ACRA has assigned the status of "rating under review — negative" according to the credit rating of HSBC Bank (PP)

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AK&M 28 February 2024 17:15

On February 28, 2024, the analytical credit rating agency assigned the status of "rating under review — negative" according to the credit rating of LLC HSBC Bank (PP). This is stated in the agency's message.

The assignment of the status "Rating under review — negative" according to the credit rating of LLC HSBC Bank (PP) reflects the decree of the President of the Russian Federation No. 53-rp dated 02/19/2024, authorizing Expobank Joint Stock Company to purchase 100% of shares in the authorized capital of HSBC-c Bank owned by HSBC Europe B.V. (HSBC Europe B.V.).

The bank's current credit rating — AAA(RU) — is due to a very high probability of support from the shareholder, as well as a high assessment of the bank's own creditworthiness at the aa-level against the background of a stable business profile, a significant capital reserve, a strong risk profile assessment and an adequate funding and liquidity position.

The status of "Rating under review — negative" reflects the need to obtain and conduct additional analysis of information on the parameters and timing of changes in the shareholder structure, as well as other significant information to clarify the USC and the Bank's credit rating.

HSBC is one of the largest financial conglomerates in the world, the largest UK bank in terms of assets and market capitalization.