Baku. Vahab Rzayev – APA-Economics. The international rating agency Fitch Ratings has reconfirmed DemirBank’s “B" rating and upgraded “stable” outlook to “positive” by the results of a regular assessment. This is one of the highest ratings among local banks.
The upgrade of the rating confirms the improvement of asset quality and sustainability of the Bank’s lending capacity in the long-term future. This rating has been a result of successful operations, better corporate governance, strengthened risk management tools and other positive factors.
DemirBank has cooperated with Fitch Ratings agency since 2004 and was the first bank in Azerbaijan to have an international rating. DemirBank also has “B” rating with “positive” outlook from the Planet Rating agency and was Azerbaijan’s first bank to acquire a social rating back in 2009.
The first bank of Azerbaijan, DemirBank started its operations in October 1989. Shareholders of the Banks include large international financial institutions, such as the European Bank for Reconstruction and Development (EBRD) and Netherlands Development Finance Company (FMO).
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