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Fitch places Technikabank’s ratings on RWN

Fitch places Technikabank’s ratings on RWN

05 April 2012 07:45 (UTC +04:00)

A full list of rating actions is at the end of this commentary.

The RWN on TB’s ratings reflects Fitch’s concerns over the ongoing deposit outflow from the bank, apparently driven by media reports of the arrest of the Chairman of TB’s Supervisory Board, Etibar Aliyev, on allegations of fraud. Mr. Aliyev is also a key shareholder, with a 15% stake in TB and significant influence over the bank.

TB’s financial accounts at end-March 2012 show that the bank lost AZN42m, or 18%, of its retail deposits between 13 March and 30 March. As at 30 March, TB’s highly liquid assets, comprising cash and equivalents, had fallen to just AZN17m, equal to 8% of the remaining retail customer funding or 4% of total liabilities. Fitch received these accounts subsequent to affirming TB’s ratings.

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