RIA NOVOSTI. International rating agency Fitch affirmed SKB-Bank’s B- long-term rating after Sinara Group, its parent company, acquired Sverdlovsky Gubernsky Bank (SGB) that suffered financial problems, but later on restored operations in a common regime. Fitch reported SKB-Bank has no plans to assume any financial obligations within this acquisition by Sinara and SKB-Bank does not plan to provide financial resources to SGB, the agency said in a press release. News agencies wired earlier the plan is to merge SKB-Bank and SGB in the future.
In the middle of November Sinara announced the completed purchase of a 75% stake in SGB that ranks in the Top 150 of Russian largest banks. This bank imposed a limit on deposit withdrawals and those who were eager to take their deposits back paid 20% commission fees. SGB failed to make payments on behalf of its corporate clients. The lending institution’s financial rehabilitation is being carried out with support from the Deposit Insurance Agency (DIA) and the Central Bank of Russia. Several days after the transaction was closed SGB fully resumed operations.
