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ACBA-Credit Agricole Bank

Summary Details:

  • iconCountry Name: Armenia
  • iconS&P Rating: N/A
  • iconMoody's Rating: N/A
  • iconFitch Rating: N/A
  • iconAssets: AMD 286,410
  • iconProfits: AMD -4,625
  • iconOwnership: 15.56% Credit Agricole Stock Company,
    14.08% Armavir Agricultural Cooperative Regional Union Social Organization,
    12.44% SACAM International SJSC,
    12.28% Ararat Agricultural Cooperative Regional Union Social Organization
  • iconDate Modified: Jul-2015

Syndicated Analyses:

Mix Market "MFI Report ACBA Credit Agricole Bank" 08-Jun-2015:
The Bank was founded by Agricultural Cooperative Regional Unions of 3 Armenian provinces of Shirak, Armavir and Ararat and obtained a full banking license on 29th March, 1996.
ACBA-Credit Agricole Bank "The Bank Today" 05-Jun-2015:
The ACBA bank was established in 1996, within TACIS program of the European Union. Credit Agricole Consultant consulting service of the French Credit Agricole bank jointly with Dutch Rabobank and German DG-Agroprogress companies successfully implemented the three-phase bank establishment program.
Long-term and mutually beneficial cooperation between ACBA Bank and the European leading French banking group Credit Agricole led Credit Agricole bank group to become the biggest shareholder of ACBA Bank on September 15, 2006, by making a significant financial investment into the bank capital.
Fitch Ratings "Fitch Affirms & Withdraws ACBA Credit Agricole's Ratings" 26-Jan-2012:
Fitch Ratings has affirmed and withdrawn the ratings of Armenia's CJSC ACBA-Credit Agricole Bank (ACBA), including its Long-term Issuer Default Rating (IDR) of 'BB-' with a Stable Outlook.
Fitch has withdrawn the ratings as ACBA has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings.
Moody's Corporation "Moody's withdraws credit ratings of ACBA-Credit Agricole" 20-Jan-2012:
Moody's Investors Service has today withdrawn all ratings of ACBA-Credit Agricole (Armenia) for business reasons. At the time of withdrawal, ACBA-Credit Agricole's ratings were as follows: long-term local currency deposit rating of Ba2, long-term foreign currency deposit rating of Ba3
Fitch Ratings "Fitch Downgrades Armenia's ACBA Credit Agricole to 'BB-'; Outlook Stable" 05-Dec-2011:
Fitch Ratings has downgraded Armenian ACBA-Credit Agricole Bank's (ACBA) Long-term Issuer Default Rating (IDR) to 'BB-' from 'BB'. The Outlook is Stable.
The downgrade of ACBA's Long-term IDR reflects the agency's reassessment of the probability of support from its shareholder Credit Agricole S.A. (CA; 'AA-'/RWN). In its assessment, Fitch now places greater emphasis on factors which it had previously identified as constraining the probability of support. These factors include the fact that the Armenian market is not of strategic importance for CA, the minority (28%) stake held by CA, and CA's limited presence in other emerging markets, meaning ACBA's performance, and hypothetical default, would bear little contagion risk for the rest of the group.
Support for ACBA from CA has never been required, or therefore tested, in the past given ACBA's sound financial position.
ACBA's VR considers recent rapid growth, increased loan concentrations and still high loan dollarisation (57% of end-Q311 loans), exposing the bank to indirect market risk in case of a national currency devaluation. At the same time, the rating reflects low levels of non-performing loans, sound liquidity and manageable refinancing risks, strong profitability and capitalisation (Basel II total capital ratio of 20.8% at end-Q311) as well as the bank's broad domestic franchise.
At end-Q311, ACBA was Armenia's largest bank by total assets (nearly 11% of the system's assets) with sizeable market shares of around 50% in agricultural lending and 14% in consumer lending. CA's 28% stake is owned in part directly and in part indirectly; the remainder is distributed among 10 regional agricultural unions.
Moody's Corporation "Moody's changes outlook on four Armenian banks to negative" 23-Nov-2011:
the outlook was changed to negative from stable on the Ba3 long-term foreign-currency deposit ratings of three Armenian banks Ardshininvestbank, ACBA-Credit Agricole and Unibank
The deposit ratings of three banks -- Ardshininvestbank, Unibank and ACBA-Credit Agricole -- incorporate our assessment of moderate systemic support from the government in case of need.
However, ACBA-Credit Agricole's Ba2 local-currency debt rating would not be affected by a potential downgrade of Armenia's government debt, because the bank's deposit ratings also benefit from parental support from Credit Agricole (its largest shareholder). Consequently, the outlook on ACBA-Credit Agricole's Ba2 local-currency deposit rating remains stable.
Credit Agricole Group "No 1 in Armenia, ACBA Crédit Agricole Bank turns 15" 29-Sep-2010:
A cooperative bank specialising in agricultural financing, along the lines of a Crédit Agricole Regional Bank, ACBA was formed in 1996 when Armenia was privatising its farmland. Experts from Crédit Agricole Consultants and the Regional Banks travelled to Armenia to help local managers set up the bank, and they continue to assist with its development. ACBA has leveraged Crédit Agricole's experience and now comprises 715 local village associations, which form its core.
ACBA's development began with the distribution of very short-term micro-loans to farmers. The success of this initiative enabled the bank to set up a branch network throughout Armenia and at the same time to gradually become a universal bank, thanks to the support of Crédit Agricole. The transformation materialised in 2007 when Crédit Agricole took a 28 per cent stake in ACBA (15.56 per cent held by Crédit Agricole S.A. and 12.44 per cent by SACAM International, the Regional Bank holding company).

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