Promsvyazbank holds Annual General Shareholders’ Meeting

Promsvyazbank’s (PSB) Annual General Meeting of shareholders (AGM), held today in Moscow, summed up the results of PSB activities in 2008.   

The AGM approved PSB financial statements for the year ended 31 December 2008. In accordance with the shareholders’ policy of increasing PSB capitalization, the AGM resolved not to pay out dividends for 2008.  

The AGM also elected a new Board of Directors comprised of seven members:  
-     Mr. Alexey Ananiev, Chairman of the Advisory Council of Technoserv;
-     Mr. Alexander Levkovskiy, PSB President;
-     Mr. Vladislav Zabelin, President, PromSvyazCapital;
-     Mr. Sergey Kharitonov, First Deputy Chairman of the Advisory Council, Technoserv;
-     Mr. Maxim Litvinov, Vice-President – Head of Strategy Development Department, PromSvyazCapital;
-     Mr. Paul Ostling, former Chief Operations Partner, Ernst&Young (independent director);
-     Mr. Tamjid Basunia, former Partner, PricewaterhouseCoopers (independent director).

The Meeting elected PSB Audit Commission and approved KPMG as PSB external auditor for 2009.

The newly elected Board of Directors held its first meeting today. The Board re-elected Mr. Alexey Ananiev as the Chairman of the Board and Mr. Maxim Litvinov as the Deputy Chairman. The Board also has formed the Committees of the Board.

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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; “B+” from Standard & Poor's; “B+” from Fitch Ratings.  As at 1 June 2009, the regional network of the Bank in Russia encompassed 48 branches, 191 sub-branches and other types of outlets and 1 representative office; a foreign branch and a retail office 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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