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���������ֳ�-London/Moscow-25 February 2010: ���������ֳ� has today affirmed the ratings of Rosbank following the announcement by its controlling shareholder, Societe Generale ('A+'/Stable/'F1'), that Rosbank will be combined with three other Societe Generale Russian subsidiaries. A full list of rating actions is provided at the end of this commentary.

On 18 February 2010, Societe Generale announced that it will merge Rosbank with Banque Societe Generale Vostok into a single unit which will in turn become a 100% owner of two specialised retail lending banks, Rusfinance (a consumer credit business) and Delta Credit (a mortgage lender). Until now, all four businesses have operated independently. Societe Generale group currently owns 64.7% of Rosbank and 100% of the three other businesses. Following the reorganisation, Societe Generale is expected to control 81.5% of the merged entity while the remaining 18.5% will be retained by Rosbank's current minority shareholder, Interros, and other small minority shareholders. The combined business will have a network of over 750 branches and will be the fifth-largest Russian bank by the size of the loan book. ���������ֳ� estimates that about half of the combined entity's loan book will comprise loans to retail customers.

The Issuer Default Rating (IDRs) and Support Rating of Rosbank already factored in potential support from Societe Generale and are therefore not affected by the merger announcement. Rosbank's IDRs are currently constrained by Russia's Country Ceiling of 'BBB+' and the Stable Outlook reflects that on the sovereign ratings.

The Individual Rating of 'D' reflects significant deterioration in asset quality and profitability during 2009 and only moderate loss absorption capacity afforded by current capital ratios. However, the Individual Rating also takes into account a comfortable liquidity position and the expected benefits of the merger, such as a significantly strengthened franchise, potential cost and revenue synergies and improved diversification, as well as an expected improvement in capital ratios and loss absorption capacity.

In ���������ֳ�'s rating criteria, a bank's standalone risk is reflected in ���������ֳ�'s individual ratings and the prospect of external support is reflected in ���������ֳ�'s support ratings. Collectively these ratings drive ���������ֳ�'s long- and short-term IDRs.

The full list of rating actions follows: Rosbank
Long-term foreign and local currency IDRs: affirmed at 'BBB+'; Outlook Stable
Short-term foreign currency IDR: affirmed at 'F2'
Individual Rating: affirmed at 'D'
Support Rating: affirmed at '2'
National Long-term Rating: affirmed at 'AAA (rus)'; Outlook Stable

Applicable criteria, ' Global Financial Institutions Rating Criteria', dated 29 December 2009, are available on .

Contacts: Svetlana Petrischeva, Moscow,Tel: +44 207 682 71 31; Alexander Danilov, , +7 495 956 9901.

Media Relations: Marina Moshkina, Moscow, Tel: +7 495 956 9901, Email: marina.moshkina@fitchratings.com; Hannah Warrington, London, Tel: +44 (0) 207 417 6298, Email: hannah.warrington@fitchratings.com.

Additional information is available on .