Vnesheconombank Chairman Vladimir Dmitriev Awarded “The Success of the Year” Banking Prize by Version of Itogi Magazine and Fitch Rating Agency
Vnesheconombank Chairman Vladimir Dmitriev was awarded “The Success of the Year” Banking Prize by version of the Itogi magazine and the Fitch Rating Agency.
VREMYA NOVOSTEI 214 (1856)
This is a Needed Financial Market Instrument
Vice Premier and Finance Minister Alexei Kudrin said that Russian banks should double their investments in Russia’s fixed assets in the coming three years. “This is a conservative forecast for the development of our economy and it means that the Russian banking and financial system as a whole should double its efforts in terms of investing funds, quality of projects and risk management assessment. This is a substantial challenge,” Mr. Kudrin is quoted by ITAR-TASS as saying at the ceremony on the occasion of the Day of Banker ( it is organized by the Itogi magazine, the Fitch Rating Agency and the Russian Union of Industrialists and Entrepreneurs).
Kudrin said that investment in the infrastructure would, above all, involve state-run banks and especially Vnesheconombank (VEB). “The capital of the Bank for Development or Vnesheconombank of Russia which is becoming an important instrument of the country’s investment policy will show its worth, said Mr. Kudrin.
In his turn, VEB Chairman Vladimir Dmitriev said that the Bank for Development is increasing lending of the real sector: today the share of long-term credits (for a period of more than three years) exceeds 55% of the total amount of the Bank’s loan portfolio. But Vnesheconombank would be able to operate to its full capacity only after all necessary decisions have been made and its authorized capital has been formed, stressed Mr. Dmitriev. At yesterday’s ceremony the Bank for Development, which was established on the basis of VEB, was declared the prize-winner in the nomination “The Success of the Year.” Vladimir Dmitriev was presented with the Prize by Russian Council of Industrialists and Entrepreneurs Chairman Alexandr Shokhin.
Today on November 16, in the course of Prime Minister Victor Zubkov’s working visit to France the State Corporation “The Bank for Development and Foreign Economic Affairs (Vnesheconombank)” and the French Bank BNP Paribas signed a Framework Credit Agreement on Extending a Credit Line worth 300 million euros (or its equivalent in US dollars).
The Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev and BNP Paribas General Director Georges Chodron –de-Courcel.
Under the Agreement the funds made available within the credit line could be used to finance the purchase of West European goods and services by Russian importers with insurance coverage under the credit to be provided by European export credit agencies.
The signing of the Framework Credit Agreement with BNP Paribas opens up ample opportunities for boosting multilateral Russian-French cooperation by way of carrying out major investment projects on the territory of the Russian Federation and would help increase the trade turnover between the two countries.
BNP Paribas is the leader in banking and financial services in Europe and occupies 15th place in the world by market capitalization. The number of the Group’s employees is 155000 of which 123000 work in Europe. The Group is the leader in three main lines of business: corporate and investment banking services, asset management, retail banking and financial services. The BNP Paribas Group is represented in 85countries in the world and has strengthen its position in all major financial markets. BNP Paribas is active in all lines of business across Europe. France and Italy are the Group’s internal markets for retail banking services. BNP Paribas is making strenuous efforts to expand its business son the territory of the United States and holds influential positions in Asia and emerging markets.
Origin: Press Office of Vnesheconombank
Contact person: Svetlana Nikitina
Phone: +7 (495) 608-46-93, Fax: +7 (495) 975-21-34