S&P lifts Otkritie Bank view to positive

Standard & Poor’s said it revised the outlook on Otkritie Bank to positive from stable and affirmed the B+/B long- and short-term counterparty credit ratings.

The outlook revision reflects that the bank will merge with its sister Bank of Khanty-Mansiysk (JSC) in the next 12 months.

S&P said it understands that Otkritie Bank will be fully integrated with Bank of Khanty-Mansiyk and cease to exist as a separate legal entity later in 2014.

The post-merger enlarged entity will focus on small and retail business development while large and mid-size corporate business will be transferred to the Bank Otkritie Financial Co., which will develop commercial and investment banking operations.

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