PSB will cope with the tasks supporting the Bank of the state defense order, said Fradkov

© RIA Novosti / Vladimir Astapkovich in photobacteria PSB office on Kutuzovsky Prospekt in Moscow. Archival photoPSB will cope with the tasks supporting the Bank of the state defense order, said Fradkov© RIA Novosti / Vladimir Astapkovich the image Bank

PSB has all the competences and financial capability to implement large-scale tasks related to the transfer of funds of the state defense order, said the future head of the Bank, the President of the Russian export centre (REC) Petr Fradkov.

The Finance Ministry on Thursday said that the Cabinet decided on the establishment of a reference Bank to implement the operations for defense procurement and major government contracts. And earlier today, Finance Minister Anton Siluanov told reporters that such credit institution will be established on the basis of PSB, which will be headed by Fradkov.

«I got the offer to head the PSB and agreed. Are already taking part in the active work of the Russian government and the Central Bank of Russia for the preparation of the legal basis for the transfer in a timely manner the funds of the state defense order in PSB and to create conditions for financial support of Bank of defense industry enterprises», — said Fradkov to journalists.

«I believe that to achieve this ambitious goals, the Bank has all the competencies and financial resources, developed regional network and a good experience with the industry, including the defence industry», he added.

When targeting the state defense order PSB will continue to work actively in the corporate and retail segments SMEs, and have confidence that they will cope with assigned tasks, concluded Mr. Fradkov.

The Central Bank, in turn, reported earlier on Friday that the PSB during the first quarter of 2018 will be capitalized and transferred to property of the Russian Federation. The regulator stressed that the Bank will continue to perform routine banking transactions.