Vnesheconombank (VEB) was founded in 1924 and is one of the oldest Russian banks well known to the world community. VEB is a specialized financial institution 100% owned by the state. VEB’s activities have been evaluated by the world’s leading rating agencies. The Bank’s short-term and long-term credit ratings are in line with Russia’s sovereign credit rating. Vnesheconombank auditor is Ernst & Young, one of the leading international auditing companies.
During its multi-year activities the Bank established wide international ties and acquired a reputation of a first-class banking institution. Vnesheconombank gained unique experience in serving intergovernmental agreements, as well as large-scale projects implemented under interstate agreements and governmental programs.
Vnesheconombank’s top priority task is to promote national interests. Since last year, by implementing the Government’s decisions in the field of promoting banking sector, VEB has done its best to fulfill this task and is not developing its commercial business. Among the Bank’s top-priority lines of activities are the following:
Vnesheconombank is responsible for serving government programs and projects both abroad and inside the country, and at the stage of preparing these projects and programs, experts of the Bank are engaged in examining their financial and economic feasibility, efficiency and profitability.
An important line of VEB’s activities is to establish efficient governmental mechanisms to promote Russian exports. Based on the world’s practice, specifically, the experience of OECD member-states and with due regard to all WTO requirements and standards, VEB is developing mechanisms designed to help Russian export companies to gain access to the world market. Vnesheconombank owns 95% of Roseximbank – an institution charged with putting these mechanisms into effect.
Vnesheconombank being the agent for the Pension Fund of Russia (PFR) is responsible for investing PFR’s funds. The Bank is doing its utmost to place these funds in the best possible way to achieve profitability targets. This January, the Bank was appointed as State-Run Managing Company in charge of trust management of citizens’ pension savings. Russian citizens did not select a private managing company to place these funds.
VEB is in charge of keeping records of, servicing and repaying, the government foreign debt. The Bank is also responsible for the record-keeping of foreign financial assets. Vnesheconombank specialists participate in making arrangements for and holding negotiations with foreign creditors and debtors and act as members of intergovernmental commissions.
