Promsvyazbank Makes First Coupon Payment
OREANDA-NEWS. January 12, 2011. Promsvyazbank has made the first coupon payment in the amount of USD 11 250 000 under the USD 200 million 11.25 % Subordinated Loan Participation Notes (LPN) due 2016. The Notes were issued by PSB Finance SA, a special purpose vehicle incorporated under the laws of Luxemburg, on 08 July 2010.
OJSC OJSC Promsvyazbank, founded in 1995, is one of the leading privately-owned Russian banks, with total assets of RUB 461.7 bn, and total capital of RUB 60.5 bn under IFRS as of 1 October 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; “BB-” from Fitch Ratings. As at 1 October 2010, PSB had a network of about 255 points of sale in Russia, including 47 branches, a foreign branch in Cyprus, and representative offices in China, India and Ukraine.