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Promsvyazbank chosen as bank for major Russian state arms contracts

MOSCOW, January 19. /TASS/. The Russian government together with the Bank of Russia appointed PJSC Promsvyazbank as the main bank for Armed Services Procurement operations and major state contracts, Finance Minister Anton Siluanov said on Friday.

In its new capacity Promsvyazbank will be chaired by Pyotr Fradkov, who is the current head of the Russian export center, the minister added.

"In accordance with the decision to create a designated bank for the implementation of operations on Armed Services Procurement and major government contracts, the Russian government together with the Bank of Russia, picked PJSC Promsvyazbank as the responsible bank. The bank’s size, an extensive branch network and a number of other characteristics optimally suit for the role of a base bank in dealing with government defense contracts and major government contracts. It is planned to appoint Fradkov Pyotr Mikhailovich as the head of the bank," the Minister said.

Earlier, the Finance Ministry announced that the government had decided to create a designated bank for settlements on state arms orders and large state contracts. According to media reports, among the candidates were the Globex Bank and Svyazbank (both controlled by VEB), as well as Novikombank (controlled by Rostec corporation).