Promsvyazbank signs loan agreement with KfW Bankengruppe22.04 | 2009
Yesterday Promsvyazbank (PSB) entered into a loan agreement with Germany’s Kreditanstalt fur Wiederaufbau Âankengruppe (KfW). The agreement was signed within the framework of the German-Russian initiative concerning the financing of small and medium-sized enterprises (SMEs) concluded by Russia’s Bank for Development and Foreign Economic Affairs (Vneshekonombank) and KfW in February 2009. Under the agreement, KfW will provide PSB with the US$ 30 million 5-year loan. The raised funds will be used for on-lending to SME clients. This is the second joint project between PSB and KfW. Previously, PSB and KfW signed a US$ 20 million 7-year loan agreement in September 2006, with funds also earmarked for on-lending to SMEs. PSB also participates in the SME Loan Program by the European Bank of Reconstruction and Development, whereby PSB has received a US$ 30 million 5-year loan. ______________________________________________________________________________________________________________ About Promsvyazbank OJSC Promsvyazbank, founded in 1995, is one of the leading privately-owned Russian banks, with total assets of RUB461.8 billion, and total capital of RUB49.9 billion under IFRS as of 31 December 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; “BB-” from Standard & Poor's; “B+” from Fitch Ratings. As at 1 April 2009, the regional network of the Bank in Russia encompassed 48 branches, 196 sub-branches and other types of outlets and 1 representative office; as well as a foreign branch in Cyprus; and foreign representative offices in Kyrgyz Republic, Ukraine, China, and India. ______________________________________________________________________________________________________________
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