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VTB bank files application to participate in Russian rating agency capital

August 28, 2015, 11:20 UTC+3 MOSCOW

Russia's Sberbank, Rosgosstrakh, Unicreditbank and Bin bank have applied to participate as well

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© Egor Aleev/TASS

MOSCOW, August 28. / TASS / Russia's credit institution VTB has filed an application to participate in the equity of the Russian national rating agency, as well as take part in its creation, the bank's press service said in a statement on Friday.

"VTB Bank confirms that it has applied to participate in the national rating agency and will participate in its development", the press service said.

So far aside from VTB Sberbank, Rosgosstrakh, Unicreditbank and Bin bank have applied to participate as well.

Previously it was reported that Russia’s National Rating Agency may issue its first rankings by the middle of 2016, said Central Bank CEO Elvira Nabiullina.

"Market participants are going to establish this agency by the end of this year, but the first ratings may be assigned actively in the middle of next year," Nabiullina said.

"Professionals of the highest qualification will be invited. The operation of the rating agency will be absolutely transparent and based on the best international practices from the standpoint of methodology, etc. We are hoping that investors will have confidence in that rating agency. For our purposes (of regulation and supervision and for refinancing) we will be using the assessments of that rating agency made on the national scale," Nabiullina said.

Nabiullina said that each participant in the project would have a share less than five percent. "There should be the certainty no big player will be able to determine the operation of the rating agency on one’s own and the agency will remain open to many investors. The participant’s lowest membership fee will be 50 million rubles, and the initial start-up capital, 3 billion rubles.

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