DNIPROPETROVSK, Ukraine, Dec. 11, 2015 /PRNewswire-USNewswire/ -- PrivatBank, Ukraine's largest privately held bank with 2,500 branches, today issued the following statement about Standard & Poor's announcement that it had upgraded PrivatBank's long- and short-term counterparty credit ratings:
PrivatBank is deeply gratified by Standard & Poor's upgrade. It confirms precisely what PrivatBank has been saying about the quality of its financial condition and the steps it has taken to strengthen its overall position.
The S&P upgrade also confirms that it has been external events – in particular, the poor state of the Ukrainian economy and the devaluing of the hryvnia – that were the major reasons for the Bank's previous problems.
We are also extremely pleased with Standard & Poor's confirmation that PrivatBank is "one of the strongest banks in Ukraine;" has "a viable business model, even under current difficult operating conditions;" and "will prove more resilient to the current economic and political crisis in Ukraine than its domestic peers." We not only agree with Standard & Poor's, but strongly believe its positive assessment is overly conservative and that further upgrades are justified.
PrivatBank is greatly looking forward to demonstrating its continued financial health and the strength of its management team in the months ahead.
Established in 1992, PrivatBank is the leader in Ukrainian banking. According to market research carried out by Gfk Ukraine in the third quarter of 2015, 41,8% of individual clients considered us as their main bank. PrivatBank is one of the world's most innovative banks. Over ten years ago the Bank was among the first banks that started using one-time SMS passwords. Among the recent innovations recognised all over the world, there are such products as payment mini-terminals, login to Internet bank using a QR code, online cash collection, and dozens of different mobile applications. To learn more, visit www.privatbank.ua.