The Azerbaijan subsidiary of VTB Group received a Ba3 rating from Moody's financial rankings service, the bank said Friday.
VTB Bank (Azerbaijan) said it is among the highest rated banks within Azerbaijan.
Moody's considered the bank stable. This is the first rating that the Azerbaijan branch has received from Moody's.
"Today, VTB Bank (Azerbaijan) is one of the most reliable and stable banks in the country," Chairman of the Board for VTB-Azerbaijan Yuri Yakovlev said. "Stability and reliability of VTB (Azerbaijan) is ensured by participation in the bank by leading Russian financial group VTB, where the main shareholder is the Russian state, acts as a guarantor for all liabilities. In addition, one of the major shareholders of VTB Bank in 2013 was the State Oil Fund of Azerbaijan, which is also a confirmation of his high status."
The ratings agency indicated that the bank showed impressive business growth.