Rating Release

Agusto & Co. affirms Greenwich Merchant Bank’s ‘A-’ long term and ‘A1’ short term ratings, with a stable outlook

The rating expires on 30 June 2027.

Agusto & Co. affirms Greenwich Merchant Bank Limited’s (“Greenwich MB” or “the Bank”) “A-” (long term) and “A1” (short term) ratings based on the strong shareholders’ support, good profitability, nil impaired loan ratio and good liquidity profile. The ratings also consider the Bank’s planned transition to a regional commercial bank, which we believe would broaden Greenwich MB’s market reach over the medium term. However, we note that the transition will also introduce higher execution, operational and credit risks as the Bank expands beyond its current wholesale-oriented model. The ratings are further moderated by the lingering concentration in the loan book and the deposit base. We have attached a “3” ESG score to the rating, reflecting our assessment that environmental, social and governance factors have a material impact on the Bank’s credit risk profile.