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Russian government-backed lender Promsvyazbank (PSB) is planning to open branches in Simferopol and Sevastopol, the two largest cities on the Crimean peninsula, an Interfax report said.
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PSB’s announcement comes after Russian President Vladimir Putin asked the bank to start operating in Crimea.
PSB said: “In accordance with the president’s instruction, PSB will soon open offices on the Crimean peninsula in Sevastopol and Simferopol. We have plans to open offices in several other cities by the end of this year.
“The bank intends to actively expand its presence on the peninsula and is currently studying the most optimal locations, including on the coast and places where one of the key client segments for the bank, the military-industrial complex, has a presence.”
The lender said that its business in Crimea will cater to both retail and business customers by offering them a full range of services.
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By GlobalDataPSB will also offer financial assistance to infrastructure and social projects on the peninsula, it added.
The lender is already offering consumer credit, settlement accounts and acquiring services to customers in Crimea via its call centre, website, online bank, some branches and mobile app.
Notably, Promsvyazbank is among those banks that have been cut off from the SWIFT interbank payment system after Russia invaded Ukraine in February this year.
Last month, in a meeting on the socio-economic development of Crimea and the Sevastopol, Putin asked Russian companies and banks to start doing business in Crimea and promised to support them.
Putin said: “In this regard, one of our leading financial institutions with 100% state ownership is Promsvyazbank, it is in principle already present on the peninsula, but the institution should start operating in Crimea as quickly and as widely as possible.”
