Promsvyazbank and Export Development Canada enter into loan agreement11.02 | 2009
Promsvyazbank (PSB) has entered into a US$25 million framework loan agreement with Export Development Canada (EDC), the Canadian export agency. The agreement enables PSB to provide financing to the Russian importers of Canadian machinery, equipment, and services, which can be extended up to 6 years. PSB and EDC cooperation dates back to 2004, with several agreements for financing PSB clients' import contracts signed over the period. The new framework agreement reflects a new stage in the development of a trust-based, mutually beneficial cooperation between the two partners. PSB has a significant experience in arranging mid- and long-term financing solutions for import from more than 20 countries. According to the 2008 results, the volume of PSB international long-term financing operations exceeded US$400 million.
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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