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Fitch affirms ratings for BasisBank

Influential rating agency Fitch has affirmed JSC BasisBank Long-term Issuer Default Rating from ‘B-’ to ‘B‘ with a Stable Outlook.

The upgrade reflects BBs financial performance following its acquisition by the Chinese Hualing Group, particularly solid capitalization, satisfactory quality of credit portfolio and high liquidity profile.

In May 2013 shareholders of JSC Basisbank Hualing Group made a 30 million USD equity injection and Zurab Tsikhistavi invested additional capital 0,5 million USD. Hualing Group has been supporting the capital by equity injection since it became the shareholder of JSC Basisbank. As a result, the capital of Basisbank has increased four times and it amounts over 100 million GEL.

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