OREANDA-NEWS. July 7, 2011. On July 5, Moody’s Investors Service upgraded Rosbank’s long-term rating to Baa2. The outlook is stable.

Moody's has also upgraded the bank’s short-term local and foreign currency deposit rating to Prime-2 level and affirmed the D standalone rating.

Simultaneously, Moody’s Interfax Rating Agency affirmed the long-term National Scale Rating (NSR) on Aaa.ru level.

The change of the ratings followed the finalization of the consolidation of Rosbank and Societe Generale group – both subsidiaries of the international financial group Societe Generale. This action reflects strong positions of the combined entity that became one of the largest financial institutions in Russia.

“The upgrade of the joint bank’s rating by an authoritative international agency affirms that the way of consolidated development in Russia has been a strategically reasonable decision. The market’s favourable expectations of the new Rosbank are well-grounded. We are going to extend the activity in Russia, in terms of business and operational model transformation. We will focus on intensifying customer relationships and pursue our innovative strategy, while enhancing commercial and operational synergies between entities”, – said Rosbank CEO Vladimir Golubkov.

Rosbank is ranked in the top-10 by total assets. It possesses a large distribution network of around 700 branches and 8.000 points of sales. The tier 1 ratio of the bank was improved through capital increase in late 2010. The merged entity's stable liquidity position is underpinned by the bank’s strong deposit-gathering capacity combined with its comfortable access to parental funding. These factors have allowed Moody’s to give high ratings symbolizing stability to Rosbank.

Societe Generale has announced its plans on consolidation of its Russian assets in February 2010. In the framework of the consolidation process in the second half of 2010, Rosbank’s capital was increased. Then, in January 2011, specialized banks Rusfinance and DeltaCredit became 100% subsidiaries of Rosbank. The consolidation has been finalized by the merge of Rosbank and BSGV on June 30, 2011.