October 04, 2006 | Cbonds
|Moody's Investors Service has placed the B2 |
long-term deposit rating of Russia's Uralvneshtorgbank (UVTB) on review
for possible upgrade. UVTB's E+ financial strength rating (FSR) and its
Not Prime short-term deposit rating have been affirmed. The outlook for
the bank's FSR is stable. At the same time, Moody's Interfax Rating
Agency has affirmed UVTB's A3.ru long-term national scale rating (NSR).
Moscow-based Moody's Interfax is majority-owned by Moody's, a leading
global rating agency.
Moody's notes that the rating action reflects the high likelihood that
SibAcademBank (SAB, rated B1/NP, stable outlook, for bank deposits; E+
FSR, positive outlook) will merge with UVTB by the end of 2006. Following
the merger UVTB and SAB will cease to be separate legal entities. A new
merged bank named URSA Bank will be headquartered in Novosibirsk, the
largest city in Siberia, where SAB's head office is currently located.
Headquartered in Ekaterinburg, Russia, UVTB reported consolidated total
assets of RUB18.4 billion (US$679 million) and total equity of RUB2.0
billion (US$73 million) under IFRS as at 30 June 2006. SAB reported total
consolidated assets of RUB46.8 billion (US$1.7 billion) and total
shareholders' equity of RUB3.4 billion (US$127 million) under IFRS as at
30 June 2006. As at 30 June 2006, SAB ranked as the 31st largest Russian
bank in terms of assets and one of the largest banks headquartered
outside Moscow, while UVTB ranked as the 70th largest bank in Russia in
terms of total assets.
Company: Ural Bank of Foreign Trade
|Full company name||Uralvneshtorgbank|
|Country of risk||Russia|
|Country of registration||Russia|