Russia's Promsvyazbank says its share of the country's letter of credit (L/C) market increased in the second quarter of 2008 to nearly 12 per cent.

The bank bases its claim on data emerging out of the SWIFT system.

Results

Promsvyazbank says that in the second quarter of 2008 it won an 11.97 per cent market share in Russia's L/C market.

The bank says this marked an increase over its performance in the second quarter of 2007 when it achieved a 10.26% market share.

Continuous increases

Promsvyazbank says this is the second year it has been able report year-on-year first quarter increases in L/C business.

In the first quarter of 2006 the bank's share of Russia's L/C market was 8.26 per cent. That share increased to 10.23 per cent and then 10.97 per cent in the first quarters of 2007 and 2008 respectively.

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