Development Institutions’ Shared Service Centre to Be Established in Voronezh

7 march 2019 года
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On Thursday, an executive team of development institutions visited Voronezh. Comprising top managers of VEB.RF, DOM.RF, Russian Export Center, RSMB Corporation, etc, the delegation was headed by VEB.RF Chairman Igor Shuvalov.

The aim of the visit was to look into the potential of the DOM.RF shared service centre facilities to host a back office for development institutions. VEB.RF alone is expected to transfer up to 300 of its employees.

“We can see that certain service functions can be performed for VEB.RF, DOM.RF, RSMB Corporation, and REC via the Voronezh-based facilities. Currently, several hundred employees are to be additionally stationed here to provide us with a range of services. The transfer of certain functions from Moscow is to begin as early as this month. Apart from cost optimisation, this will create new jobs for Voronezh residents,” Igor Shuvalov said.

According to DOM.RF CEO Alexander Plutnik, the shared service centre has already a staff of 550. There are plans to increase it to 800. The centre in Voronezh was established in 2018. DOM.RF transfers to Voronezh its banking and mortgage support operations, cash operations, call centre, IT support, underwriting business, financial transactions, including project finance contract management.

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

7 march 2019 года
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VEB.RF issued short-term bonds in an additional placement to companies and corporations on 06 March 2019.

The Bank raised 13.8 billion roubles from bonds with a maturity of 14 days and a coupon of 7.59% 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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Aleksey Sorokin Meets with Heads of Magadan Region and Khabarovsk Territory to Discuss Integrated Urban Development

6 march 2019 года
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In late February, Deputy Chairman of VEB.RF Aleksey Sorokin met with Head of the Magadan Region Sergey Nosov to discuss joint efforts in developing residential areas of the region. Building new, more comfortable houses and encouraging people to move to regional centres can be a solution. These measures will also help to optimize utility expenses. The effective improvement of specific residential areas was exemplified in the case of the town of Susuman. VEB.RF, together with its colleagues from DOM.RF, is currently working on a master plan for Magadan. The work was started as instructed by Russian Prime Minister Dmitry Medvedev.

Early in March, Aleksey Sorokin discussed promising projects to develop the urban environment with Khabarovsk Territory Governor Sergey Furgal. Apart from the projects in which VEB.RF is already involved, the meeting also focused on cooperation in environmental protection (municipal solid waste sorting), heat power engineering (conversion of boiler stations from fuel oil and diesel oil to coal), electricity and water supply for residential areas, and on the promotion of natural gas-powered municipal transport.

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

1 march 2019 года
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VEB.RF issued short-term bonds in additional placements to companies and corporations on 27 February, 28 February and 01 March 2019.

The Bank raised 20.24 billion roubles, including 20 billion roubles from bonds with a maturity of 14 days and a coupon of 7.62% p.a., 0.04 billion roubles from bonds with a maturity of 21 days and a coupon of 7.62% p.a., and 0.20 billion roubles from bonds with a maturity of 28 days and a coupon of 7.62% 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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Perm Territory and VEB.RF Discuss Cooperation in Urban Infrastructure Development

1 march 2019 года
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Perm hosted a meeting between the Perm Territory’s Governor Maxim Reshetnikov and VEB.RF’s Deputy Chairman Viacheslav Shulenin.

They discussed prospects for cooperation in urban environment development, such as the development of transport infrastructure in the Perm Territory, the creation of an innovation centre at the IT science park, Perm’s Smart Light project, the construction of a state-of-the-art campus for foreign students, property development projects and the Perm Territory’s industry diversification.

According to the governor, several large-scale projects meeting the needs of Perm and the Perm Territory for infrastructure development are under way or scheduled to be launched. “We have ambitious plans relating to, for instance, the use of smart technology in the urban environment. We have already evaluated the Smart Light project efficiency and are currently testing the Smart House and Smart City technologies. Definitely, support from such a reliable investor will help to accelerate the projects,” Maxim Reshetnikov commented.

VEB.RF’s Deputy Chairman Viacheslav Shulenin emphasised: “The development of a modern urban economy is one of the new strategic priorities for VEB.RF. We are aiming to foster reforms in the Russian cities with urban economy development at the top of the agenda. The Perm Territory has considerable potential for technology development. We can see a growing interest in the modernisation of urban transport infrastructure. We are ready to discuss joint projects on a repayable financing basis.”

As a reminder, the Perm Territory’s digital economy initiatives include the Smart City project, with pilot systems tested in the Liubimov District (Bereznyaki) and the Novye Liady District (Perm); the Smart Light and Safe School projects. Smart Light was tested in Popov Street (Perm) and showed a 40% reduction in energy consumption and a 42% decrease in operating costs. Modern security technology was introduced into seven educational institutions in the Proletarsky District (Perm) under the Safe School pilot project. Moreover, the Perm Territory introduced an intelligent transport model with automatic traffic enforcement cameras, which make it possible to predict and assess traffic conditions in order to address emergencies and organise a parking space. A whole range of information resources using navigation control systems were created: electronic displays at public transport stops, map.gortransperm.ru website, smartphone apps offered by private software designers. The comprehensive and step-by-step introduction of smart solutions in the Perm Territory’s urban infrastructure is expected to increase the safety level, cut the operational and utility costs, and improve the urban environment, transport accessibility and quality of life.

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Igor Shuvalov: ‘Integration in Large Eurasia Will Make Us More Competitive’

22 february 2019 года
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VEB.RF’s Chairman Igor Shuvalov visited the People’s Republic of China. He took part in the meeting of the CEOs of SCO IBA member banks in Sanya. The meeting was aimed at promoting regional financial cooperation and inclusive development. The event was also attended by top managers of global financial institutions (New Development Bank, Asian Infrastructure Investment Bank), senior executives of Silk Road Fund, representatives of the Chinese Government, and leading economists and experts.

Igor Shuvalov noted in his speech that the Shanghai Cooperation Organisation was an effective platform to synchronise national development strategies and multilateral projects and integrate the Eurasian Economic Union, the Belt and Road Initiative and the North-South Transport Corridor.

He emphasised: “The SCO is a unique organisation, with its member countries’ total population exceeding 3 billion people (40% of the global population) and its total GDP (PPP) approximating to 30% of global GDP.” According to Igor Shuvalov, the SCO is a solid organisation with enormous political potential; therefore, it requires facilitated economic development, which involves close cooperation among financial institutions.

VEB.RF’s Chairman also mentioned the currency risk problem faced by development banks. He emphasised the necessity to identify new instruments so as not to cause further difficulties for banks’ borrowers and customers. “We need to broaden the range of currencies used in interbank cooperation and to make extensive use of national currencies in mutual settlements. We should treat the currency risk as a common problem confronting all development institutions,” he said.

Igor Shuvalov informed the partners about the key transformation areas and broader powers of VEB.RF aimed at implementing the May presidential decree: “There will be plenty of opportunity for development institutions to coordinate their activities, including in the urban environment and municipal economy. VEB.RF will work together with commercial banks in all existing sectors of cooperation to accomplish the goals of national development.”

During the visit, Igor Shuvalov met with CDB’s Chairman Zhao Huan, the SCO’s Secretary-General Vladimir Norov and Belarusbank’s Chairman Victor Ananich.

Note:

During an official visit of Russian President Vladimir Putin to China, Vnesheconombank and China Development Bank signed an agreement in Beijing in June 2018 to financially support the integration of the Eurasian Economic Union and China’s Belt and Road Initiative. In September 2018, during the Eastern Economic Forum, the two banks signed a loan agreement to finance joint projects. According to VEB’s Chairman, several large-scale projects are currently being evaluated under the loan agreement.

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

22 february 2019 года
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VEB.RF issued short-term bonds in an additional placement to companies and corporations on 20 February 2019.

The Bank raised 15.8 billion roubles from bonds with a maturity of 14 days and a coupon of 7.63% 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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Order Book Closed for VEB.RF’s PBO-001R-15 Exchange-Traded Bonds

22 february 2019 года
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State Development Corporation VEB.RF closed the order book for VEB.RF’s PBO-001R-15 exchange-traded bonds on 21 February 2019. Investors were offered bonds placed under the programme of exchange-traded bonds.

The Bank raised 5 billion roubles; the maturity of bonds is 2 years; the coupon rate is 8.73%.

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

The PBO-001R-15 bonds will be listed on the Moscow Exchange as from 28 February 2019.

Securities depository: National Settlement Depository.

Bookrunners: BC REGION, Russian Regional Development Bank, GazPromBank, VTB Capital, Rosselkhozbank.

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VEB.RF Hosts Meeting of Project Working Group on Small and Medium-Sized Businesses and Individual Entrepreneurial Initiative Support

21 february 2019 года
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The first meeting of VEB.RF’s project working group, chaired by Deputy Chairperson Marina Romanova, involved in the national project for Small and Medium-Sized Businesses and Individual Entrepreneurial Initiative Support took place on 20 February 2019.

The meeting was attended by experts from VEB.RF, RSMB Corporation, SME Bank, REC, DOM.RF, the Far East and Baikal Region Development Fund, VEB-Leasing, the Russian Presidential Academy of National Economy and Public Administration, VEB Innovations, OPORA RUSSIA All-Russian Public Organisation of Small and Medium Business.

VEB.RF’s working group will contribute to strengthening the strategic partnership among development institutions, setting priorities, creating advanced solutions for SME support and suggesting new approaches to boosting entrepreneurship, including the urban economy projects.

The participants also discussed the need to make preferential lending and leasing products more accessible to entrepreneurs (including in the Far Eastern Federal District), the prospects for SME involvement in major investment and infrastructure projects, the better use of export opportunities and the challenges of gaining entry into foreign markets.

“Small and medium-sized businesses play an essential role in economic development. Encouraging entrepreneurial initiative can increase both employment and production efficiency. The coordinated activities of development institutions in this area will significantly accelerate the development process. In this context, VEB.RF’s large-scale projects can generate the demand for SME products and services,” Marina Romanova said.

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Gorod Joins Digital Healthcare Consortium

15 february 2019 года
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The agreement was entered into during the Russian Investment Forum in Sochi. The document was signed on behalf of Gorod by its CEO Sergey Kalugin. The consortium was founded in February 2018. Its members are the Almazov National Medical Research Centre, ITMO University, the Faculty of Economics of Lomonosov Moscow State University, Rusatom Healthcare, Shvabe, and several other companies and research and educational centres.

The principal goal of the consortium is to use digital technology to enhance the efficiency of public health services in Russian regions. The Digital Healthcare Consortium also aims to develop and coordinate basic technological standards for digital health in Russia, test technologies and architectures and ensure that they come into use in the form of products, services and projects.

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Project Financing Factory: Syndicated Loan Agreement Signed by VEB.RF, Gazprombank and Shchekinoazot

15 february 2019 года
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VEB.RF, Gazprombank and Shchekinoazot signed a syndicated loan agreement to implement a project to build a methanol production facility under the Project Financing Factory programme. The signing ceremony took place during the Russian Investment Forum in Sochi.

The document was signed on behalf of VEB.RF by its Deputy Chairman Yuriy Korsun, on behalf of Gazprombank by Deputy Chairman of its Management Board Alexey Belous and on behalf of Shchekinoazot by its Deputy Director General for Financial Resources Andrey Tokarev.

The project is the third phase of the comprehensive programme to increase methanol production with a capacity of 500,000 tonnes per year on Shchekinoazot’s production site in the Tula Region. When completed, the project will make the company the largest methanol producer and exporter in Russia. The project is carried out pursuant to the May presidential decree in relation to promoting non-resource non-energy exports.

The total project value is 22 billion roubles; the decision on VEB.RF’s commitment was approved by the Supervisory Board in December 2018. VEB.RF’s share in the syndicated loan will reach a total of 4.5 billion roubles. Gazprombank will lend 10 billion roubles. The intended length of the loan is 12 years. The syndicated loan will be used to pay for construction and installation and buy Russian-made equipment.

“This is one of the first syndicated loan agreements under the Project Financing Factory programme. The mechanism is aimed at providing additional benefits for both the project initiator and the participating bank. For example, this is a subsidy reducing the interest rate risk, along with risk sharing among all the project participants. Stimulating project financing is a priority for the development institution, while VEB.RF’s share in financing can be minimal. We provide all benefits for banks and the project initiator. For instance, VEB.RF’s share in the committed tranche will not exceed 10 per cent of the total project value under the Shchekinoazot project. The remaining financing will be provided by the partner bank and the project initiator,” Yuriy Korsun said.

“The project will have a positive effect on the development of the national chemical industry, creating the conditions for high-technology methanol production in the Tula Region. We are hopeful of continuing effective cooperation with our partners on promising projects that make it possible to use technological advances for economic development,” Alexey Belous said.

“When brought into operation, the M-500 will enable Shchekinoazot to make 1.5 million tonnes of methanol per year and become one of the largest methanol producers in Russia. Methanol is in demand in the global and domestic markets. The utilisation rate of Russian methanol producers is high now.

“The Project Financing Factory is an effective mechanism to support manufacturers. The memorandum of intent to use the Project Financing Factory for the M-500 project was signed by Shchekinoazot and VEB during the Russian Investment Forum 2018 in Sochi. This year, together with VEB and our key financial partner, Gazprombank, we hammer out the syndicated loan agreement. I would like to thank our partners for cooperation and understanding in all matters.”

The main idea behind the Factory is to provide projects with syndicated loans with government-subsidised interest rates and government-secured bonds. The legal framework took shape in the first half of 2018. VEB.RF is as the Factory’s operator. The Factory is attractive to project initiators because it offers a mechanism to hedge the interest rate risk. Commercial banks are mainly interested in sharing their project financing risks with VEB.RF. Major commercial and regional banks have already joined VEB.RF’s Project Financing Factory. A project is eligible for the Factory if it needs an investment of more than 3 billion roubles and has a payback period of up to 20 years. Furthermore, the project initiator must invest at least 20% of the project value.

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