Standard & Poor's recently upgraded its outlook for Russia's Otkritie Bank from "stable" to "positive."

The upcoming merger of Otkritie Bank and the Bank of Khanty-Mansiysk was cited as the reason for the upgrade, according to an Otkritie press release.

The consolidation of the two banks' retail banking assets will increase the value of the united business, according to S&P, while strengthening Otkritie's position in the retail banking segment.

Once merged, the bank will be one of Russia's fifteen largest banks, with its assets totaling approximately 40 percent of Otkritie Holding's consolidated assets. The newly formed merger, to be named Otkritie Bank of Khanty-Mansiysk, will be a key subsidiary of the banking group.

S&P did not rule out a further upgrade of the bank's rating to "BB-," depending on the creditworthiness of Otkritie Financial Corp., the retail bank's parent company.

In addition, S&P reaffirmed the bank's long term and short term credit ratings at "B+/B."