As the national development bank of the Russian Federation, Vnesheconombank seeks to boost the competitive edge of the Russian economy and modernise it through innovations. The Bank finances major investment projects that contribute to the sustainable social and economic development of Russia. Driven by the market principles of operation, the Bank assumes the responsibility for its profits and losses, but does not compete against commercial lending institutions. We get involved only in those projects that have no access to private investment.
Vnesheconombank’s operations are governed by Federal Law No.
As the state financial institution for development, Vnesheconombank is seeking to promote sustainable growth of the Russian economy, environmental improvements and social welfare. The Bank also focuses on fostering the sustainability concept at the national level and demonstrates through its own example that these efforts are extremely beneficial.
Impeccable business standing, both domestically and internationally, is a key to Vnesheconombank’s successful performance. The Bank ranks among the top national financial development institutions across the globe. Vnesheconombank has been assigned ratings by the Big Three international rating agencies: Standard & Poor`s, Fitch and Moody`s.
| Institution | Assets, USD bn | |
|---|---|---|
| 1 | China Development Bank (CDB) | 1,352 |
| 2 | German Development Bank (KfW) | 641 |
| 3 | Italian Cassa Depositi e Prestiti (CDP) | 439 |
| 4 | Brazilian Development Bank (BNDES) | 332 |
| 5 | French Caisse des Dépôts (CDC) | 197 |
| 6 | Korean Development Bank (KDB) | 188 |
| 7 | Development Bank of Japan (DBJ) | 173 |
| 8 | Spanish Instituto de Crédito Oficial (ICO) | 141 |
| 9 | Japan Bank for International Cooperation (JBIC) | 140 |
| 10 | Vnesheconombank | 101 |
| Institution | Capital, USD bn | |
|---|---|---|
| 1 | China Development Bank (CDB) | 92.8 |
| 2 | French Caisse des Dépôts (CDC) | 42.9 |
| 3 | German Development Bank (KfW) | 28.3 |
| 4 | Italian Cassa Depositi e Prestiti (CDP) | 28.1 |
| 5 | Brazilian Development Bank (BNDES) | 27.1 |
| 6 | Development Bank of Japan (DBJ) | 27.0 |
| 7 | Korean Development Bank (KDB) | 21.5 |
| 8 | Japan Bank for International Cooperation (JBIC) | 21.5 |
| 9 | Vnesheconombank | 17.6 |
| 10 | Spanish Instituto de Crédito Oficial (ICO) | 6.2 |
| International agency | In RUB | In foreign currency | Outlook |
|---|---|---|---|
| Standard & Poor’s | BBB+ | BBB | Stable |
| Fitch | BBB | BBB | Stable |
| Moody’s | Baa1 | Baa1 | Stable |
Vnesheconombank is involved in the activities of major international financial institutions and represents the interests of the Russian financial sector abroad by supporting the preparation of international sectoral standards. By developing its relations with leading international financial institutions, Vnesheconombank channels large-scale foreign investment into the Russian economy to deliver the country’s strategic investment projects.
Vnesheconombank Group comprises Vnesheconombank and its subsidiaries that operate to implement specific provisions of Federal Law No.
|
Capital, RUB mn |
Vnesheconombank’s interest, % |
|
|---|---|---|---|
|
|
OJSC Russian Bank for Small and Medium Enterprises Support (SME Bank) provides support to small- and medium-sized enterprises across Russia as part of the government SME support programme and the guarantee-based mechanism of support to medium-sized enterprises |
17,181.00 |
100 |
|
|
CJSC Eximbank of Russia conducts the government policy to support and encourage national exports of industrial products, works and services, acts as the Russian Government’s agent issuing state guarantees to exporters, and syndicates loans to importers of Russian products |
951.00 |
100 |
|
|
CJSC GLOBEXBANK and OJSC AKB Sviaz-Bank are universal commercial banks. Vnesheconombank acquired the majority stakes in the banks during the financial crisis of 2008 — 2010 when they required urgent stabilisation. By managing GLOBEXBANK and Sviaz-Bank, Vnesheconombank seeks to increase their market value in order to subsequently withdraw from the capital of the banks and recover the funds invested by the government in their rehabilitation |
12,584.43 |
99.99 |
|
|
19,026.30 |
99.47 |
|
|
|
OJSC Bank BelVEB (Republic of Belarus) and PCS Prominvestbank (Ukraine) are foreign subsidiaries of the Group. They focus on strengthening economic relations between Russia, Belarus and Ukraine in the scope of major joint investment projects |
13,964.33 |
97.52 |
|
|
36,343.00 |
98.60 |
|
|
Capital, RUB mn |
Vnesheconombank’s interest, % |
|
|---|---|---|---|
|
|
LLC VEB-Engineering provides expert evaluation and monitoring services for investment projects financially supported by Vnesheconombank, and a broad range of engineering and advisory services to Vnesheconombank, the Group’s entities, Vnesheconombank’s customers and other public and private companies |
147.98 |
67.55 |
|
|
LLC VEB Capital specialises in management of distressed and non-core assets of the Group, and acts as Vnesheconombank’s agent in implementing its Programme of Investment in Affordable Housing Construction and Mortgage Lending in 2010 — 2013 |
10,361.40 |
100 |
|
|
OJSC VEB-LEASING is a leading company in the Russian lease market |
8.17 |
84.63 |
|
|
VEB Innovations Fund facilitates the innovative growth of the Russian economy. The fund focuses on implementing the programme for financial support to Skolkovo Foundation projects |
1.00 |
100 |
|
|
Russian Direct Investment Fund (RDIF) managed by LLC RDIF Management Company is a leading institution that attracts foreign direct investment in the Russian economy and runs large-scale projects co-financed by foreign investors |
300.00 |
100 |
|
|
OJSC Federal Centre for Project Finance (FCPF) finances the procurement of regional and urban development projects and provides investment advisory services |
4,927.80 |
100 |
|
|
OJSC Export Insurance Agency of Russia (EXIAR) provides insurance support to Russian exports and outbound investments by Russian companies, including support to export-oriented SMEs |
30,000.00 |
100 |
|
|
OJSC North Caucasus Development Corporation (NCDC) is a key development institution in the North Caucasian Federal District that implements large-scale investment projects in the region and contributes to building up the local investment case |
7,600.00 |
100 |
|
|
OJSC The Far East and Baikal Region Development Fund promotes the accelerated growth of the macro-region by engaging in procurement and delivery of investment projects |
15,500.00 |
100 |
|
|
As VEB Asia Ltd. was only registered in April 2013, the consolidated data on the company’s operations will be disclosed in the Vnesheconombank Group Sustainability Report 2014.VEB Asia Ltd. was registered in Hong Kong in 2013 to engage investors from East and South-East Asia in financing ambitious projects planned to be implemented in Russia and to expand access by Russian corporate issuers to the Hong Kong stock market |
Equivalent of USD 30 mn |
100 |
