Fitch: Nomos on watch

Fitch Ratings said it has placed Nomos-Bank's ratings, including its long-term issuer default rating of BB, on rating watch negative.

At the same time, the agency has assigned Otkrytie Bank a long-term issuer default rating of B and simultaneously put the rating on rating watch positive.

The watch on Nomos's ratings follows the announcement at the end of last week that Otkritie Financial Corp. has reached an agreement with Nomos's core shareholders to acquire their combined 58.5% stake in the bank, the agency said.

The parties expect this transaction to be completed within the next few weeks.

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