January 19, 2018 / 1:45 PM / a year ago

Fradkov says agrees to become new head of Russia's Promsvyazbank

MOSCOW, Jan 19 (Reuters) - Pyotr Fradkov, the head of the Russian export center and a son of a former head of Russia’s foreign intelligence service, said on Friday he agreed to become a new head of Russia’s Promsvyazbank.

Fradkov said in the statement that he had started preparations to transfer defense sector’s banking operations to PSB and that the bank was going to continue working in corporate and retail banking businesses.

PSB, bailed out by the central bank late last year, will be recapitalised and transferred to the government and will service the defense sector, the finance ministry said earlier on Friday. (Reporting by Polina Nikolskaya; Editing by Katya Golubkova)

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