Promsvyazbank appoints new Board of Directors

Promsvyazbank has appointed a new Board of Directors at the Extraordinary General Meeting of shareholders. Lindsay Forbes, representing the interests of the European Bank for Reconstruction and Development, was appointed to the Board.

Lindsay Forbes has over 35 years of experience in the banking sector in the UK, USA, Central Europe, Russia and Central Asia. Mr. Forbes has been at the EBRD since 1994, where he served as Director for ICA in Russia.

He represented EBRD interests on the Boards of Lenta (Russia), Pliva d.d. (Croatia), Stalexport S.A. (Poland), Moscow International Bank (Russia), and JSB Orgresbank (Russia). In 1981-1994, he held senior posts at Bank of Scotland Group. In 1975, he obtained a degree in law at the Oxford University. In 1981, he earned an MBA at the INSEAD business school (France). As a result of the Meeting, the Board of Directors’ composition was determined as follows: Alexey Ananyev, Dmitry Ananyev, Tamjid Basunia, Dmitry Ermolov, Andrey Zhupanov, Pierre Casse, Alexander Kuznetsov, Dmitry Lavrentiev, Igor Lozhevskiy, Dmitry Mints, Lindsay Forbes and Vladislav Khokhlov.

Promsvyazbank also announces that Guy Harington, former representative of EBRD interests on the Board of Directors of Promsvyazbank, has now resigned from the Board.

Other news
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RAEX Rating Agency (Expert RA) has kept unchanged its ‘А++’ credit rating on PromSvyazCapital’s Series 01 Bond (Registered No. 4-01-44790-H)
The bank earned Rub 2.1 billion of net profit for 2016 compared to a net loss of Rub 3.8 billion for 2015 due to positive dynamics of all components of the income, moderate provisioning and a decrease in operating expenses
Promsvyazbank (PSB) publishes Q4 2016 and 2016 consolidated financial statements in accordance with International Financial Reporting Standards (IFRS), audited by PricewaterhouseCoopers
Promsvyazbank (hereafter “PSB” or “the Bank”) and PromSvyazCapital today announce that on November 25, 2016 PromSvyazCapital has successfully completed the placement of its BO-P01 series exchange bonds (the “Bonds”) on the Moscow Exchange for a total amount of RUB 10 bn under a registration number of 4В02-01-44790-Н-001Р from November 22, 2016.
For the first half 2016 and an audit report prepared by PriceWaterhouseCoopers.

According to the preliminary reporting (published form) under the Russian Accounting Standards (RAS), PSB net profit for 9M 2016 amounted to RUB 2.0 bn. Income from core banking operations (interest income and fee and commission income) increased by 21% to RUB 36.9 bn.


Standard & Poor's Ratings Services (S&P), international rating agency, has confirmed PromSvyazBank (PSB) credit rating at «BB-» with negative outlook.

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