May 27, 2012
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Moody’s downgrades rating of Turkey’s Finansbank
6 May 2010 / TODAY’S ZAMAN, İSTANBUL
International rating agency Moody’s has downgraded Finansbank’s long-term TL deposit rating from Baa1 to Baa2.
In a written statement released on Wednesday, the bank said Moody’s also confirmed its long-term foreign exchange deposits rating as Ba3 and short-term TL deposits rating as P-2.
Finansbank was established by leading Turkish banker Hüsnü Özyeğin in 1987. The bank had 461 branches and 10,107 employees by the end of 2009. In 2009, Finansbank’s net profit increased by 79 percent over the preceding year to TL 650 million. The revenue from operations amounted to TL 463 million with an increase of 28 percent in the same period.
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