The international rating agency Moody’s changed the outlook on Vnesheconombank’s long-term local- and foreign-currency issuer rating to positive from stable, the agency announced on 29 January 2018.
The agency affirmed the bank’s long-term ratings at Ba1. The bank’s ratings and outlooks are in line with the Government of Russia’s sovereign rating. According to Moody’s, this reflects the government’s readiness to provide support to Vnesheconombank.
“Moody’s improvement of the outlook follows similar moves by Fitch and Standard & Poor's and proves that rating agencies have similar views on Vnesheconombank’s financial stability. In 2017, the bank was assigned top credit rating by the Russian rating agency ACRA. The government pays close attention to Vnesheconombank’s development strategy and operations and is prepared to provide the necessary support. The upgrade is essential for VEB as a development bank to create favourable financial conditions for supporting Russian high-tech exporters and facilitating the supply of finance to Russian projects,” said Nikolay Tsekhomskiy, First Deputy Chairman and Member of the Board of Vnesheconombank.
Vnesheconombank and Shenzhen Capital Group will create a collaboration platform to promote innovations
Vnesheconombank and Shenzhen Capital Group Co. (SCGC) signed a memorandum of understanding with a view to formalize the framework of cooperation to promote joint Chinese and Russian successful projects in the areas of innovations and high technology by various means including venture capital and private equity funds. The Parties’ joint efforts will be focused on supporting those companies which possess competitive products and clear plans to expand their businesses on the global market.
The MoU was signed at the Headquarters of Shenzhen Capital Group in Shenzhen, China by the Senior Vice President of International Business, Export and Financial Institutions of Vnesheconombank Daniil Algulyan and the General Manager of SCGC’s International Business Department SHENG Bo in the presence of the Chairman of Shenzhen Capital Group NI Zewang.
“Signing of this memorandum is an important step in the development of cooperation with our Chinese partners. This partnership offers new opportunities for promoting Russian companies on the Chinese market”, said Daniil Algulyan.
As Mr. SHENG Bo, General Manager of SCGC’s International Business Department noted: "The signing of the MoU between VEB & Shenzhen Capital Group is undoubtedly fostering strategic cooperation and alignment between Chinese and Russian economies. We look forward to working closely with reliable institutional players in Russia so as to achieve both sides’ mutual goal of supporting innovative companies’ development and thereby facilitating the economic growth of the two countries”.
Shenzhen Capital Group Co. (SCGC) is a limited liability company incorporated under the laws of the People’s Republic of China by Shenzhen Municipal Government in 1999. Since its establishment, SCGC has focused on cultivating national industries, shaping national brands, promoting economic transformation and emerging industries development. SCGC has registered capital of RMB 4.2 billion. Upon publishing this news, SCGC has funds under management of over RMB 210 billion. Among more than 830 portfolio companies of SCGC, 136 companies had accomplished their initial public offerings in 16 different capital markets worldwide.