Nizhny Novgorod Bank Joins Banking Group Promsvyazbank19.03 | 2009
The extraordinary general shareholders’ meeting of OJSC “Nizhny Novgorod Bank” (Nizhny Novgorod Bank), held on 16 March 2009 in Nizhny Novgorod, resolved on the integration of Nizhny Novgorod Bank into the Banking Group Promsvyazbank. The integration of the new member into the Banking Group is another step in Promsvyazbank’s (PSB) effort to consolidate its subsidiary banks in the regions. The Banking Group Promsvyazbank already includes OJSC Volgoprombank (Volgograd) and OJSC Yarsotsbank (Yaroslavl). The extraordinary general shareholders’ meeting of Nizhny Novgorod Bank also elected a new Board of Directors. At its first meeting on 17 March 2009, the newly elected Board of Directors appointed Igor Smelyansky, PSB’s Head of Asset Integration, as the Chairman of the Board. ___________________________________________________________________________________________________________________________ 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 (negative 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. About Nizhny Novgorod Bank Nizhny Novgorod Bank, founded in 1990, has total assets over RUB 5.3 billion, and equity over RUB 0.62 billion under RAS as at 1 January 2009. The network of Nizhny Novgorod Bank consisted of 10 sub-branches in the city of Nizhny Novgorod and the region. Nizhny Novgorod Bank has issued more than 7,200 international payment systems plastic cards and has a network of 14 ATMs and 32 payment offices. ___________________________________________________________________________________________________________________________  |
© 2009 