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Announcement:

Moody's: Large private banks in Russia take market share amid recession

08 Dec 2015

London, 08 December 2015 -- Amid Russia's recession, the country's largest private banks are consolidating their market share -- a credit positive trend likely to continue in 2016, says Moody's Investors Service in a report published today.

"The share of assets at the top five privately owned banks increased to 12.5% in mid-2015, from 10.8% at the end of 2014 and 8.4% at the end of 2013," says Elena Redko, an Assistant Vice President at Moody's. "The share of smaller private banks, on the other hand, fell to 18.9% from 23.4% at end-2013."

Moody's report, entitled "Large Privately-Owned Banks Taking Market Share Amid Recession," is available on www.moodys.com. Moody's subscribers can access this report via the link provided at the end of this press release. The rating agency's report is an update to the markets and does not constitute a rating action.

"We view the consolidation of Russian private banks as credit positive because stronger private banks will enhance overall competitive dynamics in the banking system," says Ms. Redko. "In addition, integration risks for most of the transactions seem manageable and unlikely to erode credit fundamentals of the leading banks."

A number of trends are driving consolidation at the top of the private-sector Russian banking market. The Russian regulator, for example, is encouraging "rehab" takeovers of small weak banks by financially stronger institutions.

"Many privately owned banks have weak capital buffers which are eroding further in the current environment," explains Ms. Redko. "If current shareholders are unable to provide additional capital, in many cases the Central Bank of Russia has been providing regulatory and liquidity support to encourage poorly capitalized banks to integrate into larger institutions."

In addition, the CBR is also pushing problematic banks out of the market entirely by revoking banking licenses for reasons including dubious transactions, misrepresentation of financial statements, and excessive credit risk -- more than 100, mostly small, institutions have had their banking licenses revoked by the CBR in 2014 and 2015. Moody's expects the regulator to encourage further shrinking of the number of banks as it encourages consolidation into strongly capitalized, well-run institutions.

Furthermore, many Russian subsidiaries of foreign banks are downsizing - they simply do not have the appetite to take increased credit risk in the current environment, according to the rating agency - and are likely to further deleverage their Russian operations in 2016 in Moody's view. Market share has already dropped to 8.2% of assets as at July 1, 2015 from 9% as at year-end 2013.

Finally, international sanctions against major state-owned banks are creating opportunities for large private banks to take business. As these sanctions (in some cases) prevent the state banks from providing Russia's largest companies with needed foreign-currency credit, private banks have been able to compete for high-quality borrowers when such borrowers refinance maturing international debt.

Subscribers can access the report at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1006465

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: London +44-20-7772-5456, New York +1-212-553-0376, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Elena Redko
Asst Vice President - Analyst
Financial Institutions Group
Moody's Investors Service Limited, Russian Branch
7th floor, Four Winds Plaza
21 1st Tverskaya-Yamskaya St.
Moscow 125047
Russia
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Nicholas Hill
Managing Director
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Moody's: Large private banks in Russia take market share amid recession
No Related Data.
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