OREANDA-NEWS. National Rating Agency has withdrawn its credit rating on Pervobank PJSC due to expiry of the contract for rating services. The bank has been assigned an exit rating of ‘AA-’.

Pervobank was assigned NRA’s first-time individual credit rating of ‘A+’ on Feb. 8, 2009. The latest rating action on the bank (credit rating affirmation at ‘AA-’) dates Apr. 27, 2015.

Founded in 2006 through a merger of Samarsky Kredit CB and NOVA Bank CJSC that had been present in the market since 1994, Pervy Objedinenny Bank Public Joint-Stock Company (Pervobank) holds a full banking license (No. 3461) and participates in the deposit insurance framework. Pervobank is the second-largest bank in Samara Oblast by total assets. It is headquartered in Samara. Currently, the bank operates three separate branches (Moskovsky, St-Peterburgsky and Uralsky) and more than 30 smaller outlets in its home region. Historically, the bank has a strong position in the high-end individual and corporate banking markets. It participates in real economy lending programs together with state-owned banks and funds. 

On Nov. 10, 2015, a purchase of a 86.54% stake in Pervobank by Promsvyaz Capital B.V., the majority owner of PromSvyazBank, was announced. Pervobank shareholders, in turn, acquired 4.54% of PromSvyazBank. Pervobank and PromSvyazBank are expected to merge in 2016.

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