Promsvyazbank receives EBRD trade finance award30.01 | 2009
European Bank for Reconstruction and Development (EBRD) has awarded Promsvyazbank (PSB) as the Most Active Issuing Bank under the Trade Facilitation Program in 2008 in Russia. The volume of PSB’s 2008 international finance deals totaled approximately US$ 3.4 billion, reflecting a 44.3% year-on-year increase. Short- and medium-term (up to 5 years) trade finance deals accounted for US$ 3 billion of the total, while long-term (up to 12 years) project finance accounted for the remaining US$ 400 million, mainly with the participation of export credit agencies. The EBRD award proves once again PSB leading position in trade finance. In May 2008, EBRD awarded PSB as the Most Active Trade Finance Bank in Russia 2007. PSB and EBRD have built a solid partner relationship since 2004. PSB has been participating in different lending programs, including trade finance, SME lending, factoring, and syndicated loans.
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 As of 1 January 2008, the regional network of the Bank in Russia encompassed about 170 sub-branches, 47 branches and 1 representative office; a foreign branch in Cyprus; and foreign representative offices in Kyrgyz Republic, Ukraine, China, and India.
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