Promsvyazbank receives “Russia’s Financial Elite – 2009” award

Promsvyazbank (PSB) has received the “Factoring Company of the Year” award at the annual “Russia’s Financial Elite – 2009” award ceremony.

The Organizing Committee of the ‘Russia’s Financial Elite – 2009’ award was comprised of the representatives of the Audit Chamber, the Ministry of Finance, the Bank of Russia, the State Duma, the Russian Union of Industrialists and Entrepreneurs, the Association of Regional Banks, the National League of Management Companies, the National Association of Non-State Pension Funds, Rosleasing, the National Association of Professional Collection Agencies, Expert RA rating agency and the National Rating Agency. The Organizing Committee chose the award winners based on their activity in 2008.

The award ceremony was held at the Reception Palace of the Russian Foreign Ministry Diplomatic Corps. Viktor Nosov, Head of PSB’s Factoring Department, who represented PSB, received the commemorative diploma and the award from Anatoly Aksakov, President of the Association of Regional Banks of Russia.

“This award is an acknowledgement of PSB’s leadership, a well-earned recognition of our team’s efforts and of PSB’s successful strategy amid the crisis”, Mr. Nosov said.

Additional information:  PSB has been operating in the factoring market since 2002, providing its customers with a broad range of advanced factoring services, including domestic (recourse and non-recourse factoring) and international (recourse and non-recourse export factoring, and import factoring). According to Expert RA rating agency, PSB was an undisputed leader in Russia’s factoring market in 2008, with a 23.5% market share. The volume of accounts receivable assigned to PSP reached RUB 142 billion in 2008; the volume of funds provided by PSB to its clients amounted to RUB 108 billion; clients turned to PSB for factoring services on approximately 700,000 deals with 4,900 debtors.

PSB has been a member of Factors Chain International, a global network of leading factoring companies, since 2003, and held, according to FCI, leading positions in international factoring in Russia in 2008, with 74% and 73% market shares in export and import factoring, respectively.

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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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