Promsvyazbank

Promsvyazbank (ЗАО "Промсвязьбанк") is a state-backed, formerly private Russian bank from Moscow. It was owned by the oligarchs Dmitry and Aleksey Ananyev. As of 2012, it is the 10th largest bank in Russia by assets.[2]

Promsvyazbank
Native name
Промсвязьбанк
State-owned enterprise
IndustryFinancial services
Founded1995
Revenue122,563,000,000 Russian ruble (2017) Edit this on Wikidata
OwnerPromsvyaz Capital B.V.
RatingBa3 (Moody's), BB- (S&P) (2017)[1]
Websitewww.psbank.ru

The bank was established in May 1995 by the Ananyev brothers, the owners of Tekhnoserv, the largest systems integrator in the CIS. Its first customers were major telecom companies such as Rostelecom. Between 2006 and 2012, a 15,32% stake was owned by Commerzbank.[3] In February 2010, an 11,75% stake was acquired by the EBRD.[4]

As of February 2016, the bank provides services to more than 100,000 corporate and over 2 million private customers.[5]

On 15 December 2017 the Central Bank of Russia placed the bank under temporary administration, effectively nationalizing Promsvyazbank.[6] Promsvyazbank is prominent in financing Russian arms deals in order to shield larger banks from sanctions.[7][8]

ReferencesEdit

  1. ^ "Рейтинг банков - 2017 (таблица)". Forbes.ru. 23 March 2017. Retrieved 1 May 2017.
  2. ^ "Archived copy". Archived from the original on 25 May 2014. Retrieved 23 August 2014.CS1 maint: archived copy as title (link)
  3. ^ "Commerzbank Completes Promsvyazbank Stake Sale". The Moscow Times.
  4. ^ "EBRD to buy 11.75% stake in Promsvyazbank". Financial Times.
  5. ^ Company information at psbank.ru, retrieved 8 February 2016.
  6. ^ "Russia to bail out Promsvyazbank". Financial Times. Retrieved 15 December 2017.
  7. ^ "America's aggressive use of sanctions endangers the dollar's reign". The Economist. ISSN 0013-0613. Retrieved 2 February 2020.
  8. ^ Bipindra, Nc; Pismennaya, Evgenia (15 July 2019). "India, Russia Seek to Skirt U.S. Sanctions Threat to Arms Deals". Bloomberg News. Retrieved 2 February 2020.

External linksEdit