AikGroup (CY) Ltd. (AikGroup) is a financial nonoperating holding company (NOHC) conducting banking activities across Southeast Europe through its operating subsidiaries. While originating from Serbia, the group is rapidly growing in the region. The group's ambitious growth strategy introduces execution and integration risks, but we expect these to be balanced by prudent management, strong capitalization, adequate risk governance, and a stable funding and liquidity profile. We have assigned our'BB-/B'long- and short-term issuer credit ratings to AikGroup (CY) Ltd. Our stable outlook reflects our expectation that AikGroup will maintain its sound financial profile and keep capitalization close to current levels while continuing to implement its mergers and acquisitions (M&A)-driven growth strategy. On Oct. 28, 2026, S&P Global Ratings assigned
