OREANDA-NEWS. On 14 February 2008 was announced, that Promsvyazbank had an 11.03% share in the number of letters of credit issued by Russian financial institutions in Q4 2007, according to S.W.I.F.T. statistics.

For comparison, in Q4 2006 PSB’s share in the number of letters of credit was 8.92%. The share of letters of credit issued by PSB in the total number for all Russian financial institutions has been constantly increasing: for the full-year 2007 it was 10.23%, up from 8.26% in 2006.

These statistics bear witness to the leading position that PSB occupies in the Russian market for documentary transactions. In May 2007, the European Bank for Recovery and Development (EBRD) awarded PSB the title of ‘The most active bank in financing Russian imports in 2006.’ The total volume of PSB’s international finance transactions in 2007 was approximately USD2.4 billion, an increase of 63% over 2006.