Promsvyazbank receives Euromoney Award25.02 | 2009
Promsvyazbank (PSB) has won Euromoney’s Award as ‘The Best Bank in Trade Finance in Emerging Europe’. PSB’s international finance deals totaled about US$3.4 billion in 2008, 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, and long-term (up to 12 years) project finance deals, mainly with the participation of export credit agencies, accounted for another US$400 million. The award is yet another acknowledgment of PSB’s leading position in trade finance in Russia. In February 2009, PSB received ‘The Most Active Issuing Bank under the Trade Facilitation Program in 2008 in Russia’ award from the European Bank for Reconstruction and Development.
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 February 2008, the regional network of the Bank in Russia encompassed about 170 sub-branches, 48 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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