OREANDA-NEWS.  September 24, 2012. Promsvyazbank (‘PSB’), one of Russia’s leading independent universal banks, today announces the election of Guy Harrington as a new Board Director, reported the press-centre of Promsvyazbank.

Mr Harrington, previously a managing director with Citigroup and a Director with Schroders, brings over 40 years of banking experience and an extensive capital markets track record to the Board. He joins as the nominated Board representative of the European Bank of Reconstruction and Development (EBRD), one of PSB’s core long term shareholders. He replaces the former EBRD Board member, Ilkka Salonen, who has left the Board.

Commenting on the election, PSB’s Alexey Ananiev, Chairman of the Board, said, “We are privileged to be joined by Mr Harrington, a well known and highly respected banker who has known PSB for some time. His wealth of experience will help to further strengthen our Board as we build on our growth momentum and aim to reach our full profitability potential. The Board would also like to thank Ilkka Salonen for his considerable contribution to the bank over the past 2 years.”

Mr Harrington brings deep experience of emerging markets, having established Schroders’ investment banking business in Central and Eastern Europe in 1990, developing the business to become a regional market leader. Following the merger of Schroders investment banking business with Salomon Smith Barney in 2000, he headed the Emerging Markets investment banking group of Schroder Salomon Smith Barney (subsequently Citigroup.) He was, until January 2012, Head of Central and Eastern Europe, Middle East and Africa Public Sector Group for Citi.

EBRD has been a shareholder in PSB since 2010. It is an international financial institution that supports projects from central Europe to central Asia and whose mandate was recently extended to the southern and eastern Mediterranean. The Bank invests mainly in private enterprises, provides project financing for banks and corporations, both new ventures and existing companies. It also works with publicly-owned companies to support privatizations, restructuring of state-owned firms and improvement of municipal services. EBRD is owned by 63 countries and two intergovernmental institutions.