Subsidiaries

As of 31 December 2008, the following principal subsidiaries of the Bank were included in the consolidated financial statements:

Name	Country of incorporation	Activity	% consolidated as at 31 December 2008
Promsvyaz Finance Plc	Ireland	Financial activity	100%
PSB Finance S.A.	Luxembourg	Financial activity	100%
OOO “UK Promsvyaz”	Russian Federation	Financial activity	100%
OOO “Open Leasing Company”	Russian Federation	Leasing	100%
OAO “Volgoprombank”	Russian Federation	Banking activity	95.5%
OAO “Nizhny Novgorod Bank”	Russian Federation	Banking activity	85.1%
OAO “Yarsotsbank”	Russian Federation	Banking activity	51.3%