MOSCOW, October 28 (RIA Novosti) - International rating agency Fitch upgraded International Moscow Bank's (IMB) ratings Friday to long-term foreign currency BBB from BB and short-term F3 from B and removed them from Rating Watch Positive.
Fitch also assigned IMB a long-term local currency rating of BBB+.
The agency said it rated IMB following Friday's announcement of the completion by Italy's UniCredito Italiano (UCI) of its bid to buy Bayerische Hypo- und Vereinbank (HVB) that makes UCI, with a 53.3% stake in IMB, its new majority shareholder. The other shareholders are: Nordea (26%), BCEN-Eurobank (the Paris-based subsidiary of the Russian Central Bank, 15.9%), and the European Bank for Reconstruction and Development (4.8%).
IMB, one of Russia's 10 largest banks in terms of assets, was established in October 1989 as the country's first joint venture bank with foreign participation.
