Trust Bank chased by media

21 December 2009 (14:03)

Trust National Bank has been brought into the limelight by the media recently when a few online magazines carried some articles that were highly critical of the bank’s financial policy. Trust was accused of taking unnecessarily high financial risks and of trying to exert pressure on the government through customer lobby groups. The articles maintain that the bank is going through a period of financial hardships and is allegedly on the brink of default. The management is supposedly trying to save the business by selling the bank’s shares to state-run Rosneft. The publications also claim that this would be a disadvantageous deal for the state, so it is actually highly unlikely to take place.

As a matter of fact, this isn’t the first time Trust has been chased by the media. In the last few months, the printed press and some online resources have carried numerous features on Trust’s financial and customer attraction policies as well as on the bank’s potential deal with Rosneft.

Such negative campaigning itself is obviously a source of risks (primarily reputation ones) for Trust Bank. UralBusinessConsulting called the bank to find out how things really stand and why the media have been blackening the company. However, the bank workers were unable to provide professional or on-the-topic comments. All the claims regarding the high financial risks, the bank’s possible collapse, and the contract with Rosneft were neither confirmed nor refuted.

Nevertheless, Trust representatives said they doubted some of the information resources were actually reliable.

‘It is rather surprising that someone should take an interest in some conspicuously implausible claims made by such insignificant media resources as Delovaya Gazeta’s website,’ the bank’s press officer said.

The position the bank takes gives one reason to believe that all these accusation are not completely ungrounded. Should this be the case, Trust Bank might really be facing increased financial and reputation risks.

UralBusinessConsulting is going to watch the development of affairs.

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