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BULLETIN: Promek-Bank's Name Change To Rusfinance Bank Has No Ratings Impact

March 10, 2006 | Cbonds

Standard & Poor's Ratings Services
said today that, following the name change of Russia-based Promek-Bank
(ruBBB+) to Rusfinance Bank, effective Feb. 26, 2006, the rating on the bank
remains unchanged. Rusfinance Bank is a regional Russian bank, with $182
million in assets and $20 million in equity at Feb. 28, 2006. It provides car
loans, credit cards, and consumer loans in the fast-developing Russian retail
market. Promek-Bank's name change follows the acquisition of 100% of its
participation shares by Rusfinance SAS (not rated) in July 2005. Rusfinance
SAS is a consumer finance holding company 100%-owned by the Société Générale
Group (AA-/Positive/A-1+).

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