Wednesday, November 14, 2018

Nomos Bank responds to diminished ratings by Fitch

Nomos Bank First Deputy President Dmitry Romayev released a statement last week responding to the bank's diminished Fitch Ratings' score.

"The decision is a reflection of the concerns related to the integration of Nomos-Bank into Otkritie Financial Corporation, rather than of our current financial performance," Romayev said. "Fitch Ratings confirms the efficiency of our approach and notes the "good financial performance indicators of Nomos-Bank, low level of overdue debts, and comfortable liquidity."

Nomos-Bank had previously said that the revised rating was not surprising during the requisite period of transition into the Otkritie Financial system.

"We consider the integration structure of Otkritie banking business to be efficient and trust that, upon completion of the integration, our rating will revert to the previous level," Romayev said.