Vnesheconombank Signs Two Credit Agreements with Bank of America, N.A.

21 december 2012 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and Bank of America, N.A. (U.S.) signed two credit agreements on raising credit facilities on a commercial basis for a total amount of 200 million U.S. dollars for a period of 5 years.

The raised funds are to be used to fund Vnesheconombank’s investment projects.

These credit agreements are the first to have been signed between Vnesheconombank and Bank of America, N.A. to fund Russian investment projects financed by the Bank for Development.

Bank of America, N.A. is a subsidiary of Bank of America Corporation that includes banks, investment and insurance companies. In terms of assets amount the Group ranks first in the U.S. It has an extensive network of subsidiaries throughout the world including its affiliate in Russia LLC Merrill Lynch Securities which offers a wide range of corporate and investment-banking products to companies and financial institutions.

 

Press Office of Vnesheconombank
Phone: +7 (499) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

 

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Vnesheconombank Signs Credit Agreement with Kreditanstalt fur Wiederaufbau Bankengruppe (KfW)

20 december 2012 года
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State Corporation ‘Bank for Development and Foreign economic Affairs (Vnesheconombank)’ and Kreditanstalt fur Wiederaufbau Bankengruppe (KfW) with the assistance of the Council of the Baltic Sea States (CBSS) entered into the second commercial agreement under the Pilot Financial Initiative.

Credit facilities under the credit agreement in the amount of up to 65 million US dollars will be provided in the ruble equivalent at a fixed rate. The raised credit facilities are to be used by Vnesheconombank to fund the project aimed at processing mixed household waste of Saint Petersburg. The project is being implemented by OJSC Autopark №1 Spetstrans

This project’s implementation would contribute to environmental protection and improving the ecological situation in Saint Petersburg.

The first commercial credit agreement between Vnesheconombank and KfW under the Pilot Financial Initiative was signed on November 16, 2012 for an amount of 110 million US dollars to build on the Memorandum of Understanding concluded earlier in May of 2012 between the Permanent International Secretariat of the Council of the Baltic Sea States, KfW and Vnesheconombank.

The Council of the Baltic Sea States (CBSS) was established in 1992 in Copenhagen. The Council is comprised of: Denmark, Estonia, Finland, Germany, Island, Latvia, Lithuania, Norway, Poland, the Russian Federation, Sweden as well as the European Commission.

Pilot Financial Initiative (PFI) is a program of financial cooperation initiated by KfW and Vnesheconombank. This program is designed to create an open financial Platform, which is intended to engage financial partners and  raise  financial resources for projects aimed at sustainable economic development and cooperation in the geographic area of CBSS, regional know-how transfer as well as to multiply the effect of CBSS investments and to implement sub-regionally focused programs. The Platform is open to accession of other financial institutions acting in the region of CBSS

 

Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Vnesheconombank to Extend Credit to the Indonesian Finance Ministry

20 december 2012 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Republic of Indonesia represented by the Indonesian Finance Ministry entered into a Credit Agreement.

Under the Agreement Vnesheconombank is to extend credit facilities for a total amount of 399.5 million US dollars for a period of up to 7 years to the Indonesian Finance Ministry.

These credit facilities are to be used to fund the supply of Russian aircraft to the Republic of Indonesia under the export contract between OJSC Rosoboronexport and the Indonesian Defense Ministry.

The said Credit Agreement is the second transaction to have been made between Vnesheconombank and the Indonesian Finance Ministry for the past two years.

The Agreement signed testifies to the progressive improvement in relations between the two states and is fully in line with the tasks set at the eighth meeting of the Russian-Indonesian Joint Commission on Trade-Economic and Technical Cooperation. Vnesheconombank’s participation in funding the project helps to promote Russian high-technology industrial products exports to the countries of South-East Asia

 

Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

 

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Vnesheconombank Raises Credit Facilities to Implement the Project on the Construction of Hotel Complex

20 december 2012 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and ING Bank N.V. London (the Netherlands) entered into a Commercial Credit Agreement for a period of 5 years.

Credit facilities provided by ING Bank N.V. in the amount of up to 50 million euros are to be used by Vnesheconombank to fund an investment project on the construction of a hotel complex as part of developing the Zavidovo territory. The project is being implemented by LLL Zavidovo Plaza.

The project is designed to overcome economic growth infrastructure restrictions including tourism infrastructure development.

ING Bank N.V. is a member of the international finance corporation ING Group – a global company of Dutch origin with a 150-year history. It provides a wide range of financial services including banking, insurance and trust management services in more than 50 countries throughout the world. In terms of market capitalization ING Group is among the five largest institutions in Europe .In Russia ING Group is represented ING BANK (EURASIA) CJSC which is actively participates in various forms of funding and lending  projects of the largest Russian enterprises.

 

Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru

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Vnesheconombank’s Financial Statements under IFRS for the Nine Months of 2012 Published

18 december 2012 года
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Vnesheconombank releases consolidated financial statements under IFRS for the nine months of 2012.

1. Dynamics of main components of assets and liabilities

(analysis based on balance indicators comparison as of 30.09.2012 and 31.12.2011 )

For the nine months of 2012 Vnesheconombank’s Group total assets amounted to 2 723 billion rubles. In comparison to the beginning of 2012 the assets grew by 191 billion rubles (+8%).

The growth in assets was mostly driven by the increase in the portfolio of loans extended to customers by 158.1 billion rubles (+13%) amounting to 1 387.1 billion rubles. The share of loans to customers in the assets of Vnesheconombank Group for the nine months of 2012 rose from 49% to 51%.

As compared with the beginning of the year 2012 the amount of investment financial assets available for sale increased from 454.3 billion rubles to 516.2 billion rubles (+14%). Increase in the assets mentioned was mainly due to the purchase in the first half year of 2012 of the financial assets (fair value of 47.8 billion rubles), representing entitlement to GPB (OJSC) shares with the Bank’s commitment to sell shares, as per the terms and conditions of an eight-year American call option sold.

The Amounts Due from Credit Institutions decreased by 56.7 billion rubles for nine months of 2012 to 401.0 billion rubles. This was largely due to the early partial repayment in the 1st half of the year of subordinated loans by GPB (OJSC) (the par value is 50 billion rubles). The loans were extended by Vnesheconombank under Law 173-FZ.

The following changes occurred in the resource base.

Total liabilities for the nine months of 2012 increased by 173.8 billion rubles (+9%) having reached 2 173 billion rubles. The main drivers for the growth being: increase in the amount of debt securities issued (by 102.3 billion rubles (+39%) to 363.3 billion rubles), increase in the amounts due to the Russian Government and the Bank of Russia (by 123.0 billion rubles (+14%) to 1 007.6billon rubles). Amounts due to the Bank of Russia increased by 106.7 billion rubles. This growth is mainly associated with the increase of short-term funding of subsidiary banks of Vnesheconombank Group (deposits and repo-transactions). Increase in the amounts due to the Russia Government amounted to 16.4 billion rubles and was caused by the growth in short-term deposits placed Ministry of Finance of Russia with Vnesheconombank subsidiary banks.

At the same time, the Amounts Due To Customers decreased by 27.0 billion rubles (-8%) equaling to 325.4 billion rubles. The decrease was due to the reduction of term deposits and current account balances. The Amounts Due to Credit Institutions also decreased: by 23.8 billion rubles to 448.3 billion rubles.

Vnesheconombank Group’s equity increased by 17.2 billion rubles since the beginning of the year, the main drivers being the profit received in the amount of 31.8billion rubles and decrease in unrealized revaluation of investment securities available for sale by 13.4 billion rubles.

 

2. Dynamics of main profit components

(analysis based on data comparison for the nine months of 2012 and the nine months of 2011, chronological average values for respective periods applied).

The profit for the nine months of 2012 amounted to 31.8 billion rubles. As compared with the same period last year the profit increased by 2.5 times.

Net interest income reached 59.5 billion rubles (+11.6 billion rubles from the same period last year).

Interest income for the nine months of 2012 increased by 33.4 billion rubles compared to the nine months of 2011 having reached 149.9 billion rubles. The key driver was the growth in returns on loans and financial leasing due to increase in volume of such transactions.

Interest expenses grew by 22.8 billion rubles to 90.4 billion rubles, with interest expenses on funds raised from credit institutions and the Bank of Russia increasing by 10.0 billion rubles due to the rise in average amounts of borrowings and borrowing rates as compared to the same period of 2011. Expenses on amounts due to customers and the Russian Government also increased, as well as expenses on the securities issued (by 5.8 and 6.9 billion rubles respectively).

For the nine months 2012 the net income from transactions on investment financial assets available for sale diminished as compared to the same period of 2011 by 13.7 billion rubles to (-)0.6 billion rubles.

As compared to the 9 months of 2011 the gains less losses on transactions in foreign currency increased as by 17.2 billion rubles to 12.7 billion rubles.

Non-interest expenses in the accounting period increased by 5.7 billion rubles to 30.3 billion rubles. Other operating expenses growth by 3.1 billion rubles also had a significant impact.

The amount of allowances for impairment and provisions created for the nine months of 2012 decreased by 8.3 billion rubles in comparison with the same period of 2011 and amounted 21.0 billion rubles.

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