Bulletin: Russian Vneshtorgbank Retail Financial Services Changes Name To Bank VTB 24; No Rating Change Nov 06
- ID: 1858004
- November 2006
- Region: Russia
- Standard & Poors
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
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