Subsidiary Organization VTB Bank (Kazakhstan) says Standard & Poor's affirmed bank's ratings; outlook "Stable"

/KASE, November 1, 2016/ – Subsidiary Organization VTB Bank (Kazakhstan) (Almaty), whose bonds are officially listed on Kazakhstan Stock Exchange (KASE), has provided KASE with the following press-release of November 1, 2016: quote On October 31, 2016 Standard & Poor's affirmed the long-term and short-term credit ratings "ВВ/В" wit outlook "Stable" for Subsidiary Organization VTB Bank (Kazakhstan). Also, S&P affirmed the bank's rating on national scale at "kzA". "The Bank will retain the subsidiary status of "a very important strategic value" for the Russian VTB Bank, owned by the state, and will receive necessary support from the parent bank. Due to that fact, we affirm the bank's credit ratings on international scale "ВВ/В" and on national scale "kzA". Outlook "Stable" on ratings of VTB Bank (Kazakhstan) reflects the similar outlook on ratings of the parent bank – the Russian VTB Bank, and our opinion, that the parent bank will most probably provide necessary support to the subsidiary bank", – says Standard & Poor's. Chairman of the Management Board of Subsidiary Organization VTB Bank (Kazakhstan) Dmitriy Zabello says: "Today VTB (Kazakhstan) is experiencing serious systemic and structural changes in the business approach, designed to raise the bank to a new stage of development and relations with its clients. The new three-year strategy of Subsidiary Organization VTB Bank (Kazakhstan) will be adopted by the end of 2016. One of key business lines will be support of SME having a special pace in the country's development". unquote [2016-11-01]