OREANDA-NEWS. National Rating Agency has affirmed its ‘AA’ credit rating on Ural Bank For Reconstruction and Development (UBRD). The outlook has been changed to Negative. The bank was assigned NRA’s first-time credit rating of ‘A+’ on Apr. 20, 2009. The latest rating action on UBRD (‘AA’ credit rating affirmation with a stable outlook) dates May 24, 2015.

UBRD was set up in September 1990. The bank’s shareholders are Igor Altushkin (majority owner of Russian Copper Company) and his partners. UBRD is a large universal bank ranking among the top-30 Russian banks by net assets and retail deposits and operating one of the largest regional networks in Russia. UBRD is licensed to engage in a wide range of banking services. It has a strong position in the corporate market and retail lending. It also has an extensive and diversified corporate customer base with no industry comprising any large part of its business. UBRD is involved in many public–private partnership programmes and is accredited to work with Russian strategic organizations. It acts as the Deposit Insurance Agency’s agent bank for the payment of insurance claims to depositors, and can open government procurement accounts. It is also on the list of banks entitled to receive deposits from private pension managers.