S&P Raises Rating of Otkritie Bank
OREANDA-NEWS. Standard & Poor's (S&P), the international rating agency, has raised Otkritie's long-term credit rating to 'B+' and its Russia national scale rating to 'ruA+' whilst also affirming its short-term credit rating at 'B', all with the Stable outlook.
The rating upgrade of Otkritie Bank's reflects the successful consolidation of Otkritie Financial Corporation's banking business and Otkritie Bank's integration into the NOMOS-BANK Group resulting in the reduction of potential operating risks associated with the integration.
In March 2014, the transfer of loan portfolios and staff between the two credit institutions were substantially completed as well as the consolidation of the office network. The integration of operations also included the alignment of products and services, a united treasury, and management sharing responsibilities between the two structures. Following the integration Otkritie Bank became a highly strategic subsidiary of Nomos Bank, S&P commented.
S&P's assigned 'stable' outlook reflects the agency's confidence in the future business expansion of Otkritie Bank, which according to S&P will maintain its current capitalisation and continue its successful development in the retail and small business segment of the NOMOS-BANK Group.