ZAO UniCredit Bank Oct 11

Standard & Poors, October 2011

Abstract
High probability of support from the UniCredit group. Solid position in the Russian banking system. Good liquidity management and adequate risk management. Moderate capital base. Challenging operating environment. Increasing pressure on margins in the Russian market. Concentration on the funding side, with one dominant large depositor. The ratings on Russia-based ZAO UniCredit Bank (UniCredit Russia) reflect Standard & Poor's Ratings Services' assessment that the bank is strategically important to the UniCredit group, led by Italy-based UniCredit SpA (A/Stable/A-1). They also reflect UniCredit Russia's solid position in the Russian banking market, good liquidity, and adequate enterprise risk management. Negative rating factors include our view of the challenging, albeit slowly improving, operating environment in the Russian Federation (foreign currency BBB/Stable/A-3; local currency...

Action: Review

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Full Analysis

- ZAO UniCredit Bank
- UniCredit SpA
- UniCredit Bank Austria AG
- Hypovereins Finance N.V.
- MedioCredito Centrale SpA
- Zagrebacka banka dd
- Bank Polska Kasa Opieki S.A.
- UniCredit Bank AG
- HVB Capital LLC I
- UniCredit Bulbank AD
- HVB Funding Trust II
- HVB Funding Trust I
- HVB Funding Trust III
- HVB Capital LLC III
- HVB Capital LLC II
- UniCredito Italiano Capital Trust
- Yapi ve Kredi Bankasi A.S.
- UniCredit Leasing SpA
- Unicredit Luxembourg S.A.
- BA-CA Finance (Cayman) Ltd.
- BA-CA Finance (Cayman) (2) Ltd.

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