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Friday, July 21, 2017

S&P gives B&N Bank B rating

Standard & Poor's (S&P) Rating Services gave B&N Bank a "B" rating for both its long- and short-term issuer credit ratings on Wednesday.

The bank previously had received a "developing" designation for outlook in April 2014 after it acquired Moscomprivatbank, which is now the B&N Bank Credit Cards division.

The bank said the acquisition and integration of Moscomprivatbank was successful overall; however, a later deal acquiring Rost Bank Group exacerbated integration risks.

Wednesday's "B" designation means that the bank has the opportunity to raise its outlook by implementing measures that improve the institution's credit ratings.

"We fully understand S&P concerns regarding Russian banking sector on the back of the current geopolitical and economic situation," Irina Komarova, senior vice president of B&N Bank, said. "But at the same time, we realize that the synergy which we gain from mergers with other financial organizations is capable to lead us to an upper quality level. This enables us to achieve our strategic goals in a shorter period of time and gives us the status of a socially important bank. B&N Bank has a positive experience in financial rehabilitation of the credit organizations."

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