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  Monday, October 21, 2019
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Russia's Promsvyazbank said Tuesday it had signed an agreement with leading Chinese telecoms company ZTE
Russia's Promsvyazbank said Tuesday it had signed an agreement with leading Chinese telecoms company ZTE. "Partnership with Promsvyazbank will allow ZTE to offer its products to Russian telecoms operators on attractive financial terms," said Promsvyazbank Vice President Andrei Onikienko, adding that the deal could give ZTE a competitive edge on the Russian market. Founded in 1985, ZTE is a leading manufacturer of telecommunications equipment in China. The company exports products including equipment for mobile phone and fiber-optic networks, data transfer and Next Generation Networks (NGN), to more than 60 countries. It has offices in six major cities in Russia and other members of the Commonwealth of Independent States. Promsvyazbank, founded in 1995 to serve the interests of Russia's telecommunications industry, is among Russia's top 30 banks in terms of asset value, with assets estimated at about $2.5 billion.
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