Fitch Ratings has affirmed Uzbekistan-based Ipoteka Bank’s Long-Term Issuer Default Ratings (IDRs) at “BB-”. The Outlook is Stable.

Fitch Ratings has affirmed Uzbekistan-based Ipoteka Bank’s Long-Term Issuer Default Ratings (IDRs) at “BB-”. The Outlook is Stable.

Ipoteka Bank’s “BB-” Long-Term IDRs are driven by potential support from the Uzbekistan sovereign (BB-/Stable) in case of need. 

Ipoteka Bank is the fourth largest bank in Uzbekistan with a 9% share in the banking sector at the end of 2019. The Bank provides various types of banking services through a wide network of branches and divisions that cover all regions of the country.

According to experts of the rating agency, Ipoteka Bank has strong capitalization indicators to grow its business, an adequate liquidity reserve, good asset quality, as well as stable funding, including from state organizations.