OREANDA-NEWS. Fitch Ratings has today placed Industry and Construction Bank's ("ICB") Issuer Default rating ("IDR") of 'BBB' and Short-term rating of 'F3' on Rating Watch Positive ("RWP"). Its other ratings are affirmed at Individual 'D' and Support '2'.

The RWP follows the shareholder approval at ICB's recent extraordinary general meeting ("EGM") of its merger with Vneshtorgbank ("VTB", 'BBB+'/'F2'/'C/D'/'2').

Under the merger agreement, VTB would become the legal owner of all ICB's assets and obligations. The merger is subject to the respective shareholder decision of VTB.