Moody's ups Imperial Bank

Moody's Investors Service said it upgraded to Aa2.za from Aa3.za the long-term national scale issuer rating of Imperial Bank Ltd. The short-term rating remains unchanged at prime-1.za.

The outlook is stable.

The upgrade follows the receipt of regulatory approvals by Nedbank Ltd., which enables it both to acquire the remaining 49.9% stake in Imperial Bank and to request the amalgamation of Imperial Bank's assets with those of Nedbank Ltd. and have Imperial Bank's license cancelled, Moody's said.

These decisions demonstrate the integral role Imperial Bank plays in Nedbank's long-term strategy and operations, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.