Moody's has updated the Credit Opinion on B.I.N.BANK

We are glad to inform you that Moody’s has updated the Credit Opinion on B.I.N.BANK’s business profile (today B.I.N.BANK’s rating is confirmed at A3.ru according to Moody’s Interfax Russia’s National Scale Rating).

Among strong points of the Bank Moody’s has noted expanded geographical diversification, healthy funding base supported by high proportion of retail deposits, growing retail lending and solid capitalization. The Agency views positively B.I.N.BANK’s franchise development both its retail and corporate segments, in particular, in regions. Moody’s has also noted the Bank’s liquidity position which remains steady notwithstanding the present complicated operating environment. The Bank’s deposit structure is deemed as relatively granular with retail deposits comprising a 50% share of total liabilities as at June 30, 2008.

Moody’s has appreciated the Bank’s progress in improving corporate governance and rates its ownership structure transparent. These changes relate to increase of Mikail Shishkhanov’s share up to 99.22% in the Bank’s capital and updated structure of the Board of Directors. Thus, there are two independent directors in the Board contributing to image and strategic development of the Bank.

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