geopolitical risks stemming from new and tougher sanctions announced by the European Union and United States against Russia on Tuesday, targeting its energy, banking and defence sectors, Gazprombank said in a statement.
According to the latest reports by Standard & Poor’s, Gazprombank has a stable funding base, the main source of which are the deposits of Russian legal entities and individuals.
The international rating agencies believe that Gazprombank has an adequate liquidity to service its debt without refinancing.
“Fitch Ratings has separately emphasized that it has no doubts that the bank will get a support from the government if the need arises,” the statement says.
Areximbank – Gazprombank Group founded in 1998 is a 100 percent subsidiary of Russia’s Gazprombank.
Gazprombank is one of the largest universal financial institutions in Russia, offering a wide range of banking and investment products and services to corporate and private clients, financial institutions, and private investors.
Gazprombank has about 4 million individual and about 45 thousand corporate clients. Currently it owns seven subsidiaries and affiliated banks in Russia, Belarus, Armenia, Switzerland and Luxembourg, with offices in Beijing (China), Ulan Bator (Mongolia) and New Delhi (India). -0-
