Bank Kedr is going to terminate agreements with Moody's and Fitch Ratings on the assignment of ratings, B&N Bank, the group of which comprises Bank Kedr, said and noted that "now the lender's reliability and stability are confirmed by the parent company's ratings".
B&N Bank noted that Bank Kedr was acquired in December 2014 as part of the measures to rescue banking group Rost. Since then Bank Kedr has been part of B&N Bank Group. "Ratings assigned to B&N Bank by international and Russian rating agencies (Standard & Poor's, the National Rating Agency, RusRating, and Expert RA), apply to the entire banking group, including to Bank Kedr," B&N Bank specified.
B&N Bank also noted that S&P, in particular, assigned international long-term and short-term foreign currency ratings of B to the bank.
"B&N Bank…guarantees that it will fulfill all financial obligations to the clients of acquired banks," B&N Bank president Mikail Shishkhanov emphasized.
B&N Bank Group comprises the parent company itself and eight banks. Specifically, the lender wrapped up last April the acquisition of Moscomprivatbank, which was renamed B&N Bank Credit Cards in September. Last July B&N Bank picked up Murmansk-based DNB Bank (now B&N Bank Murmansk) from the largest Norwegian financial group DNB. Last December the bank announced the acquisition of five banks from Rost Group as part of their rehabilitation with support of the Bank of Russia and the Deposit Insurance Agency (DIA). This March B&N Bank wrapped up the purchase of Uralprivatbank.
Earlier, in December 2013, B&N Bank completed the takeover of Bashinvestbank.
For the record, Bank Kedr had long-term local currency and foreign currency deposit ratings of Caa2, with a developing outlook, assigned by Moody's (affirmed in February with a developing outlook), and long-term foreign currency and local currency issuer default ratings of B- assigned by Fitch (were placed on Rating Watch Negative this January).
