Russia's Promsvyazbank buys more branches in annexed Ukraine

St. Petersburg International Economic Forum (SPIEF)
The logo of Promsvyazbank is seen at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 15, 2022. REUTERS/Maxim Shemetov

Feb 3 (Reuters) - Russia's state-owned Promsvyazbank (PSKBI.MM) said on Friday that it had bought two credit institutions in Ukraine's Donetsk and Luhansk regions, doubling its chain of branches in Ukrainian territory Russia moved to annex last year.

Promsvyazbank (PSB), one of Russia's 13 "systemically important credit institutions", offers a wide range of services but has focused on state employees and the defence sector since it was bailed out by the central bank in 2017.

It had already been targeted with Western sanctions last year over Russia's actions in Ukraine.

Reporting by Reuters; editing by Guy Faulconbridge

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