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ProCredit Bank (Bulgaria) EAD: Results of the Asset Quality Review and stress test conducted by the BNB

August 15, 2016

Since its establishment, ProCredit Bank (Bulgaria) EAD has continually proved itself as a stable and responsible institution. This reputation has been confirmed once again by the results of the Asset Quality Review and stress test administered to all banks in the country. The BNB published the results on its website at www.bnb.bg.

“We welcome the AQR and stress test conducted by the BNB, as it is an important indicator for the banking system and we see the results as a confirmation of our group-wide standards, of the high quality of our staff and the trust our clients vest in us. As a development-oriented bank for small and medium-sized companies, we are pleased to see that the results confirm the solidity of our operations, our ability to maintain very high-quality assets and the resilience of our risk management,” says Reni Peycheva, Member of the Management Board and Executive Director of ProCredit Bank EAD.

The bank works in a reliable and transparent way, in line with European best practices. It is part of the ProCredit group, an international development-oriented banking group that caters to small and medium-sized enterprises (SMEs), with special emphasis on Eastern Europe. The parent company, ProCredit Holding AG & Co. KGaA (ProCredit Holding), is based in Frankfurt am Main, Germany; therefore, the group is subject to supervision by the German Federal Financial Supervisory Authority (BaFin) and German banking law. In this regard, ProCredit Holding is responsible for maintaining an adequate level of capitalisation in the ProCredit banks and for ensuring compliance with all requirements in the areas of accounting, risk management and the prevention of money laundering. ProCredit Bank EAD is rated BBB- by Fitch Ratings, which was confirmed in June 2016.

The highly positive results of the AQR further encourage ProCredit Bank to remain committed to its conservative risk management strategy at every level of its operations. Based on the review of the AQR provider, the findings are only recommendations for specifications in order to achieve a higher level of clarity for certain internal policies and procedures.