Vnesheconombank

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Vnesheconombank (VEB) is a Russian bank, the Russian name is Внешэкономбанк (ВЭБ) which translates to "External Economy Bank". It is commonly called the Russian Development Bank, although it refers to itself as "the state corporation “Bank for Development and Foreign Economic Affairs”". The institution is used by the Russian government to support and develop the Russian economy, to manage Russian state debts and pension funds[1]

Contents

[edit] Organisation

Dmitriev Vladimir Alexandrovich has been Chairman since 2004.

In January 2008 Mikhail Sinelin was appointed as Deputy Chairman.

[edit] History[2]

1988, Joint Stock Bank "Vneshtorgbank of the USSR" renamed the Bank for Foreign Economic Affairs of the USSR (Vnesheconombank of the USSR)

2002, Vnesheconombank was restructured and it stepped up its efforts in servicing government programs, reduced the scope of its commercial business and gave high priority to supporting government structural reforms.

2002, April, Vnesheconombank was appointed Vnesheconombank agent for investing temporarily free Pension Fund's assets in securities denominated in foreign currency.

2003, January, VEB was appointed as State Trust Management Company responsible for investing pension funds. The special structural subdivision to handle pension funds was formed.

2007, April, The State Duma passes the federal law "ON BANK FOR DEVELOPMENT"[3] regulating the legal conditions for the VEB.

[edit] References

  1. ^ . It is a part in the governments plan to diversify the Russian economy, and to do so receives funds directly from the state budget. From 2005 to 2006 the both the assets and liabilities of the bank doubled from around $6bn to $12bn, and the income rose by 1.3 from $239mn to $301mn.<ref>[http://www.veb.ru/common/img/uploaded/files_list/VEB_annual_2006_eng.pdf VEB annual report 2006]</li> <li id="cite_note-1">'''[[#cite_ref-1|^]]''' [http://veb.lgg.ru/en/about/history/ VEB history website]</li> <li id="cite_note-2">'''[[#cite_ref-2|^]]''' [http://www.veb.ru/en/about/norm/law/ Law on bank for development]</li></ol></ref>

    [edit] External links

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