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Report: Promsvyazbank mulls African expansion

Faced with low loan demand in Russia, the country's 10th largest lender, PAO Promsvyazbank, turned to Africa to expand its business, Reuters reported Aug. 15, citing Alexander Meshcheryakov, the bank's head of transaction, documentary and international businesses.

Following in the footsteps of JSC VTB Bank, AO Gazprombank and Renaissance Capital, which are already present on the continent, Promsvyazbank is now exploring business opportunities in various African countries, including Kenya, Nigeria, Rwanda, Tanzania, Uganda and Zambia in order to satisfy the needs of its clients.

Promsvyazbank is working with Russian private and state clients interested in African projects, such as aircraft engineering, transport and railway construction, and has already signed a cooperation agreement with the African Export-Import Bank, while also setting up contacts with some local governments, the newswire noted.

The bank currently intends to focus on the provision of financing for Africa-based projects, but could consider opening a branch in Africa continent in the future, Meshcheryakov was cited as saying.