Promsvyazbank, defense industry’s major lender

Promsvyazbank CEO Petr Fradkov was received by Russia’s President to report on the bank’s performance and its development plans.

The presidential web page cites Fradkov as noting, “The bank supports virtually 40% of state defense contracts, having issued almost RUR 200 bln ($3 bln) of financial support to defense industry companies, while in the future, the bank will be able to issue loans for up to 70% of all the defense industry contracts.”

As Fradkov said, “We have brought our guarantee loan support for small and medium-sized companies to RUR 140 bln ($2.1 bln). Consumer loans, mortgages and military mortgages are some of the products that we are actively dealing with. We have increased our figures on them practically by 40%, which exceeds RUR 100 bln.”

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