Promsvyazbank named among leaders in international trade finance in Russia in 2008, according to Finance magazine

According to an international trade finance survey carried out by Finance business magazine (No.33-34 of 14 September 2009), Promsvyazbank (PSB) was among the leading operators on the market in 2008 by the volume of international trade financing provided to its clients.                                                                          

This is the first time Finance has conducted the survey of Russian banks’ trade finance activity. The survey named Sberbank, VTB, PSB and UniCredit Bank as the largest market players in 2008.

Based on data provided by the survey participants, banks were ranked by different types of international trade finance transactions*.  PSB ranked No. 1 by the volume of long-term financing (project financing over three years) with US$ 389.7 million. The Bank also headed the ranking of import financing providers (US$ 962.1 million). PSB came second by the volume of issued L/Cs and guarantees (US$ 1,550.5 million and US$ 494.4 million, respectively) but at the same time topped the list by the number of issued L/Cs. By the number of clients involved in international trade finance, PSB has been a No. 1 player in the past three years.

"International trade has traditionally been one of the Bank’s strategic priorities", notes Valeria Vokhmina, director of International Finance Department. "The Finance magazine survey is extremely timely, as alternative ways of financing, which may replace standard lending, are in great demand at the time of crisis; and the market should know who the largest players are".

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* Due to lack of data, certain types of transactions by Sberbank and VTB are not accounted for in the survey

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About Promsvyazbank

OJSC Promsvyazbank, founded in 1995, is one of the leading privately-owned Russian banks, with total assets of RUB 414.5 billion, and total capital of RUB49.3 billion under IFRS as of 1 July 2009. Holding company Promsvyaz Capital B. V. owns 84.68% of the Bank, and Commerzbank Auslandsbanken Holding AG, a subsidiary of the second-largest German bank Commerzbank AG owns the remaining 15.32%. 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 September 2009, the regional network of the Bank in Russia encompassed 48 branches, 188 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 Ukraine, China, and India.

Banking Group Promsvyazbank includes OJSC Promsvyazbank (head organization), OJSC Volgoprombank, OJSC Yarsotsbank and OJSC Nizhny Novgorod Bank. http://eng.psbank.ru/  ____________________________________________________________________________________________________