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Sustainability Report 2013


Vnesheconombank’s History

  • 1922
    1922 18 August

    The Russian Commercial Bank (Roskombank) was established.

    The Bank was set up by Svenska Ekonomiebolaget, a foreign lending institution, to attract international capital to the Soviet Union and promote foreign trade in general. The Bank also issued guarantees to secure Soviet foreign trade contracts.

  • 1924
    1924 7 April

    The Russian Commercial Bank was transformed into the Bank for Foreign Trade of the USSR (Vneshtorgbank of the USSR).

    The Bank was nationalised and continued its active international operations as the country’s largest bank, second only to Gosbank. The Bank was intended to act as the major channel for all export and import operations and the only financial agent for the government in global financial markets.

  • 1988

    Joint-Stock Bank Vneshtorgbank of the USSR was renamed the Bank for Foreign Economic Affairs of the USSR (Vnesheconombank of the USSR).

    The Bank’s functions were extended to support all commercial, economic and financial relations of the Soviet Union with foreign countries.

  • 1992

    The Presidium of the Supreme Council of the Russian Soviet Federative Socialist Republic assigned a new function to Vnesheconombank: servicing the external debt of the former USSR.

  • 2003

    The Russian Government appointed Vnesheconombank as the State Trust Management Company to invest pension savings of Russian citizens.

  • 2007

    As a result of reorganisation, Vnesheconombank of the USSR was transformed into State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)”.

    Vnesheconombank became the national development bank playing a key role in conducting the government investment policy.

  • 2008

    Vnesheconombank launched crisis management measures to bolster the Russian financial system.

  • 2009

    Vnesheconombank launched the government programme for supporting small- and medium-sized enterprises, and acted as the major lender to Olympic construction projects in Sochi.

  • 2010-2011
    2010 – 2011

    Vnesheconombank was actively building Vnesheconombank Group.

    Vnesheconombank Group combined major commercial banks of Russia, Ukraine and Belarus and specialised organisations that are engaged in, or facilitate, investment operations.

  • 2012-2013
    2012 – 2013

    Vnesheconombank intensified its activities as a development bank by increased funding of investment projects while streamlining the quality of its loan portfolio.

    The Bank ranks 7th in the rating published by Global Finance magazine, thereby reconfirming its status of the most reliable Russian financial institution in the Central and Eastern Europe.