Moody's assign E+ bank financial strength rating to UnibankJune 7, 2010 - 17:19 AMT PanARMENIAN.Net - On 3 June, 2010Moody's Investors Service has assigned a bank financial strength rating (BFSR) of E+ to Armenia's Unibank CJSC, as well as Ba3 long-term and Not-Prime short-term global local currency deposit ratings and Ba3 long-term and Not-Prime short-term foreign currency deposit ratings. The outlook on all ratings is stable. "The ratings take into account the bank's good franchise strength, which is enhanced by the exclusive right to operate the Unistream money transfer system, representing a 50% stake of the lucrative money transfer business in Armenia," says Stathis Kyriakides, AVP-Analyst and lead analyst for Armenian banks at Moody's office in Limassol. The system is the proprietorship of the Russian Unistream bank, majority owned by Unibank's ultimate beneficial owners. Given that remittances constitute 20% of Armenia's GDP, Moody's believes that the success of the Unistream system in penetrating the Armenian market enhances Unibank's franchise value and brand awareness. The bank's dominant presence in the money transfer business affords it good access to primary deposits and offers cross-selling opportunities. The bank exhibits good capitalisation ratios following successive capital injections (the most recent in March 2010) which enables it to withstand some deterioration in asset quality, Unibank press service reported. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Erdogan wants “realistic road map” for relations with Armenia Turkish President Recep Tayyip Erdogan has called for a “new realistic road map” for relations with Armenia. Armenia-Azerbaijan: Experts launch work on determining coordinates Expert groups from the countries started the process of determining the coordinates based on geodetic measurements. Yerevan says did not expect CSTO in peacekeeping role Pashinyan has declared that the CSTO would be expected to come to the Armenia-Azerbaijan border as an ally of Armenia Henrikh Mkhitaryan wins Serie A title with Inter Inter Milan midfielder Henrikh Mkhitaryan admits that the team have long been imagining clinching Serie A against AC Milan. |