Promsvyazbank holds 10.95% share in the SWIFT letters of credit market in Q1 200929.04 | 2009
According to SWIFT data, Promsvyazbank (PSB) accounted for the 10.95% share of letters of credit issued by Russian financial institutions and transmitted via SWIFT in Q1 2009. With market shares of 10.23% in 2007, 10.97% in Q1 2008, and 11.2% in 2008, PSB has been holding leading positions in the Russian market by the total volume of issued letters of credit. The SWIFT statistics reflect PSB's leading position in the trade finance market, despite recent negative trends in international trade. ______________________________________________________________________________________________________________ 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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