Information Message

27 november 2013 года
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A report published by the Anticorruption Research Center – Transparency International–R on transparency of purchases, their openness and compliance observance in Russian state corporations is interesting and undoubtedly useful for each state-owned company.

As Vnesheconombank participated in the research done it has the right to comment on the content of this material.

Work on posting subdivisions on Vnesheconombank’s official site and filling them with content is to be performed in accordance with the Russian Anti-Corruption Legislation and within the time limits set by it.

Data on incomes, property and property obligations of the state corporation’s top management are posted on the site and are available in the archive.

By law, Vnesheconombank is to post information on purchase activity on the Official Site of State Purchases and till the site was launched (October 1, 2012) information on purchases had been posted on VEB’s site.

Vnesheconombank holds a unique position among Russian state corporations for the reason that it is a bank and a creditor institution.

Participation of the Bank’s representatives in profit-making organizations’ governing and control bodies is to be approved by Vnesheconombank’s Supervisory Board and is to be carried out either on the Russian Government’s instructions (to represent the state’s interests) or to make arrangements for exercising control over spending monetary funds bankrolled by the Bank for Development to finance investment projects.

Vnesheconombank set up a Code of Official Conduct and Conflict of Interests Settlement Commission which is functioning now (information is posted on the site).

 

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 Enters into a Memorandum of Understanding with Italian Mediobanca

26 november 2013 года
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In the course of Russian President Vladimir Putin’s working visit to Italy Vnesheconombank and Mediobanca signed a Memorandum of Understanding. The Memorandum was signed in the presence of Russian President Vladimir Putin and Italian Prime Minister Enrico Letta as part of Russian-Italian summit interstate consultations underway in the city of Trieste.

On behalf of Vnesheconombank the Memorandum was signed by Chairman Vladimir Dmitriev and on behalf of Mediobanca - by Deputy Director General and Board of Directors Member Massimo Di Carlo and Managing Director Maria Luisa Cicognani.

The Memorandum of Understanding is aimed at expanding cooperation between the two banks in the field of Russian-Italian trade and economic activity including through providing funds by the Italian bank against insurance coverage of export insurance agency SACE as well as on a commercial basis. The parties also agreed to jointly implement public private partnership projects and cooperate in carrying out treasury operations.

 

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 and Italian Export Agency SACE Agree to Conduct Russian-Italian Foreign Trade Transactions

26 november 2013 года
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In the course of Russian President Vladimir Putin’s working visit to Italy Vnesheconombank and Export Agency SACE signed a Memorandum of Understanding. The Memorandum was signed in the presence of Russian President Vladimir Putin and Italian Prime Minister Enrico Letta as part of Russian-Italian summit interstate consultations underway in the city of Trieste.

On behalf Vnesheconombank the Memorandum was signed by Chairman Vladimir Dmitriev and on behalf of SACE - by Director General Alessandro Castellano.

The Memorandum is designed to enhance bilateral cooperation between SACE and VEB in selecting projects of mutual interest for the Russian and Italian parties.

The parties agreed to conduct Russian-Italian foreign trade transactions by way of exchanging expert evaluations and information, analyzing relevant projects and identifying potential mechanisms for funding them (lending, insurance, guarantee transactions).

 

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 and Company CO.MO.I. Group SA Intend to Fund VEB’s Customers under Contracts with Italian Suppliers

26 november 2013 года
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In the course of Russian President Vladimir Putin’s working visit to Italy Vnesheconombank and Company CO.MO.I. Group SA signed a Letter of Understanding. The Letter was signed in the presence of Russian President Vladimir Putin and Italian Prime Minister Enrico Letta as part of Russian-Italian summit interstate consultations underway in the city of Trieste.

On behalf of Vnesheconombank the Letter was signed by Chairman Vladimir Dmitriev and on behalf of CO.MO.I. Group SA - by Managing Directors Tarcisio Pico and Sergio Zoncada.

The parties agreed to cooperate in making arrangements for trade financing of Vnesheconombank’s customers under contracts with Italian suppliers.

Group SA is an international group of companies. It was established in 1984. It is comprised of companies based in Italy, Luxemburg and Switzerland. The Group is specializing in providing services to private corporate customers in assets trust management as well as in providing consulting services.

 

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 Makes a Successful Placement of Eurobonds worth 2 Billion US Dollars

22 november 2013 года
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State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ made a successful placement of two Series of eurobonds for a total amount of 2 billion US dollars:

- 5-year eurobonds worth 850 million US dollars at a coupon rate of 4.224% (280 basis point over mid-market swap rate);

- 10-yaer eurobond worth 1 150 million US dollars at a coupon rate of 5.942% (320 basis point over mid-market swap rate);

Citigroup, HSBC, J.P. Morgan и Mitsubishi UFJ acted as organizers of the placement.

More than 330 investors submitted bids for the placement; the total amount of submitted bids exceeded supply by 3.6 times. In the course of the marketing and as a result of a meaningful dialogue with investors Vnesheconombank managed to reduce premium with regard to the new bond issue to a minimum level for issuers from developing countries in the second half-year of 2013. A coupon rate for five-year eurobonds was fixed at a level of Vnesheconombank’s current investment curve and with respect to ten-year eurobonds excess yield curve was only 5 basis points. Both series are characterized by a wide diversification with respect to the type of investors and geographical distribution.

According to Deputy Chairman – Member of Vnesheconombank’s Board Alexandr Ivanov the issue that has become the largest one in terms of placing eurobonds in dollars for Russian financial institutions since 2008 set new benchmarks not only for Vnesheconombank but also for other issuers in Russia. “A marketing strategy chosen by Vnesheconombank made it possible to complete the bond placement with regard to Series 9 and 10 at substantially lower rates than the initially announced benchmark. Vnesheconombank not only made the largest placement of its eurobonds in US dollars on international capital markets but also set the lowest coupon rate for its eurobonds denominated in US dollars (4.224% for five-year eurobonds). A great demand for Vnesheconombank debt instruments testifies to the fact that international investors recognize the importance of Vnesheconombank’s role in developing the Russian economy. We are grateful to investors and organizers of the placement and hope for further fruitful cooperation”, he said.

The funds raised through placing eurobonds are to be used for funding top-priority projects of the Bank for Development.

 

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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