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Report: Promsvyazbank eyes capital boost ahead of merger with Sviaz-Bank

PAO Promsvyazbank is planning an issuance of additional shares through which it will receive 40 billion rubles from the Russian state, Kommersant reported.

The shares will be acquired by Russia's Federal Agency for State Property Management, which is the sole owner of Promsvyazbank. Around 50% of the 40 billion ruble sum will be paid in cash and the remaining part of the payment will be made in shares of Interregional Bank for Settlements of the Telecommunications & Postal Services, or Sviaz-Bank, the Dec. 12 report noted.

The Russian government earlier decided to merge the two banks to provide a capital boost for Promsvyazbank, which is set to focus on servicing Russian defense sector companies to protect other Russian lenders from potential Western sanctions.

As of Dec. 11, US$1 was equivalent to 63.54 Russian rubles.