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Promsvyazbank RAS shareholder equity rises 92.5% in 11M06

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MOSCOW, December 18 (RIA Novosti) - Promsvyazbank, a leading Russian commercial bank, said Monday its shareholder equity calculated to Russian Accounting Standards (RAS) grew 92.5% year-on-year in the first 11 months of 2006, to 20.3 billion rubles (about $766 million).

Promsvyazbank, ranked by the Central Bank among the country's top 30 banks, attributed the higher figure to newly-issued shares, and also to growth in profit and subordinated loans raised by the bank.

Promsvyazbank is controlled by the Ananyev brothers, who also have holdings in information technology, media, insurance, and industrial companies, and in real estate.

Commerzbank Auslandsbanken Holding AG, a subsidiary of Germany's Commerzbank AG, holds a 15.32% stake in Promsvyazbank.

Promsvyazbank also said its assets had grown 50.9% in the reporting period to 168 billion rubles (about $6.3 billion) and the value of its credit portfolio had climbed 86.5% to 125.9 billion rubles (about $4.75 billion).

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