OREANDA-NEWS. September 22, 2011. The Bank’s shareholders at the EGM taken place on 16 September 2011 have resolved on the increase of the charter capital of OJSC Promsvyazbank by issuing additional 69,084,628,671 shares. The placement price is to be defined after the state registration on the additional shares issue, reported the press-centre of Promsvyazbank.

The placement of the shares will be made by the closed subscription among the existing Bank’s shareholders.

Charter capital increase will allow PSB to foster its further business development in current tough competition on the Russian banking market and increased risks of global economy, noted Promsvyazbank’s President Mr. Artem Konstandyan.

About Promsvyazbank
OJSC Promsvyazbank, founded in 1995, is one of the leading privately-owned Russian banks, with total assets of RUB 485 bn and total capital of RUB 59.7 bn under IFRS as of 1 July 2011. 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; “BB-” from Fitch Ratings. As at 1 July 2011, PSB had a network of about 250 points of sale in Russia, as well as an overseas branch in Cyprus, and representative offices in China, India and Ukraine. http://eng.psbank.ru/