RusRating changed URSA Bank’s credit rating from BB to BB+. According to the agency’s analyst Larisa Makarenko, this upgrade was brought about by the bank completing the merger of Uralvneshtorgbank and SibAcademBank, its substantial business growth and impressive-looking accounting reports, and the increased share of retail services market.

URSA Bank’s favorable rating is also supported by its leading position in the area, transparent ownership scheme, internationally recognized stockholders, effective corporate management, and general financial success. There are, however, some factors that hinder the bank’s further rating upgrades such as its operating within regions rather than all of Russia and becoming more risk-sensitive, says the spokesperson for RusRating.