Vnesheconombank
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Headquarters in Moscow
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Native name
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Внешэкономбанк |
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Formerly called
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Vneshtorgbank of the USSR |
| State Corporation | |
| Industry | Financial services |
| Founded | 1987 |
| Headquarters | Moscow, Russia |
| Brands | VEB |
| Services | Banking |
| Owner | Russian Government |
| Website | www |
Vnesheconombank (VEB) (Russian: Внешэкономбанк (ВЭБ)) is a Russian state corporation (a non-profit) that is a former Soviet bank. Vnesheconombank has no Russian banking license (i.e. Vnesheconombank is not a bank) and is not subject to the law on banks and banking activities. Translated to the English language, its name means "Bank of Foreign Economic Activity", though it is commonly called the "Russian Development Bank", and it refers to itself as "the state corporation Bank for Development and Foreign Economic Affairs”.
The Russian government uses VEB to support and develop the Russian economy and to manage Russian state debts and pension funds. It is a part in the government's plan to diversify the Russian economy, and to do so receives funds directly from the federal state budget. The bank was instituted in 1922.
From 2005 to 2006, both the assets and liabilities of the bank doubled from around $6 billion to $12 billion, and the income rose from $239 million to $301 million.
Gorkov Sergey Nikolaevich has been Chairman since February 26, 2016.
VEB was first established in 1922 as "Ruskombank" (or "Russian Commercial Bank"), and in 1924 it was renamed "Vneshtorgbank of the USSR" (or "Bank for foreign trade of the USSR"), a joint stock bank. It was finally renamed "Vnesheconombank of the USSR" (the "Bank of Foreign Economic Affairs of the USSR") in 1988.
In 2002, Vnesheconombank was restructured and it stepped up its efforts in servicing government programs, reduced the scope of its commercial business and gave a higher priority to supporting the government's structural reforms.
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Wikipedia