Promsvyazbank plans share split12.02 | 2009
On 11 February 2009, the Board of Directors of Promsvyazbank (PSB) resolved to convene the Extraordinary General Shareholders’ Meeting (EGSM) on 16 March 2009. At the EGSM, shareholders will be requested to consider the split of OJSC Promsvyazbank common shares to the nominal value RUB 0.01 per share. Currently the nominal value of one share is RUB 50,000; thus the split ratio will be 1:5,000,000. The Board of Directors resolution was made with respect to the possible future consolidation of the banks within the Banking Group Promsvyazbank. The Banking Group currently includes OJSC Volgoprombank; integration of JSC Yarsotsbank and JSC Nizhny Novgorod to the Banking Group will be considered by the respective general shareholders’ meetings in February and March 2009.
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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