13.06.2023

Bereke Bank has been assigned a BB credit rating

Bereke Bank, a subsidiary of Baiterek Holding, received a long-term rating of BB with a stable outlook from the international agency Fitch.
 
This means that the bank's position is considered stable, it is able to fulfill its financial obligations to customers on time and in full. The bank is reliable in terms of security of investment.
The agency’s analysts note that the change in the Bank’s shareholder, which since September 2022 has been Baiterek NMH JSC, had a positive impact on the rating level.
 
- Assignment of the international credit rating "BB" from one of the largest rating agencies in the world is a high assessment of the Bank's creditworthiness, its reliability for depositors and other creditors. We are satisfied with this assessment, which once again confirms the correctness of the decision to acquire the Bank by Baiterek Holding. The high ratings of the Bank show that it is strong enough to cope with any challenges and fulfill its obligations to customers in full, - said Kanat Sharlapaev, Chairman of the Board of Baiterek NMH JSC.
 
By the way, since the purchase by the holding in September 2022, the Bank has successfully regained its positions. Funds of legal entities increased during this time by 200 billion tenge (4 times), and those of individuals - by 100 billion tenge (by 70%). Capital adequacy doubled: from 5.0% as of September 1, 2022 to 10.6% as of May 1, 2023.
 
- After the release of sanctions in March of this year, we began an active restoration of full-fledged operations, which is going according to plan.
Passing the procedure for assigning a credit rating was a strategic decision and one of the stages of recovery. The BB rating is a very high rating, given the events of the last year and a half.
In the near future, we expect the completion of all operational adjustments, including the resumption of operations on the Kazakhstan Stock Exchange; restoration of correspondent relations with local and foreign banks; gradual restoration of work with international payment systems. I would like to thank the clients for the trust they place in our Bank, - commented Andrey Timchenko, Chairman of the Board of Bereke Bank JSC.