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Fitch says: Ipoteka Bank’s ratings will likely to be unaffected by potential sale of controlling stake to OTP

Posted by: 11 november, 2021

According to the press-release issued by Fitch ratings, the international rating agency on the 2nd of November 2021, the Ipoteka Bank’s ratings are unlikely to be influenced by the potential sale of a majority stake to OTP.

The agency’s analysts specify that current rating at 'BB-' with a “Stable” outlook considers the bank's majority state ownership, moderate systemic importance, current role in the government's economic and social policy, the low cost of potential support relative to sovereign international reserves and a record of capital and liquidity support from the state. Moreover, the bank's significant franchise in SME and mortgage lending, a solid capital cushion, and moderate profitability are also considered as factors of assessment.

In addition, «If a controlling stake is ultimately sold to OTP, Fitch will stop factoring government support into Ipoteka's ratings, but will likely consider potential support from OTP. Fitch would view OTP’s ability to support as more reliable than that of the Uzbekistan authorities, given the latter’s ‘BB-' rating. <…> Fitch will assess the new owner's propensity to support Ipoteka if the privatization is completed, but the agency's base case is that this would be high» -noted in the Fitch’s press-release.

Besides that, on 30 July 2021, Fitch affirmed Ipoteka Bank at 'BB-' with a “Stable” outlook and commented on the key rating drivers and sensitivities (

Ipoteka-bank is integrating into the best international corporate governance practices and has successful record in raising capital from reputable institutional investors, and the
1st bank to be privatized to the strategic investor.


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Fitch’s press release is available here

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