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Major Outcomes

Regional Development

North Caucasus Development Corporation

NCDC is a key development institution in the North Caucasian Federal District that implements major investment projects in the region and makes the region more attractive for investors.

In 2014, NCDC’s portfolio included

6 investment


6.8 RUB

committed by NCDC

The Far East and Baikal Region Development Fund

The Fund focuses on ensuring accelerated development of the macro-region in procuring and implementing industrial, transport and utility infrastructure projects.

As at the end of 2014, the Fund considered the possibility of getting involved in

28 investment

for a total of

> 430 RUB

Federal Centre for Project Finance

In 2014, FCPF proceeded to the procurement of

12 new

As at the end of 2014, FCPF’s new investments amounted to RUB 1.4 bn. In total, FCPF approved RUB 4.3 bn of commitments to finance the project procurement.

Support to Exports

Russian Agency for Export Credit and Investment Insurance

EXIAR focuses on increasing support to Russian exports and ensuring maximum access to insurance support for various groups of Russian businesses.

In 2014, EXIAR supported exports for

3.9 USD

including USD 43.8 bn in the SME segment.

In 2014, Vnesheconombank acquired a follow-on offering of EXIAR’s shares, which increased the Agency’s capital by RUB 1.376 bn.

Foreign Investments

Russian Direct Investment Fund

RDIF aims at attracting foreign direct investments into the Russian economy and boosting business activity in the country. In 2014, RDIF launched two nationally significant large-scale projects involving financing from the National Wealth Fund: ’Bridging the Digital Divide’, a joint project with Rostelecom seeking to expand Internet coverage to smaller communities across Russia, and ’Smart Networks’, a joint project with Rosseti aimed at making the country’s electric power system more efficient.

Veb Asia

VEB Asia was set up to engage investors from the Asian Pacific Region in the financing of ambitious projects across Russia and to expand access by Russian issuers to the stock market of Hong Kong. During the first year of its operation, the company focused on fostering partnerships with public and business organisations of the Asian Pacific Region, including by signing agreements on joint implementation of high-potential projects.

Supporting Innovations

VEB Innovations Fund

VEB Innovations Fund supports innovative growth and modernisation of the Russian economy, mainly as part of financial support to the Skolkovo Foundation’s projects.

In 2014, VEB Innovations Fund financed

7 projects of
the Skolkovo Foundation

for a total of RUB 593.7 mn, with VEB Innovations Fund’s commitment coming at

206.7 RUB

Promoting the Lease
Services Market


VEB-Leasing seeks to provide additional support to the economy by promoting the lease services market. In 2014, VEB-Leasing retained its lead in the Russian market in terms of lease volumes and in terms of new business, including those in the SME segment. As at the end of 2014, the amount of the company’s gross investments in lease was

502.7 RUB

Including RUB 45.1 bn in the SME segment. In 2014, VEB-Leasing received a government subsidy of RUB 592.2 mn.

Evaluating and Monitoring
Investment Projects

VEB Engineering

VEB Engineering offers engineering and consulting services to support investment projects of Vnesheconombank and other major investors operating in key sectors of the Russian economy. In 2014, VEB Engineering’s revenue from project support amounted to

240.2 RUB

Managing Distressed and
Non-Core Assets

VEB Capital

VEB Capital manages distressed and non-core assets of Vnesheconombank Group to increase their market value and recover relevant investments. The company also acted as an agent to implement Vnesheconombank’s Programme of Investment in Affordable Housing Construction and Mortgage Loans in 2010–2013, with all obligations under the Programme successfully discharged in 2014.

Support to SMEs

SME Bank

SME Bank acts for Vnesheconombank to implement the programme for support to the SME sector and also provides guarantee support to medium-sized enterprises. SME Bank strategically focuses on financing non-trade, including innovative, SMEs.

In 2014, the bank lent

62.6 RUB

to innovative SMEs, which represents 63% of the total amount of support to SMEs under the programme. In 2014, Vnesheconombank increased SME Bank’s capital by RUB 2.06 bn.

Universal Russian Banks

Russian subsidiary banks whose control stakes Vnesheconombank acquired during the financial crisis of 2008–2010 to increase their market value, subsequently exit from them and recover the government’s turnaround investments


Sviaz-Bank is consistently on the list of Top 30 Russian banks, ranking 26th in terms of assets, 21st in terms of corporate loans and 16th in terms of corporate deposits.

In 2014, the bank substantially improved its positions in retail business by moving from the 34th to the 25th position in terms of loan size, and from the 57th to the 50th position in terms of funds raised. In 2014, the bank also ranked third in terms of loans issued under the ‘Military Mortgage Loans’ programme. In 2014, Vnesheconombank also increased Sviaz-Bank’s share capital by RUB 10 bn.

Number of customers as at the end of 2014
Corporate: 16,966
SME: 1,430
Retail: 877,533

Loan portfolio value breakdown by type of customers

Loan portfolio value breakdown by type of customers


Globexbank ranks among Top 30 Russian banks. In 2014, the bank was 28th by assets, 25th by equity and 20th by corporate loans.

In 2014, Vnesheconombank issued a RUB 5 bn subordinate loan to Globexbank to increase its capital.

Number of customers as at the end of 2014
Corporate: 624
SME: 17,052
Retail: 19,694

Loan portfolio value breakdown by type of customers

Loan portfolio value breakdown by type of customers

Universal Foreign Banks

Our foreign subsidiary banks operate to reinforce economic relations between Russia, Belarus and Ukraine


In 2014, BelVEB ranked 5th among Belarusian banks by assets and equity, 7th by customer deposits and 5th by capital.

In 2014, the share of Russian-Belarusian integration projects in the total funding of corporate customers by BelVEB stood at 43.1%, or considerably above targets.

Number of customers as at the end of 2014
Corporate: 340
SME: 22,813
Retail: 353,805

Loan portfolio value breakdown by type of customers

Loan portfolio value breakdown by type of customers


Prominvestbank is among the eight banks that substantially influence the stability of the Ukrainian banking system. Despite the tough economic situation, its net operating income for the year ended 2014 amounted to RUB 5 bn, which is significantly above targets. In 2014, the bank primarily focused on retaining its liquidity and supporting its customer operations to the full extent.

Further strategic objectives of the bank will be revised once the Ukrainian political crisis is resolved.

In 2014, Vnesheconombank injected an equivalent of USD 280 mn into Prominvestbank’s capital and also opened a revolving credit facility with a RUB 15 bn debt limit.

Number of customers as at the end of 2014
Corporate: 3,135
SME: 5,635
Retail: 451,954

Loan portfolio value breakdown by type of customers

Loan portfolio value breakdown by type of customers