First Russian bank obtains Chinese credit estimation
Date
2/22/2024 6:27:45 AM
(MENAFN) In a significant development, Alfa-Bank, Russia's largest private lender, has achieved a notable milestone by becoming the first major Russian bank to receive an international credit rating from China Lianhe Credit Rating. The Chinese credit agency assigned Alfa-Bank an international rating of AA- with a stable outlook, aligning it with the rating for the Russian sovereign.
The decision by China Lianhe Credit Rating to grant Alfa-Bank this rating is attributed to several factors, including the bank's systemic importance, efficient corporate management, high asset quality, and robust lending capacity. The agency also emphasized the diversified structure of Alfa-Bank's credit portfolio and highlighted stable sources of operational income, foreseeing consistent growth for the bank.
Alfa-Bank's achievement comes at a strategic juncture as the financial institution gears up for a significant expansion in China. Notably, Alfa-Bank aims to become the first private Russian bank to establish full-scale branches in two key cities – Beijing and Shanghai. The board of directors views this expansion into the Asian powerhouse as strategically important, underlining the bank's commitment to broadening its footprint in international markets.
Last year, Alfa-Bank solidified its position as the leading lender in Chinese yuan in Russia, commanding a substantial one-third share of all yuan loans in the Russian market. This successful venture into yuan lending further underscores Alfa-Bank's growing influence in facilitating financial transactions between Russia and China.
As Alfa-Bank sets its sights on expanded operations and heightened presence in China, this recognition by China Lianhe Credit Rating marks a significant step forward for the bank in strengthening its international credibility and positioning itself as a key player in the global financial landscape.
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