VEB.RF’s Supervisory Board Meets in Regular Session

4 february 2019 года
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Opening remarks by Dmitry Medvedev:

We are having the first meeting of the Supervisory Board today this year. There were significant changes in the corporation last year. We approved the VEB development strategy, devised a new business model, and even changed the name. We came to a decision about long-term support for the repayment of external debt, additional capitalisation through a new mechanism, which was first proposed by VEB, the mechanism of callable capital. Actually, we have created the conditions for a new portfolio of projects and investment in the areas where we basically have strategic interests. This is about the development of industry, transport infrastructure, fleet capacity, and a whole range of other areas.

Today we have projects on the agenda in relation to the development of high-technology industries, the creation of special competencies in this country, which are simply not available at the moment.

I would like to remind you that we have already approved the construction of two large oil tankers and a so-called “shuttle” at the Zvezda shipyard in the Far East. Such support for the shipbuilding industry also has a positive effect on the subcontractors. As a result, we create jobs and infrastructure, build residential areas, and improve the urban environment.

As a continuation of the large shipyard project, we will today consider the VEB Group’s participation in financing the supply of three more tankers. They are intended for the transportation of light oil products and gas condensate. Financial instruments should go through VEB-Leasing. The vessels will encounter difficult ice conditions. Specifically, in the Baltic Sea. The operator will be Sovcomflot. The transaction is estimated at 10 billion rubles.

Another project is related to the development of the domestic microelectronic industry. We also have a lot of very serious problems in this area.

One of the key companies in the industry is Zelenograd-based Angstrem-T. We have already invested in this project. It is necessary to find a solution to enable the company to develop, retain highly skilled jobs, and adopt new technology that is simply not available in this country.

At present, electronic components form the basis of high-technology products in most industries. These are intelligent control systems, telecommunications equipment, radio-electronic goods, bank cards, and the Internet of things.

Domestic microelectronics was a fairly strong industry in the Soviet period. Currently, the share of Russian electronic components in the civilian segment is not significant, even in the domestic market. This is not enough; we have to resolve this issue under the Digital Economy programme.

We have not only to develop domestic demand, but also to promote our products in foreign markets. This is an extremely difficult task, since the global market has now been saturated and shared by major players. Finding our niche will be very difficult. But we need to try to look for it. Moreover, this is not only a matter of competitiveness for us, but also a matter of security.

We will also consider some other issues today.

...

Briefing of VEB.RF Chairman Igor Shuvalov after the meeting

From a transcript:

Shuvalov: The year started with two very important transactions. The first transaction is Angstrem-T. We implemented presidential instructions; VEB.RF became the owner of the company.

Today the Supervisory Board considered our corporate responsibility and ongoing business planning for 2019. We drew up the budget and action plan. In addition, we were given instructions from the Government to prepare a capex programme for Angstrem-T. This issue will be discussed with the Government. And when the project is sufficiently advanced, the Prime Minister will consider the investment project, which will be implemented shortly afterwards. Such a project should have public funding, VEB will act as an agent for the Government, helping the Government to carry out this very important investment project.

Another project is Novatek’s three new vessels at the Zvezda shipyard. As you know, VEB has already taken a decision; we placed an order for three large projects, three tankers. We approved a transaction to invest 35 million euros in Novatek’s three vessels. A significant transaction, supporting domestic shipbuilding and domestic companies; Novatek is a flagship company in our economy.

We discussed other current issues. Basically, we received approval for a meeting of the Supervisory Board in a few weeks’ time with different items on the agenda, including in respect of the Project Financing Factory.

Q: Mr Shuvalov, 10 billion (the three new tankers) is what will be financed by VEB?

Shuvalov: VEB will finance the whole transaction.

Q: You will soon come to the Sochi forum. What will be on your agenda there? Any agreements expected, for how much?

Shuvalov: We are not only expecting agreements, we are in the process of signing agreements in advance of the Sochi forum. VEB is preparing a huge agenda in relation to municipal economy development, together with other development institutions, Russian Export Center, DOM.RF, and Russian Small and Medium Business Corporation.

We are preparing a big session, preparing events for large and medium-sized businesses. The agenda will be exciting; we are making thorough preparations.

Q: What is the budget for Angstrem?

Shuvalov: This will be a separate investment project, which requires approval as part of governmental budget procedures. I state it once again, this will be a budget-funded project; if VEB is involved in the project, we will act as an agent for the Government.

The budget for the current year, where VEB is involved, is 3.4 billion roubles.

Q: When will Promsvyazbank acquire Svyaz-Bank’s assets and liabilities?

Shuvalov: As agreed by the Ministry of Finance and Promsvyazbank. It is not a one-day deal; but we don’t have substantial disagreements. We are following the road map that we approved officially.


Source: Website of the Government of the Russian Federation


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Vyacheslav Shulenin Appointed as VEB.RF’s Deputy Chairman

4 february 2019 года
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In this capacity, he will be responsible for the interaction with regional and municipal government authorities, including in respect of municipal economy development and the introduction of e-services.

Before joining VEB.RF, Vyacheslav Shulenin was the First Deputy Head of the Administrative Office of the Mayor of Moscow and the Government of Moscow and a member of expert boards and working groups of the Federation Council and the State Duma of the Federal Assembly of the Russian Federation.

In 2010 Vyacheslav Shulenin was elected as a deputy of the Moscow Region Duma. In 2011 he was the First Deputy Head of the Moscow City Department of Territorial Executive Authorities before becoming in charge of the department in 2012.

Headed by Vyacheslav Shulenin, the department took up a key position in the territorial management of major areas of urban development, including admitting new additions to Moscow in 2012, optimising the powers of Moscow’s territorial executive authorities, and reforming Moscow’s local government with the aim of restructuring municipal governments.

Vyacheslav Shulenin initiated the creation of the automated control system for territories (districts, localities), which makes it possible to coordinate and control the implementation of numerous municipal programmes and analyse and register public hearings in real time.

While he worked for the Government of Moscow, Vyacheslav Shulenin was involved in opening and operating Moscow’s information programmes: Doma Moskvy apartment building management portal; Moskva. Nash Gorod portal; Aktivny Grazhdanin website.

Vyacheslav Shulenin coordinated the development of smart city projects for the urban economy. For instance, the Smart Block project was implemented in Maryino District, where advanced technology was introduced into the existing buildings to provide residents with increased comfort and safety and optimise their utility costs.

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Short-Term Exchange-Traded Bonds Issued by VEB.RF

1 february 2019 года
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VEB.RF issued short-term bonds in additional placements to companies and corporations on 31 January and 1 February 2019.

The Bank raised 5 billion roubles, including 2.5 billion roubles from bonds with a maturity of 21 days and a coupon of 7.67% p.a. and 2.5 billion roubles from bonds with a maturity of 28 days and a coupon of 7.69% p.a.

The par value of one bond is 1,000 roubles. The bonds were sold at 100% of their par value. The coupon is payable at maturity.

The arrangers of the bond issue are Gazprombank and Svyaz-Bank.

The bonds are on the Moscow Exchange’s Quotation List Level 1. The depository is National Settlement Depository.

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VEB.RF’s Chairman Igor Shuvalov and Ulyanovsk Region’s Governor Sergey Morozov Discuss Promising Projects

31 january 2019 года
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VEB.RF’s Chairman Igor Shuvalov and the Ulyanovsk Region’s Governor Sergey Morozov met in Moscow to discuss cooperation prospects.

Igor Shuvalov spoke about VEB.RF’s capability to implement new projects in the region in partnership with other federal development institutions: Russian Small and Medium Business Corporation, DOM.RF and Russian Export Center.

VEB.RF’s Chairman suggested that the development institutions should set up a business mission in the Ulyanovsk Region to examine the region’s investment potential and select promising projects that are in the focus of participants’ attention.

“The Ulyanovsk Region has a favourable investment climate; its economy is growing. VEB.RF is willing to support new industrial projects. You are good partners, and we are ready to work with you,” Igor Shuvalov said.

The parties also agreed on a pilot project to establish liaison between federal and regional development institutions to promote investment projects and strategic initiatives. Ulyanovsk Region Development Corporation, together with other regional institutions, will also be involved in this process. Such a form of cooperation may then be replicated in other Russian regions.

Joint support for high-technology projects and digital infrastructure development is another promising area of cooperation. Ulyanovsk has become a pioneer in this initiative by participating in a technology transfer venture fund to be established by VEB Innovations.

In the Ulyanovsk Region, VEB backed a project to set up an industrial production facility for composite components and machinery. The facility is in commercial operation, with various research and development work presently under way.

Currently, VEB.RF Group has a number of urban economy projects under consideration, including renewing the local bus fleet, leasing municipal equipment, and constructing heat supply and water treatment facilities in Ulyanovsk.

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Short-Term Exchange-Traded Bonds Issued by VEB.RF

25 january 2019 года
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VEB.RF issued short-term bonds in an additional placement to companies and corporations on 23 January 2019.

The Bank raised 13.225 billion roubles from bonds with a maturity of 14 days and a coupon of 7.65% p.a.

The par value of one bond is 1,000 roubles.

The bonds were sold at 100% of their par value.

The coupon is payable at maturity.

The arrangers of the bond issue are Gazprombank and Svyaz-Bank.

The bonds are on the Moscow Exchange’s Quotation List Level 1.

The depository is National Settlement Depository.

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VEB.RF Co-Arranges Pilot Loan Securitisation on Moscow Exchange

22 january 2019 года
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On 22 January 2019, SME Bank told the major financial news media about a pilot transaction of SME loan securitisation at the Moscow Exchange office.

The press briefing was attended by Chairman of State Development Corporation VEB.RF Igor Shuvalov, General Director of RSMB Corporation Alexander Braverman, Head of the Service for Protection of Financial Services Consumers and Minority Shareholders of the Bank of Russia Mikhail Mamuta, Member of the MOEX Executive Board Anna Kuznetsova, World Bank Country Director and Resident Representative for the Russian Federation Andras Horvai, Chairman of the SME Bank Board Dmitry Golovanov, other parties to the securitisation transaction, and market experts.

“We view the transaction as evidence that the Russian financial market is evolving and that banks’ attitude to small and medium-sized businesses is changing. It will allow us to leverage the resources allocated for financial support. The subsequent issues of such bonds should be structured in such a way as to accommodate the needs of the municipal economy because it is exactly small and medium-sized businesses that can change the quality of life in municipalities,” Igor Shuvalov said.

The briefing was designed to present the first transaction of multi-originator securitisation for a portfolio of loans extended to small and medium-sized enterprises. The transaction is intended to fine-tune two support mechanisms that are new to SME market participants: pooling multi-originator SME loans into a single portfolio and issuing RSMB Corporation’s guarantees for senior tranche bonds.

Chairman of the SME Bank Board Dmitry Golovanov emphasised the role of securitisation as a market mechanism to promote SME lending and enhance the accessibility and affordability of financing for Russian SMEs.

“This transaction is secured not only with RSMB Corporation’s guarantee. It involves many investors whose risks are covered by the current cash flow generated by SME loans,” Dmitry Golovanov said. “Today, we have opened the door to private investors’ and bankers’ raising funds in the stock market to finance SMEs. We expect to have a minimum of RUB10 billion in securitisations in 2019.”

Furthermore, the expert participants discussed more affordable financing for SMEs, greater credit support for SMEs through capital market instruments, and the role of public institutions in promoting securitisation market development. They also dealt with bond listing in the Growth Sector of the Moscow Exchange, factors in making securities attractive to market investors, and other ways to boost SME lending.

Alexander Braverman, Director General of RSMB Corporation, said: “We view this transaction as crucial to fostering financial market development and implementing a national project, SMEs and Individual Entrepreneurial Initiative Support. The securitisation mechanism provides SMEs with a fundamentally new environment. RSMB Corporation’s guarantee substantially improved the terms and conditions of the transaction. Generally, such transactions generate strong interest in the market, and we intend to work on enhancing this instrument in the future.”

The loan securitisation mechanism, enabling credit institutions to borrow by issuing bonds collateralised with SME loan portfolios, was introduced under the SMEs and Individual Entrepreneurial Initiative Support national project.

The bond issue totalled RUB7 billion with a coupon of 9.1% p.a. The arrangers of the issue are Promsvyazbank, VTB Capital, VEB.RF, Sovcombank, Eurasian Development Bank, Region Group of Companies and SME Bank. The investors include international development banks, Russia’s leading public and private commercial banks and financial companies. The SME loans included in the collateral meet the Uniform SME Lending Standards, while the structure and details of the bond issuance are in conformity with the Uniform Securitisation Mechanisms for SME Loan Portfolios as approved by the Bank of Russia’s Task Force in 2017 and 2018.

SME Bank will use the proceeds from the bond issue to increase lending to small and medium-sized enterprises next year as part of its core business.

“SME loan securitisation is to become one of the most powerful tools to raise funds for SME lending. With a portfolio of loans granted by different banks, it will also provide SMEs with additional guarantee support,” Dmitry Golovanov said to the journalists.

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Order book closed FOR VEB.RF’s PBO-001P-13 exchange-traded bonds

22 january 2019 года
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State Development Corporation VEB.RF closed the order book for VEB.RF’s PBO-001P-13 exchange-traded bonds on 18 January 2019. Under the programme of exchange-traded bonds, investors were offered bonds with a total par value of at least 5 billion roubles and with a term to maturity of five years.

Investors placed a total of 21 orders, and the overall demand for the PBO-001P-13 exchange-traded bonds reached 11.2 billion roubles, which was substantially higher than initially offered to investors.

The order book for the PBO-001P-13 exchange-traded bonds was opened
on 18 January 2019, initially with a coupon rate of up to 9.18 per cent per annum. When the order book was closed, the coupon rate was lower than the marketed level at 9.08 per cent per annum. The bond issue totalled 10 billion roubles.

The PBO-001P-13 bonds will be listed on the Moscow Exchange as from 25 January 2019.

Securities depository: National Settlement Depository.

Bookrunner: BC REGION.

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Short-Term Exchange-Traded Bonds Issued by VEB.RF

18 january 2019 года
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VEB.RF issued short-term bonds in an additional placement to companies and corporations on 18 December 2019.

The Bank raised 2.278 billion roubles from bonds with a maturity of 28 days and a coupon of 7.69% p.a.

The par value of one bond is 1,000 roubles. The bonds were sold at 100% of their par value. The coupon is payable at maturity.

The arrangers of the bond issue are Gazprombank and Svyaz-Bank.

The bonds are on the Moscow Exchange’s Quotation List Level 1. The depository is National Settlement Depository.

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Igor Shuvalov, Alexander Braverman and Irina Makieva Participate in Spatial Development Session at Gaidar Forum

17 january 2019 года
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The Gaidar Forum included the session “Spatial Development Priorities: A New Quality of Life”.

VEB.RF’s Chairman Igor Shuvalov emphasised the high-level goals set by the country’s leadership. According to Shuvalov, development institutions should approach these challenges with due consideration to the needs of specific households and families to ensure a new quality of life in Russian municipalities. “We have launched the agenda in small municipalities with support from the Monotowns Development Fund and in partnership with the Strelka consulting company. Actually, if a mayor or a governor has a motivated team, the quality of life of a specific family may be improved in a municipality with a population of 100,000.” According to VEB.RF’s Chairman, the task is to give reasonable comfort to local residents. A modern urban environment means community convenience. The regions and mayors that are directly engaged in these issues demonstrate encouraging results. We are witnessing the evolvement of a new economy, new businesses and modern enterprises, which strengthen the local budgets.

Alexander Braverman, Director General and Chairman of the Board of Russian Small and Medium Business Corporation, spoke about corporate efforts to develop the service sector of the economy and integrate the Business Navigator website into the government’s industry information system. Small and medium-sized businesses are capable of creating a comfortable living environment in everyday life, in a specific street, providing the most demanding services (cafeterias, shops, personal services etc.) to residents.

Vnesheconombank’s Deputy Chairperson Irina Makieva said: “Each one of 319 one-factory towns will have its own ‘Nikolskaya Street’. And yesterday, at the expert discussion on one-factory towns, the mainstay of the local economies confirmed their readiness to synchronise their social responsibility programs with our new programme for one-factory towns.”

The modern urban economic development agenda is a priority for VEB.RF. The projects should comprise at least 50 percent of the new portfolio. The presentation of business proposals for Russian municipalities will be made on 14 February 2019 at a special session during the Russian Investment Forum in Sochi.

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Yes to New Single-Industry Municipality Programme!

16 january 2019 года
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The 10th Gaidar Forum in Moscow aroused great interest during the expert discussion “New Program of Monocities Support: Key Development Directions”, bringing together State Duma members, mayors from over 100 single-industry towns, federal and regional government officials, development bankers, business leaders and industry professionals. A 200-seat auditorium was not sufficient to accommodate all the people wishing to attend the event.

The event was moderated by VEB.RF’s Deputy Chairman and MONOTOWNS.RF’S Director General Irina Makieva and Russia’s Deputy Economic Development Minister Vadim Zhivulin.

The panellists evaluated the outcomes of the Integrated Single-Industry Town Development priority programme, proposed new ways to support single-industry towns, came up with strategic ideas and introduced fresh initiatives to lay the foundations for a new programme.

“It is very important that today single-industry towns have seen that the new programme should come into being. It is really inspiring and motivating!” Makieva said at the end of the discussion.

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VEB.RF’s Chairman Igor Shuvalov and Tver Region’s Governor Igor Rudenya Discuss Cooperation Prospects

16 january 2019 года
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VEB.RF’s Chairman Igor Shuvalov and the Tver Region’s Governor Igor Rudenya met in Moscow to discuss VEB’s financing for investment projects in the region and cooperation prospects.

In the Tver Region, VEB.RF has backed four projects worth RUB60.4 billion in manufacturing, infrastructure and healthcare. VEB’s investment in the region totalled RUB38.8 billion.

The region’s governor told VEB.RF’s management about an industrial park development project, facilities comprising an improved urban environment project, and the construction of exhibition centres. “We have agreed to conduct VEB.RF’s business mission in the region. We will learn about VEB’s current projects, including those in wood processing, tourism, and manufacturing, that have been financed by VEB in previous years and continue to develop. We will also look into our new potential projects,” Mr Rudenya said after the meeting.

Igor Shuvalov confirmed that the team representing VEB.RF Group and development institutions would come to the Tver Region to discuss promising investment projects with the local business community. “We are ready to support the region’s development,” Shuvalov said.

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