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Sunday, April 5, 2020

Welfare OPS buys 10 percent stake in Promsvyazbank

Welfare OPS has purchased approximately 10 percent of Promsvyazbank's (PSB) shares for approximately $141 million. the bank said on Thursday.

The bank said this partial acquisition is legal with regard to assets that can be invested into pension funds.

"Pension funds can work as a full-fledged resource investment in the domestic market -- it is a recognized international practice," Welfare OPS CEO Nikolai Sidorov said. "Therefore, (Welfare OPS) selects high-quality and reliable investments, including increasing the share of financial instruments and systemically important banks in their investment portfolio that support of Promsvyazbank and market-competitive projects and technologies that can replace imported products -- the current direction at the moment, which can provide our customers with a stable and long-term income."
PSB Chairman Artem Konstandyan said that with support from Welfare OPS, the bank will be able to continue serving high-profile companies in the Russian Federation.

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Promsvyazbank - Russia

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