Fitch has enhanced Evrofinance Mosnarbank’s Outlook

    The International Rating Agency Fitch Ratings has enhanced Evrofinance Mosnarbank’s Outlook of Long-term Issuer Default Rating (IDR) from “stable” to “positive”.
    
    According to Fitch, the Outlook’s revision reflects EMB’s strengthened balance sheet and potential growth of Bank’s customer base and profitability due to improved perspectives of collaboration with leading Russian companies as a result of recent changes in ownership. 
    
    Since February, 2011 EMB is jointly owned by entities closely related with Russian and Venezuelan governments. Russian VTB Bank and Gazprombank (together with their subsidiaries) became each holders of 25% plus one share.
    
    The National Development Fund of Venezuela has now 50% minus two shares. The Presidents of both countries have supported not only the change of EMB´s ownership, but the Bank itself.
    
    As of March 07, 2011, Fitch affirmed EMB’s ratings at the following levels: Short-term foreign currency IDR at 'B'; Local currency long-term IDR at 'B+', Outlook enhanced to “Positive”; National Long-term rating at 'A-(rus)'; Outlook enhanced to “Positive”; Support Rating affirmed at '5', Individual Rating at 'D'.