Promsvyazbank repays US$ 200 million syndicated loan15.01 | 2009
At the end of December 2008, Promsvyazbank (PSB) repaid the second tranche of the US$ 200 million syndicated loan. PSB raised the loan for the total amount of US$ 400 million structured in two equal 12- and 18-month tranches in July 2007. Commerzbank, Societe Generale Group, Sumitomo Mitsui Banking Corporation Europe Limited («SMBCE»), WestLB AG, London Branch («WestLB») and ICICI Bank acted as lead arrangers. PSB repaid the first tranche of the loan in July 2008. The loan was repaid using PSB own liquid assets, with no recourse to external financing.
About Promsvyazbank OJSC Promsvyazbank, founded in 1995, is one of the leading privately-owned Russian banks, with total assets of RUB407.6 billion, and total capital of RUB46.7 billion under IFRS as of 30 September 2008. Holding company Promsvyaz Capital B. V. owns 84.68% of the Bank, the remaining 15.32% are owned by Commerzbank Auslandsbanken Holding AG, a subsidiary of the second-largest German bank Commerzbank AG. PSB has the following international credit ratings: “Ba2” from Moody’s Investors Service (stable outlook); “BB-” from Standard & Poor's (negative outlook); “B+” from Fitch Ratings (stable outlook). As of 1 December 2008, the regional network of the Bank in Russia encompassed about 170 sub-branches, 46 branches and 1 representative office; a foreign branch in Cyprus; and foreign representative offices in Kyrgyz Republic, Ukraine, China, and India. www.psbank.ru
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