“Reference Bank for the state defense order will create on the basis of PSB

His head becomes the head of “Russian export centre” Petr Fradkov

Photo: TASS, Svetlana Holowchuk

– Supporting Bank for the state defense order (SDO) and major state contracts will be established on the basis of rehabilitated Promsvyazbank, told reporters Finance Minister Anton Siluanov.

“Bank size, the presence of an extensive network of offices and several other characteristics will be optimally suitable for the role of the defensive Bank to work with defense procurement and major government contracts. Leader Bank plans to appoint Fradkov Pyotr Mikhailovich,” – said Siluanov.

Pyotr Fradkov, son of former Prime Minister and former head of the foreign intelligence Service Mikhail Fradkov, now heads the “export center”.

On the establishment of a specialized credit institution, the Finance Ministry announced on Thursday, but not reported, on the basis of the Bank the Bank will be established for the SDO and government contracts. The newspaper “Kommersant” noted that as the base was selected PSB.

The Finance Ministry said on Thursday that the necessary corporate procedures for the transfer of the Bank property in Russia will be completed soon. Anchor Bank will be the credit organization to work with defense procurement and major government contracts, including the implementation of Bank support, conduct settlements with contractors, defense companies and their lending.

PSB December 15, 2017 saniyede through the Fund’s consolidation of the banking sector (PCBS), controlled by the CBR. The regulator previously estimated the need for recapitalization of the Bank in the 100-200 billion. Previously, the main owners of the credit organization were businessmen Dmitry and Alexey Ananeva. As stated earlier, the Chairman of the Central Bank Vasily Pozdyshev, the provisional administration revealed the facts of destruction (loss) the credit profile of corporate borrowers for a total sum of 109.1 billion roubles.

In December 2017, Russian Finance Minister Siluanov said that the functionality of the commercial Bank, which the authorities want to attract to the service of the state order, will help the Federal Treasury to better track supply-chain costs.

In September, Bloomberg reported that Russian officials in order to minimize the risks encountered after the adoption of the sanctions law in the United States, began to discuss the creation of a new state Bank for lending “defense” or switch to its direct funding from the Treasury.

In the end, as a reference Bank has been selected PSB. His future head Fradkov in 2015, head of Russian export centre. In 2015-2016, he has worked in both REC and Vnesheconombank, where he was the first Chairman of the Board. In 2011-2015 was head of the “Russian Agency for insurance of export credit and investment” (EXIAR). Prior to that, he held various positions in the Bank.

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