OREANDA-NEWS. December 29, 2011. PSB received a RUB3.5 billion subordinated loan with maturity in 2018 from EBRD. The transaction was approved by the Central bank of Russia.

PSB will use the loan proceeds to increase its capital base with a view to support rapid asset growth, mainly through broader retail and SME lending operations and corporate business expansion.

In addition, EBRD participated in PSB additional share offering successfully completed on December 23, 2011.

In December 2005, PSB was one of the first ever Russian banks to obtain a subordinated loan from EBRD (RUB1.5 billion with a 6-year tenor). In 2010, PSB repaid the loan before term, with EBRD using the proceeds as a source of investment in PSB equity.

OJSC Promsvyazbank, founded in 1995, is one of the leading privately-owned Russian banks, with total assets of RUB 524 bn and total capital of RUB 64.4 bn under IFRS as of 1 October 2011. Holding company Promsvyaz Capital B. V. owns 73.88% of the Bank; Commerzbank Auslandsbanken Holding AG, a subsidiary of the second-largest German bank Commerzbank AG, has a 14.37% 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 December 2011, PSB had a network of over 260 points of sale in Russia, as well as an overseas branch in Cyprus, and representative offices in China, India, Ukraine and Kazakhstan.