Press Release

Ratings of Crescent Commercial Bank Limited

Karachi, July 6, 2005: JCR-VIS has maintained the entity ratings of Crescent Commercial Bank Limited at BBB+/A-2 (Triple B Plus /Single A Two).

Crescent Commercial Bank Limited merged with Trust Commercial Bank Limited (TCBL) in October 2004.The merger added 6 branches to the bank’s set up and increased paid up capital to Rs. 2.2b. However the bank’s progress has been constrained by the pace of deposit mobilization. Unless business generation and funding mobilization is expedited, ratings may be adversely affected and have therefore been assigned a ‘negative’ outlook.

The top management has recently changed hands and enhanced focus is being placed on expansion of the branch network and team development. Implementation of the business plan being developed and stability of the new management team will have a bearing on the future direction of ratings.

For further information on this rating announcement, please contact Mr. Muhammad Ameen (Ext: 233) or Ms. Sabeen Saleem (Ext: 222) at 5671822/5671833/5680996 or fax to 5681105/5671600.

Faheem Ahmad
President & CEO

Information herein was obtained from sources believed to be accurate and reliable; however, VIS Credit Rating Company Limited VIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.VIS, the analysts involved in the rating process and members of its rating committee do not have any conflict of interest relating to the rating(s)/ranking(s) mentioned in this report.VIS is paid a fee for most rating assignments. This rating/ranking is an opinion and is not a recommendation to buy or sell any securities. Copyright 2005 VIS Credit Rating Company Limited. All rights reserved. Contents may be used by news media with credit to VIS.

JCR-VIS Credit Rating Company Limited