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[NAME] => S&P upgrades B&N Bank’s credit ratings to ‘B+/B’ and assigns positive outlook
[~NAME] => S&P upgrades B&N Bank’s credit ratings to ‘B+/B’ and assigns positive outlook
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[DETAIL_TEXT] => S&P Global Ratings (S&P) has upgraded B&N Bank’s long-term issuer credit rating and long-term issue ratings on the Bank’s senior unsecured debt to ‘B+’ from ‘B’, whilst affirming its short-term issuer credit rating at ‘B’. The outlook is positive.
S&P, in its press release, states that the credit rating upgrade reflects the agency’s view that B&N Bank’s financial standing has “substantially improved” following the Central Bank of Russia’s recapitalisation through a capital injection of RUB 56.9 billion and the full repayment by Rost Bank of interbank loans from B&N Bank in March 2018 (the latter resulting in the release of provisions held against these loans). This has enabled B&N Bank to build up “substantial capital buffers” and comply comfortably with all regulatory capital adequacy requirements.
S&P assesses positively the announced merger of B&N Bank into Bank Otkritie, scheduled for completion by end Q1 2019, noting that the combined bank's business position should be strengthened by its large market share (#3 bank by retail deposits / #5 by total assets in Russia), material geographical footprint in Russia, large client base, and status as a state-owned bank.
Moreover, the agency notes the experience of the new management team in integration and transformation, which should support the development and execution of the Bank's transformation.
The positive outlook reflects the agency’s expectation that B&N Bank will be merged into Bank Otkritie by 1 April 2019, which may enhance the combined bank’s systemic importance (B&N Bank’s current ratings incorporate one notch of support for moderate systemic importance). It also reflects S&P’s view that the combined group’s creditworthiness will likely gradually strengthen in the next 12-18 months and its risk profile improve due to the reduction of NPLs.
[~DETAIL_TEXT] => S&P Global Ratings (S&P) has upgraded B&N Bank’s long-term issuer credit rating and long-term issue ratings on the Bank’s senior unsecured debt to ‘B+’ from ‘B’, whilst affirming its short-term issuer credit rating at ‘B’. The outlook is positive.
S&P, in its press release, states that the credit rating upgrade reflects the agency’s view that B&N Bank’s financial standing has “substantially improved” following the Central Bank of Russia’s recapitalisation through a capital injection of RUB 56.9 billion and the full repayment by Rost Bank of interbank loans from B&N Bank in March 2018 (the latter resulting in the release of provisions held against these loans). This has enabled B&N Bank to build up “substantial capital buffers” and comply comfortably with all regulatory capital adequacy requirements.
S&P assesses positively the announced merger of B&N Bank into Bank Otkritie, scheduled for completion by end Q1 2019, noting that the combined bank's business position should be strengthened by its large market share (#3 bank by retail deposits / #5 by total assets in Russia), material geographical footprint in Russia, large client base, and status as a state-owned bank.
Moreover, the agency notes the experience of the new management team in integration and transformation, which should support the development and execution of the Bank's transformation.
The positive outlook reflects the agency’s expectation that B&N Bank will be merged into Bank Otkritie by 1 April 2019, which may enhance the combined bank’s systemic importance (B&N Bank’s current ratings incorporate one notch of support for moderate systemic importance). It also reflects S&P’s view that the combined group’s creditworthiness will likely gradually strengthen in the next 12-18 months and its risk profile improve due to the reduction of NPLs.
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[NAME] => New B&N Bank Board of Directors and Management Board formed
[~NAME] => New B&N Bank Board of Directors and Management Board formed
[ACTIVE_FROM] => 03/26/2018
[~ACTIVE_FROM] => 03/26/2018
[DETAIL_PAGE_URL] => /news/99410/
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[DETAIL_TEXT] => A new Board of Directors was elected at an extraordinary meeting of B&N Bank shareholders held on 23 March 2018. The new Board of Directors comprises: Mikhail Zadornov, President and Chairman of the Management Board / CEO, Otkritie FC Bank; Sergey Shevchenko, Adviser to the CEO, Banking Sector Consolidation Fund Management Company; Alexander Pakhomov, Head of Regional Network Management, Otkritie FC Bank; Alexander Poluyanov, Director of Legal Department, Otkritie FC Bank; Veniamin Polyantsev, Member of Management Board, Otkritie FC Bank; Sergey Rusanov, Member of Management Board, Otkritie FC Bank; and Svetlana Savinova, Head of Operations, Otkritie FC Bank.
The new Board of Directors has elected its Chairman and appointed a new Management Board. Mikhail Zadornov was elected Chairman of the Board of Directors and Sergey Shevchenko, who prior to his appointment served as Head of B&N Bank’s Temporary Administration, was appointed Chairman of the Management Board / CEO. Sergey Prusakov and Tatyana Sakharova were appointed Members of the Management Board. Sergey Prusakov will be in charge of Operations and IT; prior to joining B&N Bank, he was a Managing Director at PricewaterhouseCoopers. Tatyana Sakharova will be in charge of Corporate Business; previously, she served as Adviser on Investment Issues to the CEO of Russian Post and as a Deputy Chairman of Vneshekonombank.
In connection with the election of the new Board of Directors and appointment of the new Management Board, B&N Bank’s Temporary Administration was terminated on 23 March 2018.
B&N Bank is in full compliance with all its mandatory CBR regulatory ratios and its total regulatory capital exceeds RUB 100 billion. In March 2018, the Central Bank of Russia became the major shareholder of B&N Bank, owning more than 99.9% of common shares.
[~DETAIL_TEXT] => A new Board of Directors was elected at an extraordinary meeting of B&N Bank shareholders held on 23 March 2018. The new Board of Directors comprises: Mikhail Zadornov, President and Chairman of the Management Board / CEO, Otkritie FC Bank; Sergey Shevchenko, Adviser to the CEO, Banking Sector Consolidation Fund Management Company; Alexander Pakhomov, Head of Regional Network Management, Otkritie FC Bank; Alexander Poluyanov, Director of Legal Department, Otkritie FC Bank; Veniamin Polyantsev, Member of Management Board, Otkritie FC Bank; Sergey Rusanov, Member of Management Board, Otkritie FC Bank; and Svetlana Savinova, Head of Operations, Otkritie FC Bank.
The new Board of Directors has elected its Chairman and appointed a new Management Board. Mikhail Zadornov was elected Chairman of the Board of Directors and Sergey Shevchenko, who prior to his appointment served as Head of B&N Bank’s Temporary Administration, was appointed Chairman of the Management Board / CEO. Sergey Prusakov and Tatyana Sakharova were appointed Members of the Management Board. Sergey Prusakov will be in charge of Operations and IT; prior to joining B&N Bank, he was a Managing Director at PricewaterhouseCoopers. Tatyana Sakharova will be in charge of Corporate Business; previously, she served as Adviser on Investment Issues to the CEO of Russian Post and as a Deputy Chairman of Vneshekonombank.
In connection with the election of the new Board of Directors and appointment of the new Management Board, B&N Bank’s Temporary Administration was terminated on 23 March 2018.
B&N Bank is in full compliance with all its mandatory CBR regulatory ratios and its total regulatory capital exceeds RUB 100 billion. In March 2018, the Central Bank of Russia became the major shareholder of B&N Bank, owning more than 99.9% of common shares.
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BINBANK
109004, Moscow, Izvestkovy pereulok, 3
8 (495) 755-50-75
8 (800) 200-50-75
BINBANK PJSC
binbank@binbank.ru
