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Procredit Bank

Summary Details:

  • iconCountry Name: Georgia
  • iconS&P Rating: N/A
  • iconMoody's Rating: N/A
  • iconFitch Rating: BB
  • iconAssets: GEL 1,078,124
  • iconProfits: GEL 23,723
  • iconOwnership: 100% ProCredit Holding AG & Co. KGaA
  • iconDate Modified: Jun-2015

Syndicated Analyses:

Reuters "Fitch Affirms Six Georgian Banks; Outlook Stable" 28-May-2015:
Fitch Ratings has affirmed Bank of Georgia (BoG, BB-/Stable/bb-), TBC Bank (BB-/Stable/bb-), ProCredit Bank (Georgia) (PCBG, BB/Stable/bb-), JSC Liberty Bank (LB, B/Stable/b), Basisbank (BB, B/Stable/b) and Halyk Bank Georgia (HBG, BB-/Stable).
The affirmation of BoG's, TBC's, PCBG's, LB's and BB's VRs, and (with the exception of PCBG) their Long-term IDRs with Stable Outlooks, reflects their generally robust capitalisation, ample liquidity and still sound financial metrics notwithstanding a challenging operating environment in Georgia. The economic slowdown, depreciation of the Georgian lari (GEL) and higher funding costs are likely to have a moderate negative impact on banks' performance in 2015, but Fitch expects that this will be within the tolerance range of the ratings.
Direct losses from devaluation will be limited, as the rated Georgian banks do not run significant short open currency positions. Nonetheless, with over 60% of banks' loan portfolios US dollar denominated (with the notable exception of LB, 4%), the fall of the lari could create asset quality pressures and a slight decrease in regulatory capital ratios due to asset inflation.
Liquidity is adequate, underpinned by high levels of liquid assets on balance sheets, which provide the banks with solid buffers to absorb unexpected funding outflows.
PCBG's VR is at the same level as those of BoG and TBC, notwithstanding PCBG's significantly smaller size, and reflects the bank's superior track record of asset quality through the cycle, solid performance, robust corporate governance and fairly conservative risk management, resulting from its participation in the ProCredit group of banks.
Fitch Ratings "Fitch Revises Outlooks on Procredit Bank Georgia & JSC Liberty Bank to Stable; Affirms IDRs" 21-Apr-2015:
Fitch Ratings has revised the Outlooks on the Long-term Issuer Default Ratings (IDRs) of ProCredit Bank Georgia (PCBG) and JSC Liberty Bank (LB) to Stable from Positive and affirmed the IDRs at 'BB' and 'B', respectively.
The revision of the Outlooks follows the revision of the Outlook on Georgia's sovereign rating to Stable from Positive
The affirmation of PCBG's 'BB' Long-term IDRs, one notch above the sovereign rating, and '3' Support Rating, reflect Fitch's view of the moderate probability of support from the bank's 100% shareholder, ProCredit Holding AG & Co. KGaA (PCH; BBB/Stable). Fitch views the propensity of PCH to provide support to PCBG as high. The support considerations take into account the majority ownership, common branding, strong parental integration and a track record of timely capital and liquidity support from PCH.
Wikileaks Public Library of US Diplomacy "Georgia Subject: JSC Procredit Bank Georgia" 20-Feb-2009:
In response to the reftel, Post's inquiry into JSC ProCredit Bank Georgia from both an international financial institution and a competitor revealed no negative information. End Summary. 2. Post has no reports questioning the credibility or positive image of JSC ProCredit Bank Georgia (PCBG). Post contacted IFC (International Financial Corporation ) which is familiar with PCBG's affairs and activities in the Georgian banking sector. IFC confirmed that PBG is a legitimate bank in good standing. A representative of HSBC confirmed the same.
7. Post has no information that PCBG has links to corruption or terrorism. (Embassy Note: Maya Meredova, deputy General Director fo PCBG is married to the CFO of Georgia's largest bank - Bank of Georgia. End Note.)

Deposits table:

CurrencySort DescTypeSort DescMaturitySort DescRateSort DescDate ModifiedSort DescView
USDTerm63%Nov-2015View
USDTerm73%Nov-2015View
USDTerm83%Nov-2015View
USDTerm93.5%Nov-2015View
USDTerm103.5%Nov-2015View
USDTerm113.5%Nov-2015View
USDTerm12-144%Nov-2015View
USDTerm15-234.25%Nov-2015View
USDTerm244.5%Nov-2015View
USDSavings62.5%Nov-2015View
USDSavings72.5%Nov-2015View
USDSavings82.5%Nov-2015View
USDSavings93%Nov-2015View
USDSavings103%Nov-2015View
USDSavings113%Nov-2015View
USDSavings12-143.5%Nov-2015View
USDSavings15-233.75%Nov-2015View
USDSavings244%Nov-2015View
EURTerm62%Nov-2015View
EURTerm72%Nov-2015View
EURTerm82%Nov-2015View
EURTerm92.5%Nov-2015View
EURTerm102.5%Nov-2015View
EURTerm112.5%Nov-2015View
EURTerm12-143%Nov-2015View
EURTerm15-233.25%Nov-2015View
EURTerm243.25%Nov-2015View
EURSavings61.5%Nov-2015View
EURSavings71.5%Nov-2015View
EURSavings81.5%Nov-2015View
EURSavings92%Nov-2015View
EURSavings102%Nov-2015View
EURSavings112%Nov-2015View
EURSavings12-142.5%Nov-2015View
EURSavings15-232.75%Nov-2015View
EURSavings242.75%Nov-2015View