Supportive shareholders; and Ample liquidity buffer and improving funding stability. Unpredictable and difficult operating and competitive environment in Uzbekistan, especially for small, privately owned banks; Weak competitive position, with marginal market share; Rapid lending growth, which potentially adds to credit risk; and High balance sheet concentrations and weak business diversity. The positive outlook on Uzbekistan-based Ravnaq-bank incorporates S&P Global Ratings' view that over the next 12 months, the bank will likely sustain positive developments in funding and continue expanding its customer base and strengthening its franchise. We would consider a positive rating action if Ravnaq-bank continued strengthening its funding base and expanding its business, and proved able to deal with potentially high credit risks stemming from rapid loan book growth.
