STANDARD POOR'S UPGRADES RATINGS OF DEMIRBANK
Demirbank T.A.S. is assigned B+ Long-term and B Short-term ratings, Positive Outlook by the STANDART POOR'S PARIS, informs in a letter to Mrs. Bistra Georgieva - Editor-in-Chief of the Banker weekl, the Chief Executive Director of DEMIRBANK /Bulgaria/ AD. Caner Celik.
DEMIRBANK has total consolidated assets of US$5.6 billion as of June 30, 2000. The capital of the bank has doubled over the past three years. The bank had adjusted total equity of US556 million as of June 30, 2000. Shareholders continued their policy of not requiring divident distribution and in October 2000, the owners invested an additional TL70 trillion. Its growth in loans has outpaced the market for the past two years.
Following its strategy for putting the burden on controlling costs and lending risks on the bank's management, ratings could be upgraded further in the future, was the evaluation of STANDARD POOR'S PARIS, quoted in Mr. Celik's letter to Mrs. Georgieva.