January 19, 2018 / 9:45 AM / a year ago

Russia's PSB to be recapitalised in Q1 2018 - c.bank

MOSCOW, Jan 19 (Reuters) - The Russian central bank said on Friday Promsvyazbank would be recapitalised during the first quarter of 2018 and transferred to government ownership after being chosen to service the state defence sector.

Promsvyazbank, which is currently controlled by the central bank under the terms of a bailout late last year, will continue its existing work alongside its new role as the defence industry bank, the central bank said. (Reporting by Elena Fabrichnaya; Writing by Polina Nikolskaya; Editing by Jack Stubbs)

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