Translation disclaimer: machine-assisted translation may contain inaccuracies. Always refer to the original source for authoritative text.
The discussion covered the bank's financial performance in 2025 and its objectives for the period ahead.
From the transcript:
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Meeting of Mikhail Mishustin with the Chairman of PSB Bank PJSC Pyotr Fradkov
3 March 2026
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Chairman of PSB Bank PJSC Pyotr Fradkov at the meeting with Mikhail Mishustin
3 March 2026
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Meeting of Mikhail Mishustin with the Chairman of PSB Bank PJSC Pyotr Fradkov
3 March 2026
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M. Mishustin: Pyotr Mikhailovich, you head one of Russia's largest banks, which is involved in pursuing the national development goals [a set of long-term socioeconomic targets established by presidential decree] set for us by the President. This includes measures to ensure the country's technological and industrial sovereignty, and to build a supply-side economy [an economic policy concept promoted by the President emphasizing domestic production and investment], as the President has also outlined.
Your bank serves as the anchor bank [designated primary financial institution] for the defense-industrial complex and works directly with relevant enterprises. You are engaged in lending for special programs and in supporting research centers.
I would ask you to report on the results of the past year — how things stand — and on plans for the future.
P. Fradkov: Mikhail Vladimirovich, 2025 was a year of growth for us. The bank continued to develop. We closed the year with assets of 9 trillion rubles, which firmly positions us among the five largest banking institutions in the country.
We continued to expand across various business lines. Our small and medium-sized enterprise portfolio stands at 200 billion rubles, and our retail portfolio at 600 billion rubles. And as you quite rightly noted, we of course continue to work on supporting the defense-industrial complex. Servicing the state defense order [the system of government contracts for defense procurement] is our most important responsibility.
M. Mishustin: It is vitally important that our country's development proceeds evenly, and that positive changes take place across all constituent entities of the Federation [Russia's federal regions]. New jobs must be created, new enterprises established, and the necessary infrastructure built — engineering, social, utilities and housing — along with advances in healthcare. Educational institutions must be high-quality and modern. Public spaces must also be developed.
I know the bank is actively involved in such programs. I would like you to tell us what you are doing in the new territories [the four Ukrainian regions — Donetsk, Luhansk, Zaporizhzhia, and Kherson — incorporated into the Russian Federation in 2022] and in the border regions — Bryansk, Belgorod, and Kursk oblasts.
P. Fradkov: A major priority for us, alongside supporting industrial development, is supporting the new constituent entities of the Russian Federation. Pursuant to the relevant decision, we have been present in the new constituent entities since 2022. It is very important for us to establish banking services for citizens and for the small and medium-sized businesses operating in these regions. I can report that we closed 2025 with 463 branches across all four new constituent entities. More than 3,300 ATMs have been installed. We operate not only in major cities and regional capitals, but also in smaller localities — 140 such localities in total. It is important to us to reach every user, every customer.
Credit portfolio limits totaled 190 billion rubles — more than 50% of the total portfolio provided by the banking community for the development of the new constituent entities. At the same time, it is important to us to provide not only banking services, but also other financial products, in particular insurance — a highly sought-after product.
Non-financial support is also being provided: legal assistance and consultations. Citizens and small and medium-sized businesses alike need to learn to navigate the new legal environment and our legislation. This is another area of focus.
In addition to our work in the new constituent entities, we continue active operations in the border regions across a range of areas — including the implementation of the Government's subsidized mortgage programs [state programs offering below-market mortgage rates] and several others. Social support is also provided, including development of sports and children's infrastructure, so that residents of these regions understand that we support them in every way we can.
M. Mishustin: Thank you, Pyotr Mikhailovich. It is essential that across the entire expanse of our country — from west to east — all necessary services are available to our citizens and businesses, and that they are delivered with equal professionalism, quality, and convenience.