Promsvyazbank was appointed as investor for JSC «Avtovazbank» (AVB) sanation on the contest results held by the Deposit Insurance Agency (DIA).

According to the financial rehabilitation plan of AVB the Deposit Insurance Agency will provide PSB a RUB18.2 bn financial support for a 10-year period funded by CBR.

Promsvyazbank assumes responsibility for the financial rehabilitation of AVB and will also maintain all banks's obligations to its customers and ensure the continuity of its operations.

AVB will continue its normal operations providing a full range of services to its customers. The current contracts' terms will remain unchanged and AVB will fulfill its existing commitments to the borrowers, depositors and payroll customers in full.

PSB Chairman Artem Konstandian comments on this event: «The most important for us is to maintain high quality customer service for AVB's clients and fulfill all its obligations. In the future AVB's clients will get additional opportunities of PSB due to the increase of service quality and products availability. The Samara region is becoming one of the leading regions for PSB business development, we intend to become a first choice bank for the families and enterprises in Samara, and confirm our reputation as a reliable partner for the largest Russian companies».

PSB has a proven positive experience of regional banks' financial rehabilitation. In 2008 PSB successfully implemented measures to avert bankruptcy of Nizhny Novgorod Bank and Yarsotsbank which afterwards were merged with PSB

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