Promsvyazbank-Cyprus receives STP Excellence Award from Deutsche Bank

Promsvyazbank-Cyprus (PSB-Cyprus) has received the 2008 USD STP Excellence Award from one of the global leaders Deutsche Bank for the excellent quality of cross-border payment processing in US dollars and euros. PSB-Cyprus is the only PSB branch having a separate correspondent account with Deutsche Bank.

The Cyprus branch also won the Deutsche Bank Award in 2007, and received recognition for the high quality of US dollar payment processing in 2006.

The 2008 STP Excellence Award recognizes the high quality of international payments transferred by PSB-Cyprus (with STP rating at 98.64% for US dollar payments and 97.60% for euro payments).

PSB-Cyprus has been offering services to its customers since April 2002. At present, PSB-Cyprus provides a wide range of banking services, including settlements, deposit and lending products, trade finance, forex operations, guarantees, and L/Cs.

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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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