Promsvyazbank (PSB) said Monday that it would back a guarantee that it would secure its obligations to corporate and medium-size business clients in the housing field.
All construction companies would be required by Russian law to provide warranties in building apartment buildings and other real estate to realty investors. PSB was one of the first banks in Russia to adapt their systems in regards to financing these companies, making sure that they are within legal limits with their business dealings.
"(We take) into account the demands and wishes of companies," PSB Vice President/Deputy Head of Corporate Unit Andrey Leushi said. "For our part we are ready as quickly as possible to make decisions on applications, especially when it comes to those facilities, the construction of which we fund."