PSB receives STP Excellence Award from Deutsche Bank

PSB has received the 2008 USD STP Excellence Award from a global leader Deutsche Bank for the excellent quality of cross-border payments processing (straight-through processing, or STP). This is the fifth time that PSB has received the Award.

In an official letter, Deutsche Bank representatives note that the Award recognizes the high quality of international payments transferred by PSB (with STP rating at 99.79%). In an environment where transaction costs are vital, the quality and speed of direct payments are core elements of successful cooperation between banks.

PSB is one of the leading Russian banks offering cross-border payment services. A wide correspondent network and partner relations with first-rank international banks ensure that PSB is able to offer its clients an invariably high quality of services supporting clients’ foreign trade operations.

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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 May 2009, the regional network of the Bank in Russia encompassed 48 branches, 194 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.

Banking Group Promsvyazbank includes OJSC Promsvyazbank (head organization), OJSC Volgoprombank, OJSC Yarsotsbank and OJSC Nizhny Novgorod Bank. www.psbank.ru

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