S&P rating agency has reviewed Promsvyazbank’s rating outlook from “Stable” to “Positive”

Standard & Poor's (S&P) Rating Agency has announced on April 21st it has reviewed OJSCB “Promsvyazbank”’s (PSB) rating outlook from stable to positive, while long- and short-term counterparty credit and certificate of deposit ratings credit remains unchanged on the level “B”.

PSB became the first bank in Russia whose outlook was changed by S&P to “Positive” in 2010. The positive outlook reflects the gradually stabilizing operating environment in Russia, improved liquidity and strengthening of PSB’s risk management. S&P mentioned the moderated market risks and operating efficiency of PSB. At the same time in S&P opinion current level of credit rating continues to reflect their view of challenging, albeit stabilizing, operating environment, heightened credit risks and negative interest margin trends in the banking sector.

About Promsvyazbank

OJSC Promsvyazbank, founded in 1995, is one of the leading privately-owned Russian banks, with total assets of RUB 471.2 bn, and total capital of RUB 51.8 bn under IFRS as of 1 January 2010. Holding company Promsvyaz Capital B. V. owns 72.93% of the Bank, Commerzbank Auslandsbanken Holding AG, a subsidiary of the second-largest German bank Commerzbank AG, has a 15.32% stake, and the European Bank for Reconstruction and Development owns the remaining 11.75%. 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 April 2010, PSB had a network of about 240 points of sale in Russia, including 48 branches, a foreign branch in Cyprus, and representative offices in China, India and Ukraine. Banking Group Promsvyazbank includes OJSC Promsvyazbank (head organization), OJSC Volgoprombank, OJSC Yarsotsbank and OJSC Nizhny Novgorod Bank. http://eng.psbank.ru/