S&P Assigned “BB+” to Bank GPB International S.A.

Standard & Poor's Ratings Services assigned 'BB+' long-term credit rating to Bank GPB International S.A. S&P considers Bank GPB International S.A. a core subsidiary of Bank GPB (JSC), being integral to the Group’s development strategy and highly integrated with the parent. S&P outlines the fact that financial support from the parent is expected under any foreseeable circumstances, as well as access to additional operational and managerial support.

S&P notes the important role Bank GPB International S.A. plays in servicing the clients of Bank GPB (JSC) in Europe, notably the subsidiaries of large Russian corporates that conduct business with foreign customers.

S&P also notes that Bank GPB International S.A. is capitalized well above the regulatory limits. In 2015 GPB provided €60 million of capital injections, followed by an additional €50 million in March 2016.