Rus-Rating calls off Bank Severnaya Kazna’s ratings

‘Bank Severnaya Kazna does not have and never had any credit cards,’ Alfa Bank’s Chairman Rushan Khvesyuk announced in the course of an online press conference today. ‘What the bank did have was the bank cards with an overdraft limit; these were no credit cards, in fact. Now, however, any customer can get Alfa Bank’s full-fledged credit cards at the bank,’ he added. Nevertheless, the Chairman’s statements contradict Bank Severnaya Kazna’s official data. The latter announced the launch of its credit card lending program as early as 2004. The classic credit cards and credit cards with a grace

The rating service declared that both the ratings and the rating outlook of OAO Alfa-Bank (Alfa-Bank; B+/Positive/B; national scale rating: ruA+) will not be in any way affected by the bank’s merging with its daughter enterprise OAO Bank Severnaya Kazna (no rating as of yet). ‘Our ratings kept accounting for OAO Alfa-Bank’s acquiring Bank Severnaya Kazna since the end of 2008 when the latter had actually been bought. For one, the ratings were based on Alfa-Bank’s consolidated data reports which covered Bank Severnaya Kazna. The assets of this Yekaterinburg-based bank operating in the Urals

OAO Alfa-Bank bought out all the shares of OAO Bank Severnaya Kazna that it hadn’t previously owned yet, thus increasing its stake from 95.03099% to 100%, Alfa-Bank Yekaterinburg branch’s PR Director Anna Gorobtsova informed UrBC. ‘The buyout was completed in full compliance with the legal requirements and at a market price that was actually higher than the price Alfa-Bank purchased the stock at during the buyout offer launch,’ she said. Alfa-Bank offered to buy the shares out from Bank Severnaya Kazna’s other stockholders at the end of March 2010; the suggested price was 0.000256497 kopecks

A number of Bank Severnaya Kazna’s shareholders sold portions of the shares they had. Ural Avia’s share decreased from 21.71425 % to 19.54177 %; Bank Severnaya Kazna Supervisory Board member Leonid Bratzev reduced his share from .81200 % to .73076 %; Bank Severnaya Kazna BOD member Vladimir Veselov’s share went down from .08294 % to .07464%; Bank Severnaya Kazna Supervisory Board member Roman Vitkovskiy reduced his share from .36036 % to .32431 %; Bank Severnaya Kazna Supervisory Board member and Chairman Andrei Volchik reduced his share from 1.68733 % to 1.51851%; Bank Severnaya Kazna BOD

The international rating agency has recently placed the ratings of five bonds issues coordinated by Alfa Diversified Payment Rights Finance Co. S.A. (Alfa-Bank’s trust company) on CreditWatch list, with Negative Rating Outlook. Standard & Poor's reports this was a follow-up on putting Alfa-Bank itself on the same list. ‘These ratings show how the agency feels about the issuer’s financial stability as well as about the existing overcollaterization (which actually ensures a better credit quality of the payment flow) and the other elements of the bond transaction that reduce the risk