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Bulletin: Russian Vneshtorgbank Retail Financial Services Changes Name To Bank VTB 24; No Rating Change Nov 06
Standard & Poors, Nov 2006
Abstract
MOSCOW (Standard & Poor's) Nov. 21, 2006--Standard & Poor's Ratings Services said today that following the modification of the name of Russia-based Vneshtorgbank Retail Financial Services to Bank VTB 24 (VTB 24), effective Nov. 14, 2006, the ratings and outlook on the bank remain unchanged (BBB+/Stable/A-2; Russia national scale 'ruAAA'). We consider VTB 24 to be a core subsidiary of Russia's second-largest bank, Vneshtorgbank (JSC) (VTB; BBB+/Stable/A-2). With total assets of $3.1 billion at June 30, 2006, midsize VTB 24 is one of the 20 largest banks in Russia. VTB is transferring all of its Russia-based retail and small and midsize enterprise assets and liabilities to VTB 24, a process that should be completed by year-end 2007....
Companies mentioned in this report are: Bank VTB 24,JSC VTB Bank
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.
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