Russia to create bank to work with state contracts, defense order

MOSCOW, Jan 18 (PRIME) -- The Russian government will create a bank to handle state defense order and large state contracts, including provision of banking support, settlements with contractors, or defense companies, and provision of loans to defense companies, the Finance Ministry said in a statement on Thursday.

“The new bank will be optimal for becoming the base bank to work with money of the state defense order and large state contracts due to its size, a developed network of branches and other characteristics. We plan to finish necessary corporate procedures to transfer the bank in ownership of the Russian Federation very soon,” the statement read.

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