OREANDA-NEWS. National Rating Agency has assigned its credit rating to FinPromBank JSCB (PJSC). The outlook for the rating is Stable. It is the first time that FPB is rated by NRA. The rating is supported by FPB's stable customer base, owners' commitment to developing the bank (as evidenced by a RUB 3.2bn interest-free loan secured in 2015 and FPB's liquidity, sufficient to honour its current obligations).

NRA also notes the bank's plan, announced at year-end 2015, to acquire a strategic investor and increase its capital by RUB 10bn. The rating is constrained by FPB's loan quality deterioration in 2015 as a result of its risky lending policy, and the consequent additional provisioning allowances (RUB 2.5bn). NRA also notes the single-name concentrations on the both sides of the bank's balance sheet and the high level of FX-denominated liabilities.

Founded in 1992 as Transcontinental JSCB and renamed in 1996, FPB is a medium-sized bank headquartered in Moscow.-Currently, its key owners are Anatoly Goncharov and Stanislav Perminov. On Dec. 28, 2015, a 8.4% stake in the bank, that belonged to U-M Management Limited, was bought by Musa Bazhaev. The bank has license No. 2157 issued by the Bank of Russia on Jan. 20, 2015 and licenses fromthe Federal Financial Markets Service. FPB is a member of various banking units and associations and joined the deposit insurance framework on Mar. 14, 2015 (Reg. No. 770). The bank's strategic priorities include services to high-end individuals,

the investment banking business (including the arrangement of M&A transactions), corporate finance and corporate client relations development with respect to a wide range of banking products. The bank's branch network includes four back-up offices based in Moscow.