Russia's State Duma approves transferring Promsvyazbank to defence industry

Russian State Duma approved in the third reading the amendments to the draft law about transferring Promsvyazbank to the defense industry.

Russia's Deputy Russian Finance Minister Alexei Moiseyev said that the bank servicing defense industry on basis of Promsvyazbank may begin operation early May, TASS reported.

Earlier, the Russian government together with the Bank of Russia appointed Promsvyazbank as the main bank for Armed Services Procurement operations and major state contracts. In its new capacity Promsvyazbank will be chaired by Pyotr Fradkov, who is the current head of the Russian export center.