OREANDA-NEWS. March 15, 2010. According to an official press release the Societe Generale and InterRos groups have agreed to merge Rosbank with SG’s other Russian subsidiaries. BSGV and Rosbank will form a single structure with two independent brands, while Rusfinans Bank (a consumer loan specialist) and DeltaCredit (mortgages) will become wholly-owned subsidiaries of the new company. Once the merger is completed (and pending official approval) an 81.5% stake in the new bank will be held by SG, while most of the remaining equity will belong to InterRos. On the basis of RusRating’s calculations, the combined credit organisation will rank seventh in Russia by assets and will be the country’s largest private-sector bank.

According to senior RusRating analyst Victoria Belozerova, the merger of Societe Generale’s Russian subsidiaries is a long-expected step, the plans for which had already been announced last year. Furthermore, the move is timely and appropriate from the point of view of creating an effective, competitive banking business. All four of the banks in question have been quite successful, benefit from recognised brands and have a stable client base. The merger will leave SG in control of one of Russia’s largest banks, with a well-developed presence in virtually all segments of the market.

ZAO RusRating is an independent rating agency accredited by the National Securities Market Association whose ratings are used by the Central Bank of Russia to assess creditworthiness. The company was set up in 2001 and is a member of the GlobalRating group, which also includes rating agencies in Kazakhstan (KzRating), Armenia (AmRating) and Azerbaijan (AzeriRating). Its primary services are the provision of credit ratings to banks, leasing and industrial companies, and bonds, along with analysis of various aspects of the Russian financial sector.