Vnesheconombank (Russian Внешэкономбанк to German Bank for Foreign Trade ) is a state-owned Russian bank. The Bank's activities extend substantially to the management of the external debt of the Russian Federation as well as the center of the Russian state pension institution. In addition, the Vnesheconombank promotes the international competitiveness of the Russian economy including through export credit insurance.
Not to be confused with the Vnesheconombank of Vneshtorgbank ( German for " Foreign Trade Bank ", today known as VTB ).
The company was founded in April 1924 in the former Soviet Union as a " Bank for Foreign Trade of the USSR" and acquired its current name in 1988. After the collapse of the Soviet Union, the Bank received for Foreign Trade some new tasks that Vnesheconombank heard but still 100 percent of the Russian government.
The Vnesheconombank now manages the foreign debt of the Russian Federation as well as the resources of the Russian state pension department.
In addition, the Vnesheconombank promotes loans and loan collateral diversification and international competitiveness of the Russian economy, especially small and medium-sized enterprises. The Vnesheconombank, making it the Russian equivalent of the German Bank for Reconstruction ( KfW) or the Swiss Export Risk Insurance (SERV ).
To this end, the world's leading Vnesheconombank nine Foreign Branch Offices: In Germany, Switzerland, France, Italy, Great Britain, the USA, China, India and South Africa.
Executive Committee and Board of Directors
Chairman of Vnesheconombank 's Prime Minister Vladimir Putin, whose CEO since 2004 Vladimir Aleksandrovich Dmitriev.
Current activities and key figures
On 27 December 2007, the WTB announced that it had sold its stake of 5.02 % in the European aerospace group EADS to Vnesheconombank. According to Russian press reports, this keeps the level of the state holding the aircraft industry OAK.
In 2005, the net profit of the Vnesheconombank was the equivalent of around 170 million euros, the equity amounted to 480 million euros. 2008 wrote the bank losses, including 46 billion rubles for October alone.