National Rating Agency (NRA) has affirmed its creditworthiness rating on B&N Bank at AA, with a stable outlook. The creditworthiness rating (AA-) was first assigned to the bank on July 12, 2011, and the last rating action was made on October 11, 2016 when its rating was affirmed at AA, with a stable outlook, specified the agency.
NRA noted that on November 18, 2016 the regulator announced the end of reorganization by folding B&N Bank and B&N Bank Murmansk into MDM Bank that was simultaneously renamed B&N Bank PJSC. Given reorganization the bank's total assets are around Rub 1.1 tln, and capital is roughly Rub 90 bln. The merged bank made it to the Top 5 of Russian private banks by assets, NRA emphasized.
"The agency is upbeat about the merger of the banks that will allow them to slash operating expenses by achieving a synergetic effect and saving on the economy of scale, and also to cement the lending institution's market positions in the Russian financial market," the press release pointed out.