Moody's affirms General Banking & Trust

Moody's Investors Service said it affirmed the Ba1/not-prime/D+ ratings of Hungary's General Banking & Trust Co. following the recent change in ownership.

Moody's said the chief executive officer and chairman of General Banking has increased his stake in the bank to 64.48% through Kafijat Kft. The stake of Gazprombank remains at 25.54%.

General Banking's ratings reflect its niche market position based on its expertise in the oil and gas industry and its high sector and client concentrations, according to Moody's.

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