Vnesheconombank’s Supervisory Board Regular Meeting Held

31 march 2010 года
#News
Back

Russian Prime Minister V.V. Putin Conducts a Meeting of State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ Supervisory Board

As V.V. Putin said at the meeting that the Bank for Development was one of the most important participants in implementing the Government’s crisis management measures and made it possible to provide urgent assistance to the banking sector, the stock market and system-forming enterprises of the real economy. The Prime Minister also added that Vnesheconombank did its best to help its borrowers by extending balanced interest rates on credits, restructured former debts if required and acted guided by long-term objectives of Russia’s economic development.

V.V. Putin’s Opening Address

Esteemed Colleagues, today we’ll hear out Vnesheconombank’s report for 2009, approve its budget parameters for 2010 and consider a number of projects in which Vnesheconombank participates.

I’d like to say that in 2009, the Bank for Development was one of the most important participants in implementing the Russian Government’s crisis management measures, made it possible to provide urgent assistance to the banking sector, the stock market and system-forming enterprises of the real economy. The Bank’s employees performed this intensive work professionally. They carried out decisions efficiently and timely and provided the Government with considerable expert support.

Many measures carried out with the Bank’s assistance have already achieved their objectives and have been suspended and all the funds committed by the state have been returned in full. For example, VEB has already returned 175 billion rubles to the National Wealth Fund. The Bank used the funds to support the Russian securities market in the most difficult period in autumn of 2008, and in doing so it paid interest on them to the federal budget.

Additional incomes from these transactions in the amount of 54.7 billion rubles would be largely used to implement the plan that we announced under the affordable mortgage lending program.

The program aimed at refinancing Russian companies’ debts to foreign creditors was also carried out in accordance with the existing plans. I’d like to remind you that we had performed this work in order to prevent Russian companies’ strategic assets from being diverted to foreign financial institutions due to refinancing problems under the conditions of the global financial and economic crisis. Well, then, the borrowers have already returned 4 billion rubles to VEB out of more than 11 billion they had received.

In general, VEB is taking an active part in stabilizing the banking system. The total amount of subordinated loans extended by the Bank of Development to other credit institutions was 404 billion rubles. Thanks to these loans, commercial banks received additional resources for financing the real economy.

Moreover, Svyaz-Bank’s and Globex Bank’s solvency was restored. The banks were placed under VEB’s control when they were virtually in a state of bankruptcy. At present, Vnesheconombank’s specialists are implementing strategies of their development. Specifically, today we are going to be told about the choice of a partner bank for a new project aimed at establishing a Postal Bank on the basis of Svyaz-Bank jointly with the Post of Russia.

Vnesheconombank participated directly in the financial restructuring of a number of major companies such as the United Aircraft Building Corporation and the Amurmetall Plant. VEB contributed 21 billion rubles to the United Aircraft Building Corporation’s charter capital and became an owner of 11% of its shares. And in December of 2009, an Agreement was signed on financing the Amurmetall plant for an amount of 2.2 billion rubles. The first tranche of 400 million rubles has been already transferred.

And I’d like also to say that despite the additional workload associated with crisis management measures Vnesheconombank carried on undertaking its core activity as a Bank for Development.

The amount of newly extended credits to the real economy was 123 billion rubles. The Bank extended guarantees worth 34 billion rubles under the innovative products support program. In 2009, 40 billion rubles were committed to small and medium-sized enterprises.

VEB started to finance such meaningful projects as the reconstruction of the Koltsovo airport in Yekaterinburg, the construction of an export terminal for coal transportation in the port of Vanino in the Far East and the construction of the Urengoy Electric Power Station in the Tyumen region.

Vnesheconombank is taking an active part in financing Olympic facilities.

Another important point to mention is that Vnesheconombank did its best to help its borrowers by extending balanced interest rates on credits, restructuring former debts if required and acted guided by long-term objectives of Russia’s economic development.

In doing so, Vnesheconombank performed pretty well, formed sufficient significant reserves to maintain its financial sustainability. In 2009, the Bank’s net profit amounted to 31 billion rubles. This is quite comparable to our leading credit financial institutions such as, for example, Sberbank.

It’s evident that it’s high time today to boost activities related to post-crisis economic recovery and modernization to support innovations and high-technology exports.

Our today’s agenda includes a number of such issues. In particular, we have to approve the opening of a credit line to finance the construction the Ekibastuz Power Station’s third power unit.

I’d like to stress that VEB’s credit resources in the amount of 12 billion dollars would be used to purchase domestic power-engineering equipment and it means that we’ll provide the Russian machine-building complex with guaranteed orders.

Moreover, the implementation of this project would help to reintegrate the energy systems of Northern Kazakhstan and Russia’s Southern Siberia and create additional opportunities for these regions’ comprehensive development.

Our next investment project is aimed at constructing a polypropylene manufacturing complex in Tobolsk. This is a large-scale strategic complex influencing directly the future of our chemical industry by raising its technological level and expanding opportunities for deep processing of raw materials.

We’ll also discuss the strategy of Vnesheconombank’s participation in upgrading the Sheremetjevo Airport.

Let’s get started with our work.

Origin: Internet-Portal of the Government of the Russian Federation

 

On Decisions made by Vnesheconombank’s Supervisory Board

 

VEB expects net profit in 2010 of about 20 billion rubles

Moscow, March 31, INTERFAX – VEB expects net profit in 2010 of about 20 billion rubles under Russian accounting standards, VEB Chairman Vladimir Dmitriev said following a meeting of the Bank’s Supervisory Board.

Moreover, the Supervisory Board approved opening a 12-billion ruble credit line for the Ekibastuz State District Power Station to support Russian exports of power engineering equipment.

 

Vnesheconombank selects partners for establishing a Postal Bank on the basis of Svyaz-Bank

NOVO-OGAREVO, March 31, /PRIME-TASS/. Vnesheconombank has selected partners for establishing a Postal Bank on the basis of Svyaz-Bank (SVZ01), Vnesheconombank Chairman said following a meeting of the Bank’s Supervisory Board.

According to him, Vnesheconombank has selected UniCredit Bank, Russian Standard Bank, Nomos-Bank (NMOS03) along with HomeCredit Bank to further participate in this project.

V.Dmitriev said that within a period of 3 months a financial model for creating a Postal Bank would be provided and Vnesheconombank would decide on its main partner in implementing this project.

 

On approving Vnesheconombank’s participation in the construction of a polypropylene complex in Tobolsk

Moscow. March 31. INTERFAX – VEB’s Supervisory Board approved on Wednesday an investment application for constructing a polypropylene production complex in Tobolsk, VEB Chairman Vladimir Dmitriev told journalists about it.

According to him, the total amount of financing the program of constructing an associated petroleum gas processing gas-chemical plant would be 1.5 billion dollars.

Speaking about this complex earlier, Russian Prime Minister Putin said that “it was a major strategic project directly influencing the future of our chemical industry, increasing its technological level and boosting the potential for deep processing of raw materials”.

 

On making a decision on centralized management of Terminal D in Sheremetjevo and creating a single operator

NOVO-OGAREVO. March31. /PRIME-TASS/. Vnesheconombank’s Supervisory Board made a decision to centralize the management of terminal D in the Sheremetjevo airport and create a single operator. Vnesheconombank Chairman Vladimir Dmitriev told journalists about it following a meeting of VEB’s Supervisory Board.

He said that Vnesheconombank would participate in financing the creation of a major hub.

V.Dmitriev added that consultants would determine a model of unifying the existing legal entities involved in the management and that a single operator would be created to be responsible for managing Terminal D and the Sheremetjevo airport.

V.Dmitriev added that the financial model examined preliminarily gave us real confidence that the current debt of 1.5 billion would be serviced and repaid.

He added that a consultant to assist in determining a financial unification model has not been identified.

Answering a question if VEB would be able to get a stake in exchange for debts in Sheremetjevo V.Dmitriev said that they were not discussing this issue for the time being. In his opinion the debt could be restructured but this possibility would be considered in the course of working out a financial unification model.

 

VEB is close to signing an agreement on restructuring debts of Tractornye Zavody Corporation.

NOVO-OGAREVO, March 31. /PRIME-TASS/. Vnesheconombank is close to signing an agreement on restructuring debts of Tractornye Zavody Corporation. Vnesheconombank Chairman Vladimir Dmitriev told journalists about it following a meeting of VEB’s Supervisory Board.

He also added that today Vnesheconombank’s Supervisory Board approved its participation in the toll motorway Moscow – St. Petersburg (section 15-58 km) construction project. According to him, VEB will participate in this project together with Sberbank (SBER), both banks’ stakes in this project are equal.

 

Back

On Making Payments on Government Foreign Currency –Denominated Bonds

30 march 2010 года
#News
Back

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ in accordance with the terms of issuing eurobonds and on the Russian Finance Ministry’s instructions transferred to The Bank of New York Mellon funds in the total amount of 1 billion 514 million 078 thousand 345.78 US dollars to make a regular payment on eurobonds to repay government foreign debt of the Russian Federation including:

  • in the amount of 341 million 774 thousand 085.54 US dollars to repay principal and pay coupons on eurobonds with a final maturity date of 2010;
  • in the amount 1 billion 172 million 304 thousand 260.24 US dollars to repay principal and pay coupons on eurobonds with a final maturity date of 2030.

Coupons are paid twice a year. The payment was made in a single currency.

 

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

Back

On Signing a Memorandum between Vnesheconombank and the Society for Worldwide Interbank Financial Telecommunication SCRL (SWIFT)

24 march 2010 года
#News
Back

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the Society for Worldwide Interbank Financial Communication SCRL (SWIFT) signed a Memorandum of Understanding.

On behalf of Vnesheconombank the Memorandum was signed by Management Board Member – Vnesheconombank First Deputy Chairman Nikolay Kosov, on behalf of SWIFT - by its Head Lazaro Campos.

The Memorandum states basic principles that would underlie further cooperation between the parties including standardization of SWIFT infrastructure used by Vnesheconombank and its subsidiary companies and banks, use of SWIFTNet platform as well as application of the International Organization for Standardization’s (ISO) standards on the Russian financial market.

The Society for World Interbank Financial Telecommunication SCRL (SWIFT) is a global interbank system of exchanging information and making payments. The SWIFT system was established by a group of 239 banks and now it incorporates as many as 8 thousand. The network is used daily to conduct more than 15 million transactions. SWIFT is a nonprofit organization with its headquarters in Brussels. The SWIFT system’s main advantage is that it standardized and simplified payments between financial institutions.

 

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

Back

On signing a Framework Credit Agreement between Vnesheconombank and the China Development Bank

23 march 2010 года
#News
Back

In the course of Deputy Chairman of the People’s Republic of China Xi Jinping’s working visit to the Russian Federation, State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ and the China Development Bank (CDB) entered into a Framework Credit Agreement.

On behalf of the Russian side the Agreement was signed by Vnesheconombank Chairman Vladimir Dmitriev, on behalf of the Chinese side - by China Development Bank Board Director Chen Yuan.

Under the Agreement the China Development Bank is to extend a credit line of 1 billion US dollars to Vnesheconombank.

The credit resources are scheduled to be used for financing investment projects implemented on the territory of the Russian Federation. At present, a number of projects with the participation of the China Development Bank are being implemented on Russia’s territory including the construction of a cement plant in the city of Slantsy of the Leningrad region.

The signing of this Agreement would further boost economic ties between the Russian Federation and the People’s Republic of China.

 

 

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

Back

On the Completion of Accepting Applications of Interest

18 march 2010 года
#News
Back

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ announces the completion of accepting credit institutions’ applications of interest in participating as partner banks in establishing a Russian Postal Bank on the basis of OJSC Svyaz-Bank with the participation of the Post of Russia.

Vnesheconombank has received 7 applications including 2 applications from the banks with the participation of foreign capital.

After examining the applications received, a list of banks meeting selection criteria is to be submitted till March 31, 2010 to the Interdepartmental Working Group responsible for establishing a Postal Bank of the Russian Federation. The Group is chaired by Russian Deputy Prime Minister Sergei Ivanov.

 

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

Back

Электронный офис клиента в разработке

Закрыть
Write a letter
The following required fields are missing: Your name
The following required fields are missing: Your e-mail
The following required fields are missing: Your message
Your message has been sent.
Leave feedback

It is important for us to know your opinion about the bank in order to make our work even better.

The following required fields are missing: Your name
The following required fields are missing: Your company
The following required fields are missing: Your e-mail
The following required fields are missing: Your message
Your message has been sent.