Vnesheconombank
Vnesheconombank (VEB) (Russian: Внешэкономбанк (ВЭБ)) is a Russian state corporation (non-profit organization) and Russian, and former Soviet, bank and translated to English as the Bank of Foreign Economic Activity. 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. It is a part in the governments plan to diversify the Russian economy, and to do so receives funds directly from the state budget. The bank was instituted in 1922.
From 2005 to 2006, both the assets and liabilities of the bank doubled from around US$6 billion to US$12 billion, and the income rose from US$239 million to US$301 million.[1]
Organisation
Dmitriev Vladimir Alexandrovich has been Chairman since 2004.
History
1922 Established as "Russian Commercial Bank"
1924 Renamed "Bank for foreign trade of the USSR" ("Vneshtorgbank of the USSR")
1988, Joint Stock Bank "Vneshtorgbank of the USSR" renamed the Bank for Foreign Economic Affairs of the USSR (Vnesheconombank of the USSR).[2]
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.[2]
2002, April, Vnesheconombank was appointed Vnesheconombank agent for investing temporarily free Pension Fund's assets in securities denominated in foreign currency.[2]
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.[2]
2007, April, The State Duma passes the federal law "On Bank for Development"[3] regulating the legal conditions for the VEB.[2]