Donetsk, Jun 9 — DAN. Promsvyazbank (PSB), one of the largest Russian banks has begun to operate in the Donbass Republics, the Bank’s press service reported on Thursday.

“The Bank has begun to provide services to the population, enterprises and organizations in the people’s republics having made high quality banking services available to them, ” the report said.

PSB chairman Pyotr Fradkov signed cooperation agreements in the field of socio-economic development with the DPR and LPR Heads, Denis Pushilin and Leonid Pasechnik. As a financial partner, the Bank will participate in infrastructure and socio-economic projects, help develop financial services in Donbass and provide a whole of range of banking services to the population including the payment of pensions and allowances.

The Bank plans to start offering consumer and mortgage loans later this year, issue credit cards, provide acquiring and salary project services as well as corporate lending with guarantees and letters of credit.

“Having become the first Russian bank which began to operate in the DPR and the LPR, PSB aims to provide access to a broad range of banking services to residents and businesses of the Republics, assist in the economic development of each region, strengthen their financial stability, modernize commercial, industrial, transport and social infrastructure and raise the well-being and quality of life of the local population, ” the press service quoted Fradkov as saying.

Promsvyazbank was established in 1995. Its head office is located in Moscow. It is in the top ten of Russian banks by the size of assets. PSB is a strategic loan organization and a base bank for defense orders operations since 2019. The Bank obtained the permit to operate in the DPR earlier this month.*jk