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Announcement:

Moody's: Survey of CIS banks reveals persistently high credit concentrations

13 Nov 2013

London, 13 November 2013 -- Bank concentrations in Russia and other Commonwealth of Independent States (CIS) show that exposures to single clients and related parties continue to be among the highest globally, says Moody's Investors Service in a Special Comment published today. Whereas Moody's-rated CIS banks recorded an improvement in average deposit concentrations -- based on 2012 data, compared to the previous in 2011 -- their overall credit risk appetite and loan book concentrations remain persistently high, a negative credit feature that is unlikely to change next year.

The new report: "2013 Survey of Russian and CIS Banks' Single-Client and Related-Party Concentrations", is now available on www.moodys.com. Moody's subscribers can access this report via the link provided at the end of this press release.

CIS banks' average exposure to their 20 largest borrowers amounted to 231% of capital or 44% of gross loans as of year-end 2012, mostly unchanged from the level reported in 2011 and 2010. "Kazakh and Ukrainian banks had the highest exposure to their largest borrowers among the CIS, followed by banks in Russia and Azerbaijan. Compared with other regions, single-client concentration levels in CIS countries overall are approximately 1.6 times higher than those in Central and Eastern Europe (CEE), and more than twice those in Asia," says Maria Malyukova, a Moscow-based Moody's Analyst and author of the report.

Moody's survey shows a similar pattern for CIS banks' related-party loans, which are 1.8 times higher than the levels of banks in CEE, and 1.3 times higher than those of banks in the Middle East. Overall, exposure to related-party loans improved only slightly on average at CIS banks to 36% of shareholder's equity as of year-end 2012 (2011: 38%). Belarusian and Ukrainian banks showed an increasing trend in related-party exposures, reporting the highest levels among CIS banks. "We consider high levels of related-party loans to be evidence of poor corporate governance and underdeveloped risk management at many CIS banks," adds Ms Malyukova.

Moody's findings indicate that, in contrast with lending concentrations, average deposit concentrations at CIS banks improved in 2012 compared to 2011, aided by inflow of retail deposits, albeit with different trends across the CIS. The top 20 depositors comprised 29% of customer accounts on average as of year-end 2012 (2011: 37%). Notwithstanding the improvement, CIS banks still remain exposed to high liquidity risks given potential volatility in customer deposits in an adverse economic scenario.

Moody's cites credit and liquidity risks linked to single-client and related-party concentrations as the key contributors to low bank ratings in Russia and the rest of the CIS region, where the vast majority of banks are rated in the single-B category on a standalone basis (i.e., before incorporating the benefits of systemic and parental support). On the credit side, the concentrations imply downside risks to asset quality, particularly in light of the deteriorating economic environment in many CIS countries. On the liquidity side, depositor confidence in CIS banks remains weak, rendering banks vulnerable to sudden withdrawals of large deposits.

Moody's survey covers 119 rated banks in Russia, Ukraine, Kazakhstan, Uzbekistan, Belarus, Armenia, and Azerbaijan. These banks represent 60-80% of banking system assets in their respective countries.

Subscribers can access this report via this link: https://www.moodys.com/research/2013-Survey-of-Russian-and-CIS-Banks-Single-Client-and--PBC_159972

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: London +44-20-7772-5456, New York +1-212-553-0376, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

Maria Malyukova
Analyst
Financial Institutions Group
Moody's Investors Service Limited, Russian Branch
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia

Yves Lemay
MD - Banking
Financial Institutions Group
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Moody's: Survey of CIS banks reveals persistently high credit concentrations
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