OREANDA-NEWS. September 10, 2012. Fitch Ratings has assigned Otkritie Bank a long-term IDR of ‘B’ (Rating Watch Positive).

Otkritie Bank was formed in 2010 by the merger of four banks, three of which were undergoing restructuring. Rating the bank, which has been operating in the market for a relatively short period of time, at ‘B’ is a positive sign showing that the bank’s business has been developing in the right direction. The reasons for assigning such a high rating are, among other things, the quality of the Bank’s portfolio of legal entities and a stable liquidity profile.

According to the agency, the major reason for assigning the RWP are the benefits that the Bank should gain from the acquisition of Nomos by Otkritie Financial Corporation. Fitch believes the acquisition will considerably strengthen the group’s banking business. Otkritie will benefit from access to Nomos’ corporate governance expertise and customer franchise.

The RWP is another international rating assigned to Otkritie Bank. A year earlier, Standard & Poor’s assigned to the Bank and affirmed a long-term international and national currency rating of B- and short-term rating of C; both with positive outlook.

“Another international rating assigned to the Bank shows that the Bank’s position in the Russian market is strong and the strategy chosen by its management has been successful”, says Evgeny Dankevich, Chairman of Otkritie Bank’s Executive Board.