PRIME. International rating agency Standard & Poor’s has put its long-term corporate rating of B- on Baltiyskiy Bank, a Top 100 lender in Russia, on Rating Watch Negative, the agency said in a press release.
The RWN action reflects a conflict among the bank’s shareholders, which could undermine stability of the lending institution’s activities. In particular, the agency believes the conflict could cap the bank’s deposit base and operating results.
As the agency reported, the bank has been facing the conflict between tow shareholders, Oleg Shigaev and Andrei Isaev, each holding around 49.9% of the bank’s shares. In particular, Isaev and other management board members filed a lawsuit seeking to challenge a number of decisions adopted by the bank’s board of directors.
