OREANDA-NEWS. Fitch Ratings has today placed Russia's Orgersbank's ("Orgres") ratings of Issuer Default ("IDR") 'B-' (B minus), Short-term 'B', Support '5' and National Long-term "BB+(rus)" on Rating Watch Positive ("RWP"). The bank's 'D' Individual rating has been affirmed.

Today's action follows the announcement that Nordea Bank AB's ("Nordea", 'AA-' (AA minus)/'F1+'/'B'/'1'), a leading financial institution in the Nordic region, will purchase a controlling stake in Orgres.

Upon the completion of the transaction, Nordea will hold a 75.01% stake, with the remaining 24.99% being split between the three existing senior management shareholders and the European Bank for Reconstruction and Development ('EBRD").

The transaction is expected to close during Q107 following regulatory approval.