Moscow government chooses authorized bank

Promsvyazbank has become an authorized bank of the Moscow City Government, the bank's press service reported. The status of an authorized bank was assigned to Promsvyazbank on February 4, 2003 for 1.5 years. As an authorized bank of the Moscow government, Promsvyazbank plans to actively provide financing for participants of city programs and to give guarantees for loans for the Moscow government.

Over 4,000 organizations and companies of Moscow are clients of the bank now. Industrial companies, including transport and communication companies, make up a substantial proportion of the bank's clients. The bank's equity capital rose by RUR0.7bn ($22.08m) to RUR2.6bn ($81.99m) in 2002. The amount of the bank's assets increased by 97% last year in 2002, and balances at accounts of clients grew by 88%. The balance-sheet profit of Promsvyazbank reached RUR445.4m ($14.05m) in 2002. It exceeded the corresponding amount for 2001 by 39%.

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