Promsvyazbank (PSB) said Monday it will continue to support entrepreneurs through financial investments.
PSB said it has agreed to invest over $27,000 to open a franchise of a Czech restaurant, Chernovar. This is one of many venture fund projects for the bank.
Several individual entrepreneurs in the federation have received a combined $1.5 million from the bank. The bank's fund managers aim to continue to scope out potential businesses that could expand their investment portfolio.
PSB Senior Vice President Constantine Basmanov said if the bank supports more businesses, it not only helps the bank financially but also helps the country as a whole economically. The banking system has an important role in developing Russian private enterprise in which businesses get their support.
One of the reasons the bank chose to support Chernovar is because the talents of the two entrepreneurs behind the venture complement each other in the necessary skill it takes to run a restaurant, Basmanov said.
Chernovar is expected to open at the end of December.