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Bank VTB 24 May 10
Standard & Poors, May 2010
Abstract
Benefits from capital and financial support by being a core subsidiary of government-owned JSC VTB Bank. Adequate liquidity and funding. Good franchise and market share in the Russian retail banking market. Significantly increased systemic risks and difficult operating environment, due to the slowdown in the global economy. Increased credit risks in retail and SME lending, accentuated by rapid lending expansion in recent years. Funding base potentially vulnerable to panic-driven depositor behavior. Capitalization remains stretched by high costs of risk. The ratings on Russia-based Bank VTB 24 reflect its core subsidiary status as a wholly owned entity within state-owned JSC VTB Bank (VTB; BBB/Negative/A-3; Russia national scale 'ruAAA'). The ratings also reflect the bank's adequate funding and liquidity profile, as well...
Companies mentioned in this report are: Bank VTB 24,Russian Federation,JSC VTB Bank,VTB Capital S.A.,Russian Bank for Development,Vnesheconombank,GLOBEXBANK,VTB-Leasing,VTB-Leasing Finance,Agency for Housing Mortgage Lending OJSC,RusNano
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
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