Šiaulių Bankas is granted with higher ratings
On February 24th 2007 the International rating agency “Moody’s” announced higher ratings provided to Šiaulių bankas.
“Moody’s” increased ratings of Šiaulių bankas as follows: long-term deposits up to Ba 2 and financial strength rating up to D. Also, rating agency approved earlier short-term deposit rating NP and the outlook of the long- term rating as stable.
The “Moody’s” press release states that agency has updated the Bank Financial Strength Rating methodology, which evaluates the financial strength of the bank itself not taking into consideration the external support. This methodology increases Moody’s bank rating transparency and consecutiveness, also it indicates how independently the bank is able to tackle its problems without an additional help from “parent” bank, place or local government, etc.
Earlier Bank Financial Strength Ratings provided to Šiaulių bankas by “Moody’s” agency date back in June 2006.
In 2006 Šiaulių bankas earned LTL 13.65 million in net profit re-audited data, last year its assets increased by the third up to LTL 1.35 billion. At the moment the bank provides its services in 49 outlets in 29 towns of Lithuania. Šiaulių bankas is one of the biggest Lithuanian capital banks - 71 per cent of the authorized capital belongs to residents, enterprises and individuals of Lithuania. The biggest shareholder of the Bank is the European Bank for Reconstruction and Development (EBRD).