On the 2nd of October, 2009 independent rating agency “Credit-Rating” has confirmed the highest rating of Piraeus Bank deposits reliability provided in March 2009 (grade “5”). 

According to Credit-Rating Agency, unlike banks counterparty ratings, which exhibit bank’s long-term financial strength, the bank deposit rating mirrors bank’s capacity to timely and in full make payments on existing deposits within the next 12 months. The bank deposit rating is assigned pursuant to specially designed rating scale and indicates deposit’s strength relatively to deposits in other Ukrainian banks. 

According to Piraeus Bank Country Manager for Ukraine Yannis Kyriakopoulos, the fact that the bank has held the highest deposit rating since the foundation of this ranking (march 2009) reflects the prudence exercised by the bank in extending loans and the commitment to best practices when dealing with depositors. 

Yannis Kyriakopoulos, Chairman of Supervisory Board of JSC "Piraeus Bank ICB", Piraeus Bank Country Manager for Ukraine: "The fact that the bank has held the highest deposit rating since the foundation of this ranking (march 2009) reflects the prudence exercised by the bank in extending loans and the commitment to best practices when dealing with depositors. "

Credit-Ratings CEO Mr. Stanislav Dubko believes that bank deposit ratings may help potential depositors select the most reliable banks and the depositors, whose deposit agreements will soon expire, decide on prolongation of the agreements. Credit-Rating has also subscribes to the opinion that bank deposit ratings may contribute to halting outflow of deposits from strong institutions, overcoming panic and to raising confidence to the banking system. 

Credit-Rating Agency maintains updated all of the ratings published using information furnished by the banks. Current bank’s deposit ratings is available on the Agency’s web-site. In the course of the rating analysis and monitoring Credit-Rating examines bank’s current liquidity, structure and concentration of resources, concentration and quality of assets, balance of as sets and liabilities by their due terms, bank’s vulnerability to adverse commercial, financial and economic conditions, and access to external funding and level of dependency upon such sources. 

Note. Founded in 2001 Credit-Rating is the first rating agency in Ukraine commited to assessment of issuer’s solvency and to assignment of credit ratings pursuant to the National rating scale. Since 2003 the agency’s rating estimations have been officially recognized by Ministry of Finance of Ukraine. Since 2004 Credit-Rating has been an authorized agency of State Commission for Securities and Stock Market for assigning ratings to economic entities, to industries and municipalities. Starting from 2007 the agency assigns corporate governance ratings. 

Piraeus Bank is one of the major banking institutions of Southern and Eastern Europe with assets of EUR 54 bln and total equity of EUR 3.3 bln (as of 30.06.2009). Established in 1916, Piraeus Bank today has presence in Greece, Ukraine, Romania, Bulgaria, Albania, Egypt, Serbia, Cyprus as well as in the world financial centres of New York and London. Piraeus Bank S.A. leads Piraeus Bank Group, which consists of 10 banks and 21 companies covering the entire range of financial services.
In Ukraine Piraeus Bank provides a full range of banking services to individuals, small and medium business and to corporate clients. The regional network of Piraeus Bank ICB covers 14 regions of Ukraine. 

Piraeus Bank is a member of Association of Ukrainian Banks, participant of the Fund of Guaranteeing the Deposits of Individuals. The Bank also included in the list of banks authorized by the Pension Fund of Ukraine to make payments of pensions and financial assistance. 

Piraeus Bank Press Service in Ukraine
Andriy Sakhno
phone/fax: +38(044)495-8888
e-mail: asakhno@piraeusbank.ua