29 Nov 2018 18:21

Putin places Promsvyazbank on list of strategic enterprises, joint-stock companies

MOSCOW. Nov 29 (Interfax) - Promsvyazbank has been placed on the list of strategic enterprises and joint-stock companies.

The relevant decree was signed by President Vladimir Putin on November 28 and published on the official online database of legal information. It took effect immediately.

It was reported earlier that the credit institution would be converted into a bank to service major government contracts, including in the defense sector. It will be able to receive up to one trillion rubles in loans for sanctions-affected national defense companies from other lending organizations.

Due to the nature of its operations, the bank is allowed to partially withhold information about itself, including who sits on its governing board and board of directors. The bank's chief executive is Pyotr Fradkov.

Prior to its reorganization by the Central Bank in December 2017, the bank was controlled by Dmitry and Alexei Ananyev. It was then handed over to the Banking Sector Consolidation Fund. Later, its ownership was transferred to the Federal Agency for State Property Management (Rosimushchestvo).

In the third quarter of 2018, Promsvyazbank was the country's eighth-biggest bank by assets, according to Interfax-CEA.