MOSCOW & LONDON--(BUSINESS WIRE)--Fitch Solutions, a division of the Fitch Group, is pleased to announce that Sberbank, the largest credit institution in Russia and CIS, has chosen Fitch's credit research and peer analysis tool to help enhance its existing counterparty risk reduction strategy.
Sberbank will subscribe to Fitch's credit research on global financial institutions and sovereigns, as well as have access to its peer analysis tool - which allows users to perform detailed peer analysis of more than 100 sovereigns and over 17,000 public and private banks.
Despite tentative signs of global economic recovery and improving credit markets, bank and sovereign exposure to the financial crisis and economic downturn remains a key issue for risk managers.
"Sberbank is committed to improving its credit and counterparty risk assessment system and Fitch has a strong track record in this field. We believe the addition of Fitch's credit research and peer analysis tool will help us make more informed risk management decisions," said Vadim Kulik, Director of Risk Department, Sberbank, Russia.
Fitch Solutions' innovative Global Financial Institutions and Sovereigns package provides subscribers with access to: full credit rating reports, topical market commentaries, sector research reports, organisational capital and balance sheet data, and customizable portfolios with email notification. The peer analysis tool enables users to run 90 key financial ratios and review over 10 years of historical data in order to minimise their potential levels of risk exposure.
"As the largest bank in the Russia CIS region, today's announcement further underlines Fitch Solutions' position as a leading market data vendor," said Thomas Aubrey, Managing Director, Fitch Solutions, London.
Further information about Fitch Solutions' products and services can be found at:
Fitch Solutions, a division of the Fitch Group, focuses on the development of fixed-income products and services, bringing to market a wide range of data, analytical tools and related services. The division is also the distribution channel for Fitch Ratings content.
The Fitch Group also includes Fitch Ratings and Algorithmics, and is a majority-owned subsidiary of Fimalac, S.A. For additional information, please visit 'www.fitchsolutions.com'; 'www.fitchratings.com'; 'www.algorithmics.com'; and 'www.fimalac.com'.
Sberbank of Russia (Sberbank) is the largest Bank in Russia, Central and Eastern Europe, with approximately 30% of the total assets of the Russian banking system and around 240,000 employees. The Central Bank of the Russian Federation is the founder and the majority shareholder of Sberbank (over 60% of the voting shares), with the rest of the shares dispersed among more than 260,000 individuals and legal entities. The Bank has the most widespread branch network in Russia: 18 Regional Head Offices, over 20,000 branches and banking outlets, as well as subsidiaries in Kazakhstan, Ukraine and Belarus.
Sberbank holds the General License No. 1481, issued by the Central Bank of the Russian Federation.
Corporate website: www.sberbank.ru