Fitch Ratings Agency has reviewed Promsvyazbank’s rating outlook from Rating Watch “Evolving” to “Positive”

Fitch Ratings Agency has announced it has reviewed OJSC “Promsvyazbank”’s (PSB) rating outlook from Rating Watch “Evolving” to “Positive”, while long-term IDR remains unchanged on the level “B+”.

The change in rating outlook reflects the strengthening of certain aspects of Russia's banking system infrastructure. Promsvyazbank’s Positive Outlook reflects Fitch’'s base case expectation that during the next year the bank’s asset quality will stabilize and capitalization will strengthen, which could result in a potential upgrade of the bank’s Long-term IDR to “BB-“.

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 and“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. Upon completion of accession to OJSC Promsvyazbank of OJSC Volgoprombank and OJSC Nizhny Novgorod in May 2010, the Promsvyazbank Banking Group comprise OJSC Promsvyazbank itself as the parent credit institution and OJSC Yarsotsbank. http://eng.psbank.ru/