Rosbank OJSC JSCB Dec 10

Standard & Poors, December 2010

Abstract
Strategically important status within the Société Générale group. Good market position and customer franchise. Expected consolidation with its Russia-based sister banks would increase diversity. Improving risk governance and lower risk appetite, supported by the parent's' expertise. Risky operating conditions and increasing competition. Increased credit risks and provisioning costs pressuring earnings. Weak capitalization. The ratings on the bank incorporate Standard & Poor's Ratings Services' view of the risky operating environment in Russia, as well as the bank's weak capitalization and poor profitability. These weaknesses are partly offset by the bank's business profile, which includes a strong customer franchise and a large distribution network. We classify Rosbank as a strategically important subsidiary within the Société Générale group (SocGen; A+/Stable/A-1). As a result,...

Companies mentioned in this report are:
- Rosbank OJSC JSCB
- Societe Generale
- Credit du Nord S.A.
- Franfinance
- Banque Kolb S.A.
- Banque Tarneaud S.A.
- Banque Rhone Alpes S.A.
- Komercni Banka A.S.
- Societe Generale Bank & Trust
- SG Capital Trust III
- Societe Generale SCF
- SG Structured Products Inc.

Action: Review

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: Full Analysis

- Rosbank OJSC JSCB
- Societe Generale
- Credit du Nord S.A.
- Franfinance
- Banque Kolb S.A.
- Banque Tarneaud S.A.
- Banque Rhone Alpes S.A.
- Komercni Banka A.S.
- Societe Generale Bank & Trust
- SG Capital Trust III
- Societe Generale SCF
- SG Structured Products Inc.

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