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Russia to turn Promsvyazbank into bank for defense procurement

MOSCOW, Jan 19 (PRIME) -- A bank intended for the defense order and other large-scale state procurement operations will be established on the basis of troubled Promsvyazbank and will be headed by the Russian Export Center CEO Pyotr Fradkov, Finance Minister Anton Siluanov told reporters on Friday.

On Thursday, the ministry said that the government would 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, in the conditions of Western sanctions.

Promsvyazbank, a top-10 bank by assets, has been undergoing bailout procedures led by the central bank since mid-December.

End

19.01.2018 12:40
 
 
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