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Wednesday, November 22, 2017

Moody's praises FC Otkitrie's purchase of Petrocommerce

Moody's Investors Service has given a thumbs up to the sale of Petrocommerce Bank to Otkitrie Financial Corporation.

At the end of October, Otkritie, one of Russia's leading banking groups, said it would purchase at least a 95 percent stake in Petrocommerce, which provides various corporate and retail banking services primarily in the Russian Federation, in 2014.

"Successful implementation of this transaction will have a positive impact on the credit profile of NOMOS-BANK, which is the parent organization of the FC Otkritie," Moody's said.

It also praised the entry of IFD Kapital, a major diversified holding group that will buy an additional 19.9 percent of FC Otkitrie's shares.

It will "help recapitalize the bank and significantly improve its credit profile by reducing the need to increase loan loss reserves for problem loans," the agency said.

NOMOS-BANK announced on Tuesday that Chief Financial Officer Vladimir Rykunov will leave to serve as chairman of the management board at Petrocommerce Bank.