Fitch Ratings-London/Tunis/Istanbul-22 September 2006: Fitch Ratings has today affirmed the Support ratings for largest state-owned Tunisian banks, Societe Tunisienne de Banque ("STB"), Banque Nationale Agricole ("BNA"), Banque de l'Habitat ("BH") at '2'. At the same time, Amen Bank's ("AB") Support rating is affirmed at '3'.
The ratings for STB, BNA and BH reflect the high probability of support from the Tunisian government in case of need, given their majority ownership by the Tunisian state and their importance in the country.
AB is 63% controlled by a prominent local family group through its holding company, PGI. Were the bank to run into difficulties, it is possible that PGI may provide support. However, Fitch does not rate PGI and the source and extent of this potential support remain unknown. The Support rating for AB considers the moderate potential of state support, based on AB's importance to the local banking system as the fifth largest bank in Tunisia controlling around 9% market share in loans and deposits.
STB is the largest bank in Tunisia with market shares of 17% of system deposits and 15% in total loans. It is 52.5%-owned by the Tunisian state and its initial role was to finance Tunisia's industrial sector, before expanding its activities to other sectors deemed strategic by the Tunisian government, particularly the tourism sector.
BNA is Tunisia's second-largest commercial bank, with market shares of 17% for lending and 16% for deposits. It is 68.7%-owned by the Tunisian state and it is the only bank the government uses to channel its funds for financing the agricultural sector.
BH is Tunisia's third-largest commercial bank, controlling approximately 10% market share for deposits at end-2005. Initially focused on mortgage lending, BH has diversified its activity through commercial and unsecured consumer lending since the 1900s. It is 58.2%-controlled by the Tunisia state.
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© Press Release 2006
