On Vnesheconombank’s Supervisory Board Decisions

20 october 2016 года
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Vnesheconombank's Supervisory Board approved the purchase of up to 100% RUB 10 bn 15-year bonds of PAO KAMAZ secured by a state guarantee. The purchase is to be financed from pension funds. The funds will be invested in the project for developing new KAMAZ models and upgrading the production lines.

A decision was made to establish a non-commercial organisation named Industrial Assets Fund. The new organisation will focus on debt restructuring for big industrial facilities and will aim to improve the effectiveness of their use. Leonid Frumkin will be appointed as CEO of the Fund.

During the meeting it was decided to close Vnesheconombank's representative offices in Zurich, Paris, Johannesburg and New Delhi. The bank's representative office in Mumbai will continue its work, the representative office in Beijing will be expanded. The work of US and UK's representative offices will be improved through cost-cutting and personnel reduction measures.

The Supervisory Board also made a number of executive changes.

  • Andrey Sapelin has been released from his duties as Member of the Management Board.
  • Tatyana Sakharova has been appointed as Deputy Chairman – Member of the Management Board of Vnesheconombank. She will supervise the activities of the Bank's corporate and investment units.
  • Alexey Ivanchenko has been appointed as Vnesheconombank's Deputy Chairman. He will coordinate relations with federal executive authorities, the work of the bank's collective bodies (Committees, Management Board, Supervisory Board), Public Relations and Mass Media Department as well as the Chairman's Office and Vnesheconombank's Administrative Department.
  • Yulia Loktionova has been appointed as Director of Internal Control Service.


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BRICS Interbank Cooperation Mechanism member banks and the New Development Bank announce intention to develop cooperation in priority sectors

18 october 2016 года
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During the BRICS summit in Goa, India, member banks of the Interbank Cooperation Mechanism and the New Development Bank signed a Memorandum of understanding.

The document was executed by the heads of Vnesheconombank, Brazilian Development Bank (Banco Nacional de Desenvolvimento Economico e Social (BNDES)), China Development Bank (CDB), Eximbank of India, Development Bank of Southern Africa and the New Development Bank.

The Memorandum defines main areas of interaction and provides for the possibility of cooperation between the banks for the purposes of effective implementation of priority projects in the BRICS states. Particularly, this involves cooperation in spheres of investment, project finance, mutual provision of guarantees, foreign exchange operations, bond issuance, interaction in the HR field and knowledge sharing.

The BRICS Interbank Cooperation Mechanism was formed as a result of signing of a Memorandum on Cooperation by BRICS nations’ development and export support institutions in 2010. In 2011, Development Bank of Southern Africa (DBSA) joined the Mechanism. The Memorandum is mainly designed to promote all-round, long-term, interbank cooperation between partners in order to enhance trade and economic relations between BRICS member nations as well as provide support for socially valuable and regional projects. The BRICS bank partners include the Brazilian Development Bank (BNDES), State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the China Development Bank (CDB), the Export-Import Bank of India (Eximbank of India), the Development Bank of Southern Africa (DBSA).


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On Vnesheconombank’s Management Committee

18 october 2016 года
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Seeking to enhance the efficiency of corporate governance and take the best possible managerial decisions on strategic and organizational development and business planning, Vnesheconombank has established a new collective body, the Management Committee of Vnesheconombank.

The major functions of the Management Committee are to review and approve decisions, as well as produce recommendations for Vnesheconombank’s Management Board with regard to:

  • Enhancing the governance system at Vnesheconombank and the VEB Group;
  • Implementation of Vnesheconombank’s development strategy by functional business areas, achievement of strategic objectives and profitability ratios of Vnesheconombank and the VEB Group;
  • Development and implementation of policies and procedures designed to improve Vnesheconombank’s performance and efficiency;
  • The VEB Group’s risk management system;
  • Interaction with Vnesheconombank’s affiliates and subsidiaries;
  • HR policy.

Within its remit, the Management Committee will give instructions to the heads of Vnesheconombank’s standalone structural units and CEOs of Vnesheconombank’s affiliates and subsidiaries.

The Management Committee is comprised of the following members: Chairman of Vnesheconombank, Members of the Management Board, and Vnesheconombank’s functional business managers. Permanent guest participants will include CEOs of Vnesheconombank’s affiliates and subsidiaries (VEB Capital, VEB Innovations, FCPF, VEB Leasing, Sviaz Bank, Globexbank, VEB Engineering). The Management Committee is to meet on a weekly basis.


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BRICS ICM member banks meet at the BRICS Summit

15 october 2016 года
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During the BRICS Summit in Goa, India, BRICS Interbank Cooperation Mechanism (ICM) member banks held an annual meeting.

The heads of the banks discussed the basic mechanisms for making settlements and providing funding for projects in currencies of the BRICS countries, prospects of placement on the Russian stock market of ICM member banks' bonds denominated in Russian rubles and foreign currencies, including currencies of the BRICS countries and reviewed the results of operation of the New Development Bank.

In his speech Vnesheconombank's Chairman Sergey Gorkov pointed out: “The ICM partner banks have created the basis for successful collaboration in a wide range of fields, including agreements for development of financial cooperation. It is time that we move to the next level of cooperation and fill the framework with relevant projects and meaning.” Today Vnesheconombank has been implementing together with the BRICS financial partners over 10 projects on a bilateral basis. It should be noted that the China Development Bank (CDB) is Vnesheconombank's main partner.

Sergey Gorkov also participated in other events during the second day of the Summit. He attended the meeting of heads of development institutions and the New Development Bank and delivered a speech during the Financial Forum.

The BRICS Interbank Cooperation Mechanism was formed as a result of signing of a Memorandum on Cooperation by BRICS nations’ development and export support institutions in 2010. In 2011, Development Bank of Southern Africa (DBSA) joined the Mechanism. The Memorandum is mainly designed to promote all-round, long-term, interbank cooperation between partners in order to enhance trade and economic relations between BRICS member nations as well as provide support for socially valuable and regional projects. The BRICS bank partners include the Brazilian Development Bank (BNDES), State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’, the China Development Bank (CDB), the Export-Import Bank of India (Eximbank of India), the Development Bank of Southern Africa (DBSA).


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Vnesheconombank participates in the autumn annual meetings of the IMF and the World Bank

11 october 2016 года
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Vnesheconombank's Deputy Chairman Sergey Vasiliev participated in the autumn meetings of the IMF and the World Bank Group (October 7-9, 2016, Washington D.C.). The following events were attended:

  • the regular meeting of the Long-Term Investors’ Club. During the meeting the new co-president from Europe was elected. The post was given to European Investment Bank President Werner Hoyer. The participants discussed what issues are to be included on G20 agenda. The Club was formally launched in April 2009 at the initiative of large institutional investors against the backdrop of the global financial crisis. Vnesheconombank has been a member of the Long-Term Investor Club since June 2009.
  • the fifth annual meeting of the International Development Finance Club (IDFC). The participants discussed the amendment of IDFC's Articles of Association and the results of the internal study regarding IDFC's role. The agreement on the establishment of the International Development Finance Club was signed by 19 leading development finance agencies in September 2011 during the IMF and World Bank session in Washington. Today the club members include 23 financial institutions.

During his visit, Sergey Vasiliev also held a number of bilateral working meetings with partners from global financial organisations and foreign development institutions during which the parties discussed the progress of and prospects for cooperation.


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