Promsvyazbank offers RUB real time gross settlement services to respondent banks

Promsvyazbank (PSB) has started to offer its respondent banks an opportunity to make RUB payment transactions using the Bank of Russia’s real time gross settlement (BESP) system.

Respondent banks are able to settle accounts in real time, which substantially reduces the waiting period in the Bank of Russia’s settlement system. Moreover, payments addressed to the BESP members operating in the Moscow region are processed irrespective of the shift payment processing time in the intraregional electronic settlement system.

The BESP system is a real time gross settlement system, which operates over the territory of the Russian Federation in parallel with the intraregional and interregional electronic settlement systems. The Bank of Russia started implementing the BESP system in July 2007. PSB joined the BESP in 2008, and by now has all its branches connected to the system.

PSB has for many years been one of the leading providers of RUB settlement services to financial institutions in the Russian Federation, CIS and other countries. PSB currently offers services to 370 respondent banks, of which 208 are non-residents, including leading foreign banks.

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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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