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S&P’s Upgrades its Outlook for Otkritie Bank to “Positive”

31.07.2014

The international credit rating agency Standard & Poor’s has upgraded its outlook for Otkritie Bank from “Stable” to “Positive.” It has also reaffirmed Otkritie Bank’s long-term and short-term credit ratings at В+/В. The upgrade is reflective of  the upcoming merger of the Bank of Khanty-Mansiysk and Otkritie Bank. 

According to S&P’s, the consolidation of retail banking assets will increase the value of the united business of Otkritie Bank and the Bank of Khanty-Mansiysk, strengthening Otkritie’s position in the retail banking segment. The merged financial institution will become one of Russia’s ‘Top 15’ largest banks with its assets accounting for approximately 40% of Otkritie Holding’s consolidated assets. The merged bank, renamed Otkritie Bank of Khanty-Mansiysk, will become a key subsidiary of the banking group. 

The rating agency does not rule out a further upgrade of Otkritie Bank’s rating to BB- depending on the creditworthiness of Otkritie Financial Corporation Bank, the retail bank’s parent company. The rating may be revised before Otkritie Bank stops its operations as an independent legal entity in connection with the aforementioned increase in the value of its business within the group.