Vnesheconombank Starts to Refinance Russian Companies’ Debt Obligations to Foreign Financial Institutions
Under Federal Law dated October 13, 2008 N 173-FZ “On Additional Measures for Supporting the Financial System of the Russian Federation” and pursuant to decisions taken by the Supervisory Board, Vnesheconombank started to refinance Russian companies’ debt obligations to foreign financial institutions. Funds in the total amount of 7.8 billion US dollars have been allocated to a number of companies in the fuel and energy complex, smelting industry, construction sector, transport and communications industries.
Origin: Press Office of Vnesheconombank
Phone: +7 (495) 608-46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru
On Approving Transaction to Acquire 99% of CJSC Commercial Bank Globex’s Shares
In order to further stabilize Russia’s banking sector, Vnesheconombank’s Supervisory Board approved the transaction to acquire 99% of CJSC Commercial Bank Globex’s shares.
As agreed with the Government of the Russian Federation, the Central Bank of Russia is to allocate 2 billion US dollars in the form of deposit for a period of one year to Vnesheconombank to support Bank Globex.
Vnesheconombank took prompt and necessary actions to get Bank Globex operating without fail again. Globex’s priority obligations have been fulfilled in full. The developed plan to rescue the Bank will make it possible in the near future to restore its position as one of major reliable financial institutions.
About 80 thousand customers and depositors of Globex will be absolutely guaranteed that the Bank will continue to fulfill all its obligations to them.
In the most immediate future, Bank Globex’s management will be strengthened with highly qualified managers. In particular, the Central Bank of Russia is considering Vitaly Vavilin’s candidacy. He was recommended by Vnesheconombank for the post of Globex President. Vitaly Vavilin was for a long time head of the National Trade Bank (Tolyatti) and Vnesheconombank is this Bank’s shareholder.
Origin: Press Office of Vnesheconombank
Phone: +7 (495) 608- 46-93, Fax: +7 (499) 975-21-34
E-mail: press@veb.ru
