Amendment of banking business licence of Promsvyazbank PJSC

Tuesday, 14 August 2018

The Central Bank of Cyprus taking into consideration, inter alia, the decision of the Central Bank of the Russian Federation to assign the functions of the provisional administration of Promsvyazbank PJSC (“Promsvyazbank”) to LLC Fund of Banking Sector Consolidation Asset Management Company, as well as the decision of Promsvyazbank to terminate the operations of its branch in Cyprus, has decided to proceed with the imposition of the following additional condition to Promsvyazbank’s banking business licence to operate a branch in Cyprus:

Promsvyazbank’s branch in Cyprus shall not engage in any banking business, except for inter alia:

1. the repayment of the existing customer deposits,

2. the acceptance of payments towards existing customers’ credit facilities,

3. the execution of customers’ outgoing payment orders and the acceptance of incoming transfers on behalf of customers, solely for the purpose of settlement of existing business commitments.

The additional condition set out above entered into force as from 10 August 2018.