OREANDA-NEWS. September 05, 2014. The National Rating Agency (NRA) has –re-affirmed its domestic AA+ credit rating assigned to Otkritie Holding in the agency’s rating list for Holding and Financial Companies issued earlier this year.

The agency notes that such an excellent result is accounted for by the strong market position of Otkritie’s banking group, the rapid growth of its business, the successful implementation of its banking assets consolidation strategy, attraction of new shareholders to the company, its capital growth, and a highly efficient  corporate governance and good transparency of the company.

Otkritie Holding OJSC (Otkritie FC until June 2014) is a full-service financial group offering commercial and investment banking, brokerage, insurance, and asset management services. The holding company’s largest subsidiary is Otkritie Financial Corporation Bank (previously NOMOS-BANK and including the Bank of Khanty-Mansiysk, Otkritie Bank, and Novosobirsk Municipal Bank), the banking group’s parent company. Otkritie Bank and Novosobirsk Municipal Bank are expected to merge into the Bank of Khanty-Mansiysk before the end of 2014. Following the merger, the Bank of Khanty-Mansiysk will become the basis for developing Otkritie’s retail bank, whereas larger corporate clients will be served by Otkritie FC Bank. Otkritie FC’s banking business ranks first among Russia’s largest private banks in terms of assets (source: Interfax-Economic Analysis Centre as at 01 July 2014.) Otkritie Holding plans to acquire at least 95% in Bank Petrocommerce before the end of 2014.

The financial group also includes Otkritie Capital investment bank, Otkritie Asset Management, Otkritie Broker, Otkritie Insurance, and Otkritie Life Insurance.

The National Rating Agency (NRA) has analysed Otkritie Holding’s 2013 and H1 2014 IFRS financial statements. The loan portfolio has grown to RUB 1.0 trillion (as compared to RUB 0.9 trillion in 2013) and now represents 63% of Otkritie’s assets. The company’s operating income for the year ended 30 June 2014 has increased to RUB 46.5 billion, 65% being net interest income and 14% net fee and commission income. In H1 2014, Otkritie Holding’s net profit amounted to RUB 6.3 billion, assets to RUB 1.7 trillion, and capital to RUB 126.8 billion. According to the consolidated financial statements for H1 2014, the holding’s capital grew by 64%, including as a result of an additional issue, and the capital-to-assets ratio (as of 30 June 2014) improved (7.6% compared to 4.8% in 2013).

In June 2014, the NRA assigned its domestic AAA credit rating to all banks of the group. As a result of the rebranding, the holding company was also renamed and is now called Otkritie Holding OJSC.