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Fitch Affirms Ukraine’s Bank Diamant at ‘BB-(ukr)’; Outlook Stable

July 28, 2008
Fitch Ratings-London/Moscow-25 July 2008: Fitch Ratings has today affirmed Ukraine-based Bank Diamant’s National Long-term rating at ‘BB-(minus)(ukr)’. The Outlook remains Stable.

The rating reflects the bank’s high borrower concentrations, large credit exposure to the construction sector, weak profitability and significant related party lending, low free capital, potentially vulnerable liquidity position and certain weaknesses in the operating environment. At the same time, the rating also considers the moderate level of reported non-performing loans.

The Stable Outlook on the rating reflects the fact that the bank’s funding base seems to have remained reasonably stable in recent weeks, notwithstanding the increased political risk relating to the bank’s owner, However, a deterioration of the liquidity position or a significant reduction in the bank’s already narrow customer franchise would exert downward pressure on the rating, as could significant credit losses. Upside potential for the rating is currently very limited given the political risk. However, an expansion of franchise, diversification of customer base and industry loan exposures and improvement in performance and capital ratios would be positive for Diamant’s credit profile.

Bank Diamant was established in 1993 and specialises mainly in corporate lending and private banking services. The bank was ranked 62nd in Ukraine by total assets, with a market share of 0.2%, at end-Q108. Bank Diamant has a network of four branches and about 45 outlets covering 11 regions of Ukraine. It is solely owned by Mr. David Zhvania, a member of the Ukrainian parliament (the Verkhovnaya Rada). Mr. Zhvania appears to have come under some pressure from the Ukrainian authorities following recent reports that he had questioned some of the circumstances surrounding President Yuschenko’s election victory in 2004.
Company — Diamantbank
  • Full name
    Commercial Bank "Diamantbank"
  • Industry
    Banks