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Report: Promsvyazbank shareholders plan expansion of asset management business

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Report: Promsvyazbank shareholders plan expansion of asset management business

's mainshareholders, Dmitry Ananyev and Alexey Ananyev, hired a number of formerDeutsche Bank AGexecutives to expand their PSB Asset Management venture and will invest almost€100 million into the company to build its investment business, Vedomosti reported July 10, citingPromsvyazbank board member Vladislav Khokhlov.

Thename of the company will be changed to P.S. Capital, with its services to focuson capital markets. Khokhlov also told the newspaper that documents needed toexpand the firm's operating license have already been filed with the CyprusSecurities and Exchange Commission.