PSB receives Trade & Forfaiting Review award

Trade & Forfaiting Review, the dedicated British magazine, named PSB «Best Local Trade Bank in Russia». Winners in 30 categories of the TFR Awards 2010 were determined by votes cast by members of the professional community on the website http://www.tfreview.com.

PSB is a market leader in the international trade finance market in Russia. According to SWIFT, the share of letters of credit issued by PSB in 2009 was 10.63% of the total number of LoCs issued by Russian financial institutions. PSB has been participating in the EBRD Trade Finance Program since 2004. In June 2010, PSB joined IFC's Global Trade Finance Program.

Trade & Forfaiting Review is a dedicated trade finance magazine offering comprehensive information to market professionals.

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/