Fitch suspected the Bank of the ROC in lending to companies without real assets

Bank “Peresvet”, more than 49% of whose shares belong to the Russian Orthodox Church (ROC), gave loans to organizations that do not have real assets. This is stated in the message of rating Agency Fitch, which was received by the RBC. The report drew attention to the newspaper “Vedomosti”.

This is the conclusion the Agency made based on the analysis of the 100 largest loans issued by the Bank. A total of 12 billion rubles of loans are “high risk”. This is because borrowers are structures that do not have “real assets”, specifies Fitch.

According to Fitch, many of them showing signs of affiliation between themselves or with the management of the Bank. “According to information from management, most of these borrowers usually work on contracts with regional authorities or companies that are government-related, and it may reduce credit risks. At the same time, the long-term sustainability of the business in doubt as Fitch”, stated in the message of rating Agency.

Fitch affirmed the rating of “overexposure” at the level B+.

A significant proportion of the client base of “Peresvet” organizations associated with the state, according to “Vedomosti” with reference to the S&P in February 2016. About 25% of the credit portfolio falls on government contracts or contracts with large government organizations.