Promsvyazbank reports International Business results for 2008

The volume of Promsvyazbank’s (PSB) international finance transactions in 2008 totaled US$ 3.4 billion, reflecting a 44.3% year-on-year growth. Trade financing of PSB clients remained one of the Bank’s key lines of business.

In 2008, PSB raised over US$ 700 million in international capital markets. In January 2008, PSB placed US$ 100 million 10 non-call 5 subordinated notes due in 2018. In July, PSB placed a US$ 250 million 5-year Eurobond issue with a put option after 3 years. During the year, PSB received two syndicated loans. In April, the Bank raised a 12-month US$ 175 million syndicated loan. In August, PSB raised a 12-month US$280 million syndicated loan with a 1-year extension option. The proceeds were used to finance PSB clients’ foreign trade operations.

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