Strong loan growth in core products coupled with ongoing losses from its business model transformation exert pressure on capitalisation and drive the downgrade and placement ‘under review for downgrade’.

Scope Ratings has updated its rating report on Georgian JSC Silk Bank, rated B- with Stable Outlook.

The rating affirmation reflects the bank’s progress in its transformation strategy which puts pressures on its financial viability, but which remains adequately buffered.

Scope Ratings has updated its rating report on JSC Silk Bank, rated B- with Stable Outlook.

The issuer rating factors Scope’s views that the implementation of the bank’s medium-term transformation strategy is still at an early stage. Silk Bank ambitions to become profitable in 2026.