S&P: CIT Finance unchanged

Standard & Poor's said following the modification of the name of Web-invest Bank to Investment bank CIT Finance, the ratings and outlook on the bank (CCC/positive/C) remain unchanged.

With assets of Russian ruble 10.5 billion and assets under management of RUR4.3 billion at Dec. 31, 2004, Investment bank CIT Finance is a niche player in brokerage, investment banking and asset management and is expanding into institutional and retail fund management, the agency said.

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