PSB receives EBRD Factoring Award

PSB received the EBRD Award as The Most Active Factoring Bank in Russia in 2009 under the Trade Facilitation Program (TFP).

The award ceremony was held during the 19th Annual Meeting of the EBRD Board of Governors in Zagreb, Croatia.

The award was received by Artyom Konstandyan, PSB First Vice President, Head of Investments, and Anna Belyaeva, Vice President, Head of Financial Institutions and International Capital Markets.

PSB 2009 factoring turnover exceeded RUR 122 billion, including export and import factoring turnover of approximately EUR 55 million. PSB is the leading Russian credit institution by volume of factoring transactions since 2006, and is the absolute leader in the Russian factoring market since 2008. PSB launched its factoring operations in 2004 and was the first Russian bank to obtain full member status at Factors Chain International. Since 2006, PSB is the leader among Russian banks and factoring companies by international factoring turnover.

For reference:

PSB operates in the factoring market since 2002, offering its clients a wide range of technologically advanced financial services in both domestic (recourse and non-recourse) and international (export recourse and non-recourse, and import) factoring. A member of Factors Chain International since 2003, PSB provides access to foreign trade financing to Russian companies and their counterparts from 66 countries.

More than 2.500 companies supplying goods and services to major Russian and international trade operators on the deferred settlement basis chose PSB Factoring.

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/