PSB enters into memorandum of cooperation with Export Credit Guarantee Corporation of India

PSB signed a Memorandum of Cooperation with the Export Credit Guarantee Corporation of India.

The Memorandum broadens opportunities for PSB in the area of Indian export financing. Cooperation with the Export Credit Guarantee Corporation of India will enable PSB to raise long-term loans from Indian banks under the Corporation’s guarantees, for the purposes of financing PSB clients’ import contracts. Under the arrangement, PSB clients will enjoy access to long-term financing on attractive pricing terms.

Further development of our cooperation with Export Credit Guarantee Corporation of India will contribute to an increase in the volumes of trade between Russia and India.

PSB opened a representative office in India in 2006.

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/