Vnesheconombank is a state corporation established by the Russian Federation through reorganization, by way of trans forming, of Vnesheconombank of the USSR — one of the oldest financial institutions of the country.

The Bank’s legal status, aims and goals of its activities, its functions and powers are set forth by Federal Law  “On Bank for Development”, other federal laws and the related regulatory acts of the Russian Federation.

Vnesheconombank is a national development bank that has been operating in this capacity since 08 June 2007 (the date of Vnesheconombank’s state registration as a state corporation). The Bank effects banking operations specified in Federal Law “On Bank for Development” in the absence of a license from the Central Bank of the Russian Federation (CBR). Vnesheconombank is a professional participant in the securities market.

Vnesheconombank’s mission is to assist the state in meeting the current challenges of Russia’s social and economic development and strengthening its positions in the global community.

The Bank’s core business areas and priorities as a bank for development, which secures implementation of the Government economic policies, are defined by the Memorandum on Vnesheconombank’s Financial Policies (subject to approval by the Russian Federation Government).

The key aspect of the Bank’s activities as a bank for development is engagement in accomplishing the following tasks:

• removing infrastructure constraints to economic growth;
• constructing high-tech enterprises in manufacturing and agro-industrial sector;
• support for exports of high-tech industrial production;
• unleashing innovative and productive potential of SMEs.

 

Other aspects of Vnesheconombank’s activities provided for by Federal Law “On Bank for Development”:

- acting as an agent for the Government of the Russian Federation;
- acting as a State Trust Management Company for trust management of the pension savings.

 

Major elements of Vnesheconombank’s external corporate structure (VEB Group) are subsidiaries, including:

• 6 subsidiary banks: OJSC “Russian Development Bank”, CJSC “ROSEXIMBANK”, OJSC “Belvnesheconombank” (Belarus), PSC “Prominvestbank” (Ukraine), OJSC “Svyaz-Bank”, CJSC “GLOBEXBANK”;
• 9 subsidiary non-banking institutions, including OJSC “VEB-Leasing”, LLC “VEB Capital” and LLC “VEB Engineering”.
• Vnesheconombank’s representative offices network: 4 representative offices in Russia, 9 representative offices abroad (as at yearend 2010).
• Major partners — foreign development institutions: IBRD, EBRD, CDB, KfW IPEX-BANK GmbH (Germany), JSC “Development Bank of Kazakhstan”.