On Completing the Transaction on Transferring Roseximbank’s Sharesby Vnesheconombank into EXIAR’s Ownership

28 november 2014 года
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As part of forming up a Credit-Insurance Exports Support Center on the basis of the Export Credit Insurance Agency of Russia (EXIAR, VEB Group) in accordance with the Russian President’s Instruction dated June 24 2014, a transaction on transferring by Vnesheconombank a package of 100%-1 share of CJSC State Specialized Russian Export-Import Bank (Roseximbank) into the ownership of the Agency.

At present, they are developing a strategy for developing an integrated exports credit-insurance support institution (the document is scheduled to be submitted to Vnesheconombank’s Supervisory Board approval in December of 2014). The Strategy provides for creating a unified range of credit-insurance products, consolidating EXIAR’s and Roseximbank’s corporate profile, forming up stable processes of operational cooperation between the two institutions. Along with projects on providing joint support by EXIAR-Roseximbank, the Agency is to continue its activity on enhancing cooperation with federal and regional banks and its active interaction with Russian exporters.

Forming up a centralized export financial support institution on the basis of EXIAR that unifies credit and insurance components is to become a key incentive for developing Russia’s non-raw materials exports, creating conditions for increased amounts of Russian industrial exports in the long term. As a result, a full-fledged export agency will come into being and it will offer extremely flexible instruments for providing financial support for non-materials exports.

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ was established in 2007 under the Federal Law “On the Bank for Development” through reorganization of Vnesheconombank of the USSR. Vnesheconombank is one of the key instruments of government investment policy. Under the Federal Law “On the Bank for Development” VEB participates in providing financial and guarantee support for exports of Russian industrial products manufactured by Russian companies in order to boost the Russian economy competitiveness, diversify it and stimulate investment activity. The Russian Government appointed Vnesheconombank as coordinator for providing comprehensive support for exports of Russian products, works and services. The activity is designed to qualitatively upgrade the national system to support Russian industrial exports and make it more accessible for all categories of Russian institutions. The creation of an integrated exports credit and insurance support centeron the basis of EXIAR and Roseximbank will become another important step in expanding the national exports support system.

The Export Insurance Agency of Russia (EXIAR, Vnesheconombank Group) was established in October of 2011 in the form of an open joint stock company. For the most part, the Agency’s main objective is to support high-technology exports through insuring credit and political risks under export credits and insure Russian investments abroad against political risks. EXIAR’s sole shareholder is Vnesheconombank. The Agency’s charter capital is 30 billion ruble. As of today, the Agency has provided insurance for export supplies of Russia’s non-raw materials exports for an amount of 200 billion rubles. The geography of supplies includes all the world’s regions.

State Specialized Russian Export-Import Bank (Roseximbank, VEB Group) was established by the Russian Government in 1994. Roseximbank is an agent bank for the Government in providing government financial (guarantee) support for Russian industrial exports. Since 2007-2014 Roseximbank has been subsidiary (100%) of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’. Since November 28, 2014,Roseximbnank has been OJSC EXIAR’s subsidiary.

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 the China Development Bank mark ten years of cooperation

14 november 2014 года
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Vnesheconombank and the China Development Bank (CDB) marked ten years of cooperation.

Being national development banks, Vnesheconombank and CDB have similar top-priority lines of activity.

Cooperation between VEB and CDB ranges from funding major investment projects to sharing business experience and information. VEB is one of the largest borrowers from CDB among Russian financing institutions. As of today, the amount of credits raised by Vnesheconombank from the China Development Bank is 3.451 billion US dollars.

At present, credit facilities raised from CDB are being used to fund five projects through VEB. The projects are designed to develop smelting industry, construction and timber processing integrated production facilities, power engineering industry including in CIS countries. A number of projects planned to be financed through using CDB’s credit facilities are now being examined by experts at Vnesheconombank. Vnesheconombank Chairman Vladimir Dmitriev says, “Ten years of cooperation between the two banks demonstrated mutual understanding upon our joint implementation of development projects and assisted in creating such multilateral formats as SCO and BRICS Consortiums. I believe that we have huge potential for promoting further cooperation”.

VEB and CDB together with other financial institutions are members of the Long-Term Investors Club, the International Development Finance Club (IDFC). They are also members of the Association of Development Financial Institutions of Asia and Pacific (ADFIAP). The banks cooperate with G 20 countries financial institutions as part of D20.

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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