UBS recommends URSA Bank’s two bond issues

UBS Investment Bank suggested that it would be a good idea to buy URSA Bank’s bond issues worth 400m and 300m, to be retired in 2010 and 2011, respectively, while it would also be clever to keep the bank’s $350m bond issue (to be retired in 2009) for the time being, UBS reported on January 28, 2008.

UBS’s analysts came up with their recommendations after looking into URSA Bank’s financial report (drawn un in accordance with the IAS) for January-September 2007 and studying the structure of the bank’s authorized capital.

UBS reports URSA Bank has Russia’s seventh largest subsidiary network and therefore covers 44% of the country’s territory. According to the financial report, both the bank’s profits and the stable quality of the assets improved last year. URSA Bank’s assets grew by 57% in January-September 2007 and reached #6.7bn, while the net profit exceeded the figures for 2006 by 2.3 times and amounted to $95m.

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