Bulletin: Rosbank Ratings Unaffected By Announced Merger With Russian Société Générale Subsidiaries Feb 10

Standard & Poors, February 2010

Abstract
LONDON (Standard & Poor's) Feb. 22, 2010--Standard & Poor's Ratings Services said today that its ratings on Russia-Based Rosbank OJSC JSCB (BB+/Negative/B; Russia National Scale ruAA+) are not immediately affected by the announcement made on Feb. 18, 2010, that the Société Générale (SocGen; A+/Stable/A-1) group and Russia-based investment company Interros (not rated) agreed to combine Rosbank with several Russian SocGen subsidiaries. Rosbank and Banque Société Générale Vostok (universal bank; not rated) will be merged, although they will maintain two separate brands, while Rusfinance Bank (consumer credit; not rated) and DeltaCredit Bank (mortgages; not rated) will become 100% subsidiaries of the merged bank. The ratings on Rosbank reflect the significant systemwide risks that persist in the Russian banking sector. However, we...

Companies mentioned in this report are:
- Rosbank OJSC JSCB
- Societe Generale

Action: Bulletin

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

- Rosbank OJSC JSCB
- Societe Generale

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