ВЭБ.РФ (formerly Vnesheconombank)
Assets | Owners |
+ ВЭБ.РФ (formerly Vnesheconombank) |
ВЭБ.РФ State Development Corporation is one of the largest Russian financial institutions. It was founded in 1924. The supreme governing body is the supervisory board. Headquarters - in Moscow on Academician Sakharov Avenue.
Chairmen
- Taratuta Viktor Konstantinovich (1924-1926)
- Danishevsky Karl Khristianovich (1926-1928)
- Svanidze Alexander Semenovich (1930s)
- Chernyshev Pavel Mikhailovich (1940s)
- Korovushkin Alexander Konstantinovich (1950-1955)
- Nazarkin Konstantin Ivanovich (1955-1960)
- Sveshnikov Methodius Naumovich (1961-1970)
- Ivanov Yuri Alexandrovich (1970-1987)
- Moscow Yuri Sergeevich (1987-1992)
- Poletaev Yuri Vladimirovich (1992-1993)
- Ryumin Valery Pavlovich (December 22-28, 1993)
- Anatoly Petrovich Nosko (December 28, 1993/June 14, 1994 - February 8, 1996)
- Achkasov Andrey Ivanovich (1996)
- Kostin Andrey Leonidovich (October 18, 1996 - June 10, 2002)
- Chernukhin Vladimir Anatolyevich (June 10, 2002 - May 27, 2004)
- Vladimir Aleksandrovich Dmitriyev (since May 27, 2004)
- Gorkov Sergey Nikolaevich (from February 2016 to May 24, 2018)
- Shuvalov Igor Ivanovich (from May 24, 2018)
Owners
Vnesheconombank is 100% owned by the Russian Federation.
Development Institutions
As of May 2021, the ВЭБ.РФ coordinates the work of the following development institutions:
- Russian Export Center
- SME Corporation
- Rusnano
- Skolkovo Foundation
- Industrial Development Fund
- Innovation Promotion Fund
- Russian Information Technology Development Fund
- Infrastructure and Educational Programs Fund
- Agency for Technological Development (APR)
- VEB Ventures
- Monotown Development Fund
- VEB.DV
- Развивай.РФ
- VEB Infrastructure
- National PPP Center
- ProGorod
Performance indicators
2019
Loss of 52.8 billion rubles at the end of the year
VEB in 2019 reported a net loss of 52.8 billion rubles. This is the fifth loss-making year out of the last six - in total over six years, VEB's loss reached 892 billion rubles. The amount of losses almost exactly coincides with the funds that the government allocated in October 2018. Then the head of the bank Igor Shuvalov received 900 billion rubles for VEB from the budget and the NWF.
In 2018, VEB lost 175.8 billion rubles, in 2017 - 287.7 billion rubles, in 2016 - 111.9 billion rubles, in 2014 - 249.7 billion rubles.
In 2015, the bank went to a loss of more than 100 billion rubles, but emergency assistance from the state - in the form of placing money from the NWF at a meager 0.25% per annum - made it possible to patch the hole and report on modest profits - 14.9 billion rubles.
Subsidy from the state in the amount of 242 billion rubles to cover losses
The State Development Corporation "VEB, RF" in 2019 received from states a subsidy for 242.1 billion rubles, according to its reports IFRS for 2019. The funds were received in the fourth quarter (in the reporting for the nine months of 2019 there is no information about a subsidy for such an amount).
VEB received funds to compensate for losses related to the participation of the state corporation in projects launched before January 1, 2018. "The funds were fully directed to compensate for the costs of these projects," the report said.
"This is a subsidy supporting VEB and the Russian Federation. We do not disclose the appointment and other details , "the VEB press service said.
VEB's assets in 2019 decreased from 3.36 trillion to 3.18 trillion rubles, the most significant decrease in the loan portfolio: from 1.56 trillion to 1.13 trillion rubles. The result could also be influenced by the fact that in 2019 VEB transferred the "subsidiary" Svyaz-Bank to the state, but the volume of its loans totaled only 123 billion rubles.
High-tech investment
2017
Ethereum and VEB became partners
Vnesheconombank and the Ethereum Foundation entered into a partnership agreement in August 2017, according to which organizations will implement projects using blockchain technology and the Ethereum platform.
The document was signed by the founder of the Ethereum Foundation, the chief architect of the Ethereum platform Vitalik Buterin and the Chairman of Vnesheconombank Sergey Gorkov.
The agreement provides for a long-term and effective partnership in the implementation of projects using distributed registry technology and the Ethereum platform, the formation of an expert community on the Ethereum platform, as well as the joint development and conduct of educational programs for training specialists in the field of distributed registers and the Ethereum platform based on the Vnesheconombank Blockchain Competence Center.
The main tasks of the Center are to accumulate competencies and knowledge about innovative technologies, develop platforms for their use in government organizations, training and popularization. This is the first center of such competencies in Russia, the main consumer of its services should be domestic state-owned companies and authorities. Thus, Russia is becoming an important player in the development of blockchain in the world.
The center will be located in Moscow on the territory of NUST MISIS. Its opening is scheduled for September 2017. The developers of the Ethereum platform will work in co-working space with employees of the Competence Center.
Nanotechnology and blockchain funding
Vnesheconombank plans to launch in 2017 a platform for building a digital economy and introducing new business processes. This was stated by the adviser to the chairman of VEB Vladimir Demin. VEB intends to introduce blockchain technology into the system of state registration, healthcare and the oil industry.
"In fact, VEB is creating a large competence center to support startups with investments, expertise, development and implementation. A very large and difficult task of accumulating experts in a single space, "says V. Demin. - Among the already voiced participants: Waves, Bitfury, Ethereum, Consensys."
In addition to developers, consulting companies Deloitte and PricewaterhouseCoopers and two other representatives of the Big Five will be involved in the project. In addition, the center will be visited every three months by the creator of Ethereum Vitalik Buterin.
The task of the consulting resource is to ensure the migration of business processes on the blockchain in conjunction with the developers. A branch of the competence center will also be opened in Novosibirsk.
Earlier it was reported that Foreign Economic Bank until 2021 plans to support high-tech projects by providing medium, long-term and syndicated loans, whose amount will range from 10 million to more than 500 million rubles. VEB's share will range from 30% to 70%.
The strategy of the Foreign Economic Bank is aimed at the development of platforms based on blockchain, digital economy and neurotechnology. This is based on convergent technologies as a process of five interpenetrating groups of technologies: nano-, bio-, info-, cogno- and socio-humanitarian.
A serious step forward for Russia was the presidential initiative "Nanoindustry Development Strategy" developed in 2011. She gave impetus to the creation and implementation of the latest achievements in science and technology in the field of banking technical and financial operations. Thus, the development of blockchain technology implies the abolition of managers in the banking system in the future.
Belarus and Russia will soon be able to carry out all trade logistics on the basis of the blockchain system. The development and implementation of the project will be supervised by the Russian state corporation Bank for Development and Foreign Economic Activity (Vnesheconombank) (VEB).
Vice President for Information Technology of VEB Nikita Smirnov, speaking about the project, noted: "We will prepare a digital letter of credit together with the Republic of Belarus to try the inter-country issue of the implementation of trade finance between Russia and Belarus." Earlier, he also reported that the state corporation plans to obtain a prototype of blockchain technology to create a B2B environment for its borrowers. It was planned that the developers of the project will be CROC and the American BitFury.
2010: Investment in T-Platforms
On October 1, 2010, the Supervisory Board of Vnesheconombank (VEB) decided to enter the capital of T-Platforms. Based on the previous practice of such investments by VEB, the bank must acquire a blocking stake in T-Platforms. According to the memorandum on VEB's financial policy, the minimum amount of funds invested in the authorized capital of the project cannot be less than 1 billion rubles. The funds will be used to develop design centers in Russia, Taiwan and Western Europe, designed to develop electronic components and architecture of future Russian supercomputers, as well as to promote the company's supercomputers abroad.
The application submitted by T-Platforms to VEB is called "Development and export to the international market of innovative Russian supercomputer technologies and services." Volodymyr Dmitriyev, head of VEB, noted that the bank is part of the company's capital, referring to a clear strategy for exiting capital. According to him, the investment will allow T-Platforms to deploy serious production in Russia and strengthen its position abroad.
The funds received will be used to develop design centers in Russia, Taiwan and Western Europe, designed to develop electronic components and architecture of future Russian supercomputers, as well as to promote the company's supercomputers abroad, T-Platforms said CNews. Recall that in May the company has already announced the opening of the first representative office outside the CIS - in - Germany and entering the European market. The amount of investment for these purposes, according to the source CNews, was in the "reasonable millions." dollars
Direct support states will enable the company to take a place in the top five leaders of the global supercomputer market, the Vsevolod Opanasenko CEO of T-Platforms believes. "Thanks to the participation of Vnesheconombank in our project, we are able to radically increase investments in our own developments, which will allow us to concentrate on creating technologies that will determine the development of the industry in 3-5 years," he adds.
Vnesheconombank supports investment projects that are priority for economic development, but do not receive the necessary resources from the private sector. Supercomputer technologies are also a priority. Speaking at a meeting of the VEB Council, Prime Minister Vladimir Putin noted that supercomputers can be in demand in a number of industries, in particular, power and space.
2009: Government allows VEB to invest in IT
At the end of 2009, the government amended Vnesheconombank's financial policy memorandum to allow the bank to invest in strategic computer technologies, software and information and communication systems. Previously, VEB's priorities were aircraft engineering, rocket and space complex, shipbuilding, electronics industry, nuclear industry, transport, special and energy engineering, metallurgy, woodworking industry, defense industry and agro-industrial complex.
Information Technology
2024: Director of Digital Transformation of the Accounts Chamber moved to work in ВЭБ.РФ
As TAdviser found out in January 2024, Mikhail Petrov, who has worked as director of the digital transformation department of the Accounts Chamber since 2018, joined ВЭБ.РФ.. He took the post of executive director of the information technology unit. Read more here.
2017:6 blockchain-based projects
Vnesheconombank is implementing 6 projects based on technology, VEB blockchainRussia chairman said in November 2017 in an interview with TK 24. Sergey Gorkov
According to him, one project is being developed jointly with Rosreestr, the Agency for Housing Mortgage Lending (AHML), the Pension Fund and Rospatent. Vnesheconombank is also piloting another project in the woodworking industry to take into account the scales and one in the field of health care in the Novgorod region to take into account drugs.
It is expected that the implementation of projects in different industries will help identify those where blockchain technology can be applied most effectively. To this end, VEB also announced the opening of a competence center. This site presents blockchain technologies of various companies for the exchange of knowledge and experience.
According to Gorkov, cryptocurrencies and blockchain are the reaction of the modern economy to old institutions.[1]
History
2024
Creation of Vertical Investments Holding
In early October 2024, the state corporation for the development of Russia ВЭБ.РФ registered the Vertical Investments holding. He will support domestic technology companies, and the total investment at the first stage will amount to 25 billion rubles. Read more here.
The court granted Angstrom a delay of 3 years on the payment of multi-billion dollar debt to ВЭБ.РФ
In October 2024, the Arbitration Court of the Moscow District decided to grant a three-year delay to the Zelenograd microelectronic plant Angstrem to pay debts to the state development corporation ВЭБ.РФ. The court rejected the cassation appeal of ВЭБ.РФ against the earlier decision of the lower instance. Read more here.
Investing 1.8 trillion rubles in urban development
Over the five-year period from 2018 to 2023, the state corporation ВЭБ.РФ allocated 1.8 trillion rubles for the development of urban infrastructure in Russia. This became known on July 11, 2024. These investments were aimed at implementing projects in the fields of transport, education and logistics.
According to Vedomosti, the main funds were invested in updating public transport, building schools, modernizing airports and highways, as well as creating new and developing existing industries. According to ВЭБ.РФ forecasts, by the end of 2024, the volume of investments in urban development will reach 2.4 trillion rubles.
One of the key areas of investment activity of the ВЭБ.РФ was the renewal of urban electric transport. In 2021, the Russian government adopted an appropriate program, under which the state corporation acted as the project office and the main financing body. The total investment in the development of electric transport in 10 cities amounted to about 252 billion rubles.
The largest project is being implemented in Nizhny Novgorod, where it is planned to update 150 km of tram lines and purchase 170 trams. The total investment in this project is estimated at 51.3 billion rubles. In Yekaterinburg, the first inter-municipal tram route in the history of Russia was launched, connecting the capital of the Urals with the city of Verkhnyaya Pyshma.
Significant funds were allocated to the development of educational infrastructure. By 2025, with the support of ВЭБ.РФ, it is planned to build 69 new schools for 60 thousand students in 22 regions of the country. At the time of publication, 19 schools have already been commissioned in the Belgorod, Samara, Kaluga regions, as well as in the republics of Buryatia and Tatarstan.
In the field of higher education, ВЭБ.РФ participates in the construction of an international intercollegiate IT campus in Samara for 5 thousand places. The total investment in this project is estimated at 25 billion rubles.[2]
The court recovered 17.8 billion rubles from the chip manufacturer Angstrom in favor of ВЭБ.РФ
On May 21, 2024, it became known about the decision of the Supreme Court of Russia on the proceedings between Angstrom JSC and ВЭБ.РФ. In accordance with the verdict of the last court instance, the chip manufacturer will have to pay about 17.8 billion rubles to the state corporation. Read more here.
"ВЭБ.РФ" tried to cancel the three-year deferment of "Angstrom" to pay her 1.3 billion euros
As TAdviser found out, the state corporation "ВЭБ.РФ" in March tried to achieve the cancellation of the court ruling on granting Angstrom a delay in the execution of the court decision to pay it about 1.3 billion euros. The specified amount includes debt, interest on the use of the loan and a penalty. Read more [[1]].
Sk Capital Shareholder Membership
ВЭБ.РФ entered the share capital of the investment platform Sk Capital (SK Capital LLC) on a parity basis (50/50) with the Skolkovo Fund. The Fund announced this on February 1, 2024. Read more here.
2023
"ВЭБ.РФ" will allocate 50 billion rubles for venture investments
The Supervisory Board of ВЭБ.РФ decided to allocate 50 billion rubles for venture capital investments in the next two years. Alexey Miroshnichenko, First Deputy Chairman of the Board of the State Corporation, announced this at the end of October 2023.
We are talking about financing the Investment in Technology Leaders program, which was approved by the Russian government in June 2023. The Development Institute will be engaged in venture investment in innovative companies, while it will have a "right to risk." It is noted that the effectiveness of the state corporation's investments will depend on the total profitability of this portfolio, and not on the success of individual companies.
The peculiarity of the new mechanism is the sharing of risk with other investors. According to Miroshnichenko, ВЭБ.РФ will invest no more than half of the project cost, and the rest will be co-investors. Thus, the total volume of investments in projects should exceed 100 billion rubles, and the state corporation expects that funding will be enough for about 20 projects, taking into account private investment. One of the main areas of venture capital investments ‹ VEB.RF › will be cybersecurity, oilfield services, the production of telecommunications equipment and drones.
 | This is an increase in positions in the market, which was previously occupied by imported players: you can both import replace these segments and earn money, "Miroshnichenko said in a conversation with RBC, adding that the money will be provided as soon as you are ready to master them. |  |
As the publication writes with reference to the report ‹ VEB.RF ›, earlier the state corporation could not participate in such programs due to the principle of break-even and the need to ensure the return of money that was invested in each[3]
Beginning of reorganization. Corporation will cut 20% of employees
At the end of September 2023, it became known about the beginning of another reorganization of "ВЭБ.РФ." As part of this process, up to 600 people will be laid off, or about 20% of the state.
Knowledgeable sources told RBC that ВЭБ.РФ is launching the fourth reorganization over the past five years. According to one of them, the goal of the reorganization is to reduce costs "in order to focus on the tasks of the new economic cycle while increasing efficiency, and this is an increase in the quality of corporate governance and productivity."
| | VEB has already carried out three stages of reorganization, - says the source. - The issuance of loans and the provision of guarantees with a ratio to the share of GDP has almost quadrupled since 2018. The cost of asset management is 0.7x, which is below the market average. | |
It is noted that After the previous three reorganizations, VEB has almost quadrupled the issuance of loans and guarantees in relation to the share of GDP since 2018. The fourth stage of the update will extend not only to the head structure of the ВЭБ.РФ, to its subsidiaries, including ProSchool and ProGorod.
VEB's activity is rather expanding, but companies from its perimeter will interact more closely with the state corporation, Vladislav Onishchenko, general director of the Agency for Transformation and Economic Development, told RBC.
| | They began the process of revising their strategy - both for VEB itself and for the entire perimeter of the companies it oversees. In this regard, as always happens, a set of overlapping functions was found, and VEB is going to optimize this in a reasonable way, the expert notes. | |
VEB has two circuits - the state corporation itself and the companies included in its perimeter (or even three, if we consider the activities for managing budget funds for which VEB is responsible), said Vladimir Klimanov, director of the RANEPA Regional Policy Center. But because of the sanctions, their activities have become more closed, so it is wrong for VEB to draw analogies with other market players, he told RBC.[4]
Sale of 48% in the "National Project" group of companies "1520"
On September 12, 2023, it became known about the sale of National Project (NPS) to the 1520 group of companies (the main contractor of Russian Railways) Alexei Krapivin, who personally also owns a 4% stake in NPS. Nikolai Tsekhomsky, first deputy chairman of the state corporation "ВЭБ.РФ," who acted as a seller of assets, spoke about this transaction. Read more here.
The ability to enter the capital of IT companies
ВЭБ.РФ will be able to enter the capital of IT companies. This was announced in mid-June 2023 by the Deputy Minister of Economic Development of the Russian Federation Maxim Kolesnikov.
| | Innovation is hard to do on borrowed funds - you always need capital, you need to increase your own resources. To do this, they developed a draft resolution on the financing by VEB of the so-called technology holdings. In fact, to ensure the inorganic growth of technology companies, VEB will be given powers to enter their capital and finance priority technological projects in various industries, he said. | |
According to the deputy head of the Ministry of Economic Development, "ВЭБ.РФ" can finance projects in the field of unmanned aerial vehicles, 5G networks, etc. Also, as Kolesnikov noted, the government has taken measures aimed at ensuring the possibility of debt financing of priority technological projects.
| | The taxonomy of projects has been approved - in fact, a list of products that must be implemented on the territory of the Russian Federation. And the banks that will finance such projects, for them the Central Bank has already issued separate guidelines on risk appetites (maximum risk level). Thus, by reducing this passive load, about 10 trillion rubles, this is the additional potential, without additional capitalization of banks, which can be sent to the economy for the implementation of priority projects, - said Kolesnikov. | |
Earlier, "ВЭБ.РФ" announced a change in the model of financing projects and the transition from a purely credit institution.
| | Since there are plans for lending to innovative projects, it is now becoming more urgent to enter capital, and not lending as a portfolio investor, following the example of the same EBRD (European Bank for Reconstruction and Development, International Institute for Economic and Business Development. Such projects have neither a story to assess the risks, nor a normal counterparty-borrower, which means that the risks are taken on the project. In such a situation, it is better to be a shareholder of this project than a creditor. Through direct participation in the project, it is easier to control it - through participation in management. This is a completely different model of interaction with this project, which gives a better understanding of the situation and more opportunities for operational influence on it, "said Nikolai Tsekhomsky, first deputy chairman of ВЭБ.РФ.[5] | |
Recovery of 10.9 billion rubles from the ex-deputy chairman
In June 2023, the Khoroshevsky District Court of Moscow satisfied the requirements of the ВЭБ.РФ development state corporation to the former deputy chairman of the board Anatoly Ballos. Judge Ekaterina Ledeneva recovered about 10.9 billion rubles from Ballos in favor of the corporation. Read more here.
The departure of Natalia Timakova from the post of deputy chairman of the ВЭБ.РФ
Natalia Timakova From March 1, 2023, the deputy chairman of the ВЭБ.РФ moved to work in, Moscow School of Management "Skolkovo" where she took the post of development director. According to Timakova, "it's time to try yourself in a new direction." At the post in the business school "" Skolkovo she will be responsible for the development of new educational projects and the strategy of the organization "in the current conditions," writes with reference RBC to a source in Skolkovo. The interlocutor of the publication considered Timakova's transition to a new position logical, since she has been a member of the board of directors of the management school for 4.5 years, and ВЭБ.РФ is one of the main creditors of the organization. More. here
Provision of 15.4 billion rubles for the supply of electric trains for the MCD
ВЭБ.РФ January 19, 2023, it announced that it had provided 15.4 billion rubles for the supply of electric trains for the Moscow central diameters. Read more here.
Allocation of an interest-free loan of 249 million rubles for the "World of Flowers"
With the support of the ВЭБ.РФ Group, a greenhouse complex for growing roses was opened in the single-industry town of Kadoshkino in the Republic of Mordovia. This became possible thanks to the funds of the МОНОГОРОДА.РФ (ВЭБ.РФ Group), which allocated an interest-free loan of 249 million rubles. This was announced by the ВЭБ.РФ Group on January 13, 2023. Read more here.
2022
Transfer to the ВЭБ.РФ of projects and functions of the Monotown Development Fund in connection with its liquidation
In connection with the liquidation Monotown Development Fund (Моногорода.РФ), which became known on December 26, 2022, the fund's project portfolio, as well as all the functions of the organization, moved to ВЭБ.РФ. More. here
Support to Ilim-TNP in the amount of RUB 151 mln.
in Investment project Koryazhma, Arkhangelsk region which will be implemented with the participation of ВЭБ.РФ, aims to expand the production of laminated materials for packaging food products. This was announced by ВЭБ.РФ on December 12, 2022. More. here
An interest-free loan of 170 million rubles was issued for Blagoveshchensky Plastic
An interest-free loan of more than 170 million rubles through the МОНОГОРОДА.РФ Fund (functions transferred to ВЭБ.РФ allowed a company from the monotown of the Blagoveshchensk Republic of Bashkortostan to purchase equipment to expand the assortment and increase production volumes. This was announced by ВЭБ.РФ on October 14, 2022. Read more here.
ВЭБ.РФ sold his stake in the CSKA football club
At the end of September 2022, it became known about the change of the owner of CSKA. More than 77% of the football club's shares were transferred from the ВЭБ.РФ company Balance Asset Management, controlled by entrepreneur Vitaly Balanovich. Read more here.
The court decision on the payment by Vsevolod Opanasenko of a fine of 1.65 billion rubles.
The founder of the T-Platforms supercomputer company, Vsevolod Opanasenko, who is under investigation, failed to convince the servants of Themis of the injustice of the court decision to recover from him in favor of the state corporation ВЭБ.РФ (formerly VEB, Vnesheconombank) for a total of 1.65 billion rubles. Read more here.
Seizure of bank assets in Ukraine
In May 2022, the Ukrainian authorities decided to forcibly seize the assets of Sberbank and ВЭБ.РФ in the country.
The Cabinet of Ministers of Ukraine approved a document according to which all Russian assets in the country are transferred to the state.
Sale of a stake in the Moscow Exchange
At the end of March 2022, it became known about the sale of 8.4% of the shares of the Moscow Exchange of the Foreign Economic Association Almazyuvelirexport JSC owned by ВЭБ.РФ. The seller intends to spend the proceeds on investment projects. However, which ones are not specified. Read more here.
Disconnecting from SWIFT
In early March 2022 European Union , he disconnected from,, SWIFT banks VTB,, "Russia", and in "Opening" Novikombank Promsvyazbank Sovcombank response ВЭБ.РФ to the start of a special operation of the Russian Federation. More. here
Two ВЭБ.РФ tech companies hit by US sanctions
On February 23, 2022, the US Treasury Department published a list of sanctions in connection with Russia's recognition of the DPR and LPR. The restrictions included ВЭБ.РФ, Promsvyazbank (PSB), as well as 42 of their "daughters"[6]Companies from the United States and its allied states are prohibited from operating with them. Among the structures of the ВЭБ.РФ under sanctions are Angstrom-T and NM-Tech. Read more here.
Criminal prosecution of ex-deputy chairman of VEB board terminated
On February 21, 2022, the Meshchansky Court of Moscow announced the termination of proceedings in the criminal case of the former deputy chairman of the board of Vnesheconombank Anatoly Ballos and the ex-owner of one of the largest timber processing enterprises in the Khabarovsk Territory, SP Arkaim, Alexander Lepikhov, who were accused of embezzling billions of rubles. The criminal prosecution was completed due to the expiration of the statute of limitations. Read more here.
Former VEB top manager accused of embezzling 10 billion rubles stolen from the bank
On January 21, 2022, it became known that Ilgiz Valitov was charged with embezzlement of about 10 billion. rubles Vnesheconombank Other defendants in the case also include the former deputy chairman of the VEB board Anatoly Ballos and a businessman from the Khabarovsk Territory, Alexander Lepikhov, TASS citing a law enforcement source. More. here
2021
Adoption of the corporation's new strategy until 2024
At the end of August 2021, the supervisory board of ВЭБ.РФ approved the new strategy of the state corporation until the end of 2024. The focus of the document is a person: it talks about the construction of new schools and the modernization of public transport systems in the regions.
The strategy pays special attention to social issues and ecology in the context of investment projects, ESG-transformation of the group, opportunities for the development of Russian technologies.
The updated version of the document spelled out the role of the state corporation in promoting the principles of socially responsible entrepreneurship. To achieve qualitative changes in the life of society in a number of regions, financing is organized together with banks, investors, development institutions, industrial and technological partners.
As part of the transformation of the management system of Russian development institutions under the Supervisory Board, ВЭБ.РФ created sectoral coordination committees - urban economy and construction, small and medium-sized enterprises (SMEs), exports, industrial policy, innovations and information technologies. These committees are involved in determining the main indicators of the effectiveness of development institutions. They will also consider the largest projects and programs that last more than a year, to the co-financing of which the state corporation can join.
| | In carrying out our entrepreneurial activities, we must first of all take care not of income, but of the effects that our projects carry to society. If these are industrial projects, then this is a project that primarily meets the environmental agenda, social development, and they meet the best standards of corporate behavior, "said Igor Shuvalov, head of ВЭБ.РФ. | |
Earlier in 2021, ВЭБ.РФ presented a new development strategy for 2021-2024, which implies an increase in the volume of projects supported by the group from 10 trillion to more than 17 trillion rubles, of which the share of ВЭБ.РФ is 9.4 trillion rubles.[7]
Purchase of 25% in "Enlightenment"
On May 18, 2021, it became known that Sber, ВЭБ.РФ and RDIF were buying 25% each from Enlightenment. As part of this transaction, 100% of the publishing house is estimated at 108 billion rubles, so the acquisition of 75% will cost buyers 81 billion rubles if it does not take place as part of an additional issue. Read more here.
Sale of the bankrupt Xelent data center to Atomdata-Center
March 23, 2021 Rosatom"" announced the closure of the acquisition transaction. The data center Xelent buyer was the company "" Atomdata-center(integrator of the infrastructure of commercial data centers, part of Rosenergoatom""). More. here
Provision of a loan to Russian Railways in the amount of 8.9 billion rubles for digitalization
On February 1, 2021, it became known about a loan of 8.9 billion rubles, which Russian Railways received from ВЭБ.РФ for digitalization. The loan is provided at a preferential interest rate under the program of the Ministry of Digital Development of Russia to support the digital transformation of companies using domestic IT solutions. Read more here.
2020
Supervisory Board approves new KPIs for ВЭБ.РФ
On January 22, 2021, it became known about the approval by the Supervisory Board of the ВЭБ.РФ (headed by Deputy Prime Minister Dmitry Grigorenko) of new key performance indicators (KPIs, KPIs) of the state corporation. They are linked to the achievement of national development goals established by the decree of President Vladimir Putin.
| | The principles of KPI setting are part of the reform of development institutions implemented by the Government of the Russian Federation. Ultimately, KPIs should "make sure that the effect of the work of development institutions in the framework of achieving national goals affects the quality of daily life of people," a representative told RBC ВЭБ.РФ. | |
Among the new KPIs, in particular, we are talking about how much the ВЭБ.РФ finances projects aimed at achieving national goals, how third-party investments are attracted, how much portfolio management costs, how much funds are returned as a result of working with distressed assets.
KPIs for the state corporation consist of two parts, each has a share in the final indicator: the total weight of tasks related to the achievement of national goals is 65%, another 35% falls on ensuring financial stability.
Other KPIs include ensuring the growth of pension savings managed by ВЭБ.РФ at the level of "inflation plus 1 percentage point." According to the results of three quarters of 2020, their yield is 6.82% with inflation of 3.67% per annum in September. Financial stability KPIs provide for the need to keep administrative and economic expenses at a level not exceeding 1% of the size of ВЭБ.РФ assets, as well as ensure the return of funds from the portfolio of distressed assets in the amount of 64 billion rubles and comply with capital adequacy at the level of regulatory requirements.
In addition, the volume of VEB's commitments to support projects under already signed agreements is planned at 750 billion (the weight of the indicator is 15%).[8]
MTS borrowed 4.5 billion rubles a ВЭБ.РФ to implement domestic IT solutions
At the end of December 2020, it became known that MTS had opened a credit line in ВЭБ.РФ.. The telecom operator will use these funds (up to 4.5 billion rubles) to introduce domestic IT solutions. Read more here.
4.5 billion rubles loan for Rostelecom
ВЭБ.РФ issued a preferential loan to PJSC Rostelecom under the Ministry of Digital Development of the Russian Federation program aimed at supporting the digital transformation of companies. Rostelecom announced this on December 16, 2020. Read more here.
Part of the development institutions comes under the control of the state corporation ВЭБ.РФ
On November 23, 2020, Russian Prime Minister Mikhail Mishustin announced a large-scale optimization of development institutions. Some of them will come under the control of the state corporation ВЭБ.РФ. More details here.
Appointment of Dmitry Grigorenko to the position of Chairman of the Supervisory Board of ВЭБ.РФ
In early September 2020, Dmitry Grigorenko was appointed chairman of the supervisory board of the state corporation ВЭБ.РФ. The corresponding order was signed by Prime Minister Mikhail Mishustin, who previously headed the supervisory board of the state corporation. The document is published on the website of the Cabinet. Read more here.
Former plenipotentiary of the President of Russia Govorun became deputy chairman
In early August 2020, Oleg Govorun was appointed deputy chairman of ВЭБ.РФ. In this position, the former plenipotentiary of the President of Russia will oversee interaction with the leadership of the regions and state authorities.
In addition, Govorun will oversee the implementation of projects for water supply, water disposal and the elimination of household waste in Russian cities. Read more here.
10% staff reduction
On May 25, 2020, it became known about the reduction of jobs in the ВЭБ.РФ.. A wave of layoffs will affect 10% of the state, said Igor Shuvalov, chairman of the corporation's state corporation.
| | This year we decided to intensify work. From July 1, we will carry out another reduction procedure. This will be the final stage of transformation, "he said in an interview with RBC. | |
Shuvalov noted that at the final stage of the transformation of the state corporation, it is planned to change the management structure, audit positions "by PwC" and redistribute employees in some divisions.
| | We have units that are overvalued or, conversely, undervalued. We will lead this discrepancy to market standards, "the chairman said ВЭБ.РФ. | |
He also said that he "does not see" people in VEB who do not need to be returned from remote work. The organization needs all employees.
According to Shuvalov, from June 1, 100% of employees can work in person. By May 25, this figure is 50-60%, and by May 29, there will be 75% of employees in workplaces.
The head of ВЭБ.РФ added that the state corporation has completely changed the social and financial package. Among the changes is the rejection of drivers, expensive medical insurance and official cars for top management. Shuvalov himself, according to him, drives a private car.
The ВЭБ.РФ chairman said that the corporation's problems with capital and financial obligations are "over." According to him, for each ruble invested by the state corporation "accounts for about 2.5 rubles. private investment."
| | Our task is to be an effective tool of the government in the implementation of large investment projects, - said the interlocutor of RBC. | |
He also said that in the context of the crisis, a subscription capital mechanism may be involved. At the same time, the state corporation did not revise the project financing plan for 2020.[9]
The State Duma forgave VEB a state loan for 350 billion rubles
Sberbank of Russia and the state corporation Vnesheconombank will have the right not to return 500 billion rubles on obligations to the treasury of the Russian Federation. The State Duma approved the corresponding law in the third and final reading at a plenary meeting in May 2020. We are talking about a subordinated loan that the Central Bank issued to Sberbank in 2008, and a deposit that it also placed in VEB. The amount of the first - 150 billion rubles, the second - 350.45 billion rubles.
The right to claim these obligations passed to the Government of the Russian Federation as part of the transaction to buy a controlling stake in Sberbank from the Central Bank. The law adopted by the State Duma allows state banks not to consider these funds a debt and include in their own funds, that is, capital.
The law was initiated by a group of deputies and members of the Federation Council, headed by the chairman of the Duma committee on the financial market Anatoly Aksakov.
Its goal is "to support system-forming institutions," TASS quotes an explanatory note to the document. This norm will facilitate Sberbank's compliance with the standards "in conditions of volatility in financial markets," and VEB will increase lending by 3 trillion rubles, the authors of the law argue.
In the case of Sberbank, 150 billion rubles of additional capital make it possible to issue 1.5 trillion rubles of additional loans, Aksakov himself explained. "If this amount is excluded from the capital of Sberbank, for this amount it will not be able to issue loans and provide other types of financial services to its clients," the deputy added.
Purchase of 20% KB Arrow
On May 8, 2020, it became known about the sale of about 20% in the Strelka design bureau of the Alexandra Mamuta state corporation. ВЭБ.РФ More. here
Negotiations with Russian Post on the lease of office space on the VEB Arena site
On May 6, 2020, the Russian Post company announced that it was negotiating with the ВЭБ.РФ on renting office space at the VEB Arena site. At a meeting on April 28, 2020, the Board of Directors of the Russian Post approved the draft transaction. Read more here.
Launch of a project to provide free telemedicine assistance to Russians
On March 30, 2020, ВЭБ.РФ announced the launch of a federal project to provide free telemedicine assistance to residents of Russia. He earned on the basis of the infrastructure of the Doctor Nearby company. Read more here.
2019
"New cloud technologies" could not receive 1.9 billion investments from VEB due to the nuances of the regulation of the Central Bank
The New Cloud Technologies company was unable to receive investments from Vnesheconombank (VEB), which it had previously agreed on with a financial institution. This was told by TAdviser in October 2019, the general director of New Cloud Technologies Dmitry Komissarov. We are talking about the amount of 1.9 billion rubles, which, as expected, VEB will allocate companies under a cooperation agreement signed in May 2018. Read more here.
Nabsovet ВЭБ.РФ decided to allocate Angstrem-T more than 20 billion rubles
The Supervisory Board of the ВЭБ.РФ decided to allocate 20.9 billion rubles to the Angstrem-T enterprise, which came under the control of the state corporation at the end of 2018. Read more here.
VEB will reduce 2.5 thousand employees and join three subsidiaries
"ВЭБ.РФ" has decided on a new organizational structure. In the process of optimization, large-scale staff reductions and the joining of three subsidiaries to the parent company are planned, writes in March 2019 RBC[10]
The optimization of VEB's structure, which began after the arrival of former Deputy Prime Minister Igor Shuvalov as head of the state corporation in May 2018, will lead to the reduction of about 2.5 thousand employees in VEB itself and three subsidiaries integrated into the parent organization. A third of them have already been reduced: the number of employees of VEB itself after the arrival of Shuvalov decreased from 1.8 thousand to 1 thousand people, a source in VEB told RBC and another source in the state corporation confirmed.
Larger cuts await VEB Leasing, VEB Service and VEB Capital, some of whose employees will move to the parent structure. These companies employed 2.5 thousand people, but after optimization, their personnel will be reduced to 800 people, RBC interlocutors say.
In May 2019, state optimization should be completed, Igor Shuvalov said on March 26, without disclosing details. "From May 1, all employees who remain within VEB will receive confirmations and invitations to work," he said. "Taking into account the integration of the functions of VEB Leasing, VEB Capital and VEB Service, the organization will have no more than 1.5 thousand people," the ВЭБ.РФ press service explained to RBC.
About 300 more specialists performing service functions will work in a single service center of development institutions in Voronezh, VEB representative Andrei Samokhin told RBC. These are both VEB Service employees and specialists from VEB who performed service functions. A service center for all development institutions is being created in Voronezh, whose work is supervised by VEB: ДОМ.РФ, SME Corporation and the Russian Export Center. In Voronezh, 550 employees of "ДОМ.РФ" are already working. The move is scheduled for the period from May to September 1.
"The basic principles of the new structure of the state corporation: reducing bureaucratic barriers, eliminating duplicate functions, accelerating business processes and decision-making, optimizing document flow between divisions and with external clients, creating conditions for horizontal interaction within the team," Samokhin told RBC.
In the entire group, instead of 8 thousand people, only 3 thousand will remain, Shuvalov said in December. These data apply to the entire VEB group, in addition to VEB Leasing, VEB Service and VEB Capital, VEB Innovations, InfraVEB, the Russian Export Center, the Far East Development Fund and Svyaz-Bank. The main part of the reduction of the group's employees will be ensured by the planned transfer of Svyaz-Bank to the government, the source explained to RBC. "The cuts will affect the whole group, Svyaz-Bank will naturally go away," he said. The bank employs 3.3 thousand people.
According to expert estimates, the effect of the cuts will be 30-40% of the salary fund and administrative and economic expenses, the source in the state corporation cited calculations of the benefits of optimization. Another interlocutor of RBC also knows about such estimates.
If we proceed from the given estimate of savings, only on salaries in the head VEB can save about 3 billion rubles. According to the corporation's reporting on RAS for the IV quarter, the average number of personnel over the past year amounted to 1,408 people, and the wage fund reached 8.7 billion rubles plus social payments of 826 million rubles, RBC points out.
2018
Loss of RUB 175.8 bln
At the end of 2018, the group's assets and liabilities remained practically unchanged from 2017 (3.36 trillion rubles and 3.07 trillion rubles, respectively), while the loss decreased by 38.9% to 175.8 billion rubles.
Transformation into the state development corporation "ВЭБ.РФ"
On November 28, 2018, Russian President Vladimir Putin signed a law on the new name and functions of VEB. Vnesheconombank Development Bank was transformed into the ВЭБ.РФ State Development Corporation. In addition, on the basis of the decision of the Government of the Russian Federation, the ВЭБ.РФ has new powers to organize and coordinate the activities of development institutions on ensuring the long-term socio-economic development of the country.
VEB will take Angstrom-T for debts
On October 17, 2018, it became known about large overdue debts of Angstrom-T, due to which Vnesheconombank (VEB) will take the chip manufacturer by the end of the year. This was reported by Reuters with reference to the Chairman of the Board of Directors of Angstrom-T JSC and the former Minister of Communications Leonid Reiman. Read more here.
2017
Loss growth to RUB 287 bln
The loss of the state corporation Vnesheconombank in 2017 under IFRS amounted to 287.7 billion rubles against a loss of 111.9 billion rubles a year earlier, said the first deputy chairman of VEB Nikolai Tsekhomsky.
VEB expected a loss in 2017 and predicted that it would be less than the 305 billion rubles pledged in the plan, despite the creation of reserves for the Ukrainian Prominvestbank.
The state corporation was never able to sell Svyaz-Bank and Globex in Russia and Prominvestbank in Ukraine.
"The additional creation ofreserves as part of the transformation of the old loan portfolio was the main reason for the loss for 2017," VEB said.
The operating profit of the group before the creation of reserves in 2017 amounted to 25.5 billion rubles, the cost of creating reserves for impairment of assets amounted to 250 billion rubles. In 2016, the cost of reserves exceeded 500 billion rubles.
VEB's assets decreased over the year by 5.5 percent to 3.38 trillion rubles, liabilities - by 1.2 percent to 2.98 trillion rubles.
Most of VEB's obligations are bank funds and debt securities.
Due to sanctions restrictions, the share of VEB's debt to Western banks and Eurobond investors in 2017 in liabilities decreased by 186 billion rubles to 33 percent. The reduction of this debt was carried out through subsidies from the federal budget to the capital of VEB and borrowings of the corporation in the Russian and other capital markets.
Central Bank offered VEB to refuse to sell Svyaz-Bank and Globexbank
In early July 2017, it became known that Vnesheconombank would have to postpone the sale of two of its subsidiary banks - Svyaz-Bank and Globex. The Central Bank proposed to leave them to state corporations. The risks of selling them to the wrong buyer are great, besides, it is almost impossible to sell them on the terms of the state corporation, Vedomosti wrote.
"The Central Bank is considering the option of leaving both banks in the possession of VEB, because it fears that as a result of their sale to private players, their risks may grow," says a banker who studied the assets of the state corporation for the purpose of purchase.
At this time, banks are managed by a VEB team that is understandable to the regulator, and a change of ownership is a risk, a person close to VEB told the publication. In addition, the regulator and VEB understand that banks actually have "no one to sell," since they need to be seriously invested in their development. Therefore, now the task is to bring banks to break even, and only then look for buyers.
In 2017, it is expected that both banks will show operating profit, but Globex continues to show a loss, Svyaz-Bank came out in plus by June 2017, notes S&P analyst Anastasia Turdyeva.
2015: Vnesheconombank recognized as the most unprofitable in the ranking of the 500 largest companies in Russia
Vnesheconombank turned out to be the most unprofitable company out of the 500 largest organizations in Russia. This is stated in the rating compiled by RBC[11].
Vnesheconombank's loss amounted to 250 billion rubles. It is due to the fact that the bank created a reserve of 314 billion rubles for the depreciation of assets.
It also follows from the RBC rating that 7 out of the 10 largest companies in Russia are state-owned, but at the same time the share of state-owned enterprises among the 500 largest organizations is only 17 percent. The three largest companies are named in descending order Gazprom"," LUKOIL and Rosneft"."
The head of the Ministry of Economic Development and Trade Alexei Ulyukaev believed that the bank was a victim of circumstances, and not bad VEB management[12]:
"Thefact is that the institute, which was created as an institution of development, turned out to be largely an institution that absorbs the risks that arose in the Russian economy due to various circumstances, starting from the 2008-2009 crisis and ending with the current situation related to the sanctions regime, geopolitical risks," the minister said in an interview with TV channel "Russia 24."
Debts and losses, which become unaffordable due to the need to create more and more reserves for issued loans, after a while can even lead to VEB's default. The authorities, of course, will not go for it.
According to available estimates, VEB needs to be capitalized by about 1.5 trillion rubles. At the same time, the government cannot issue one and a half trillion "real" money - they simply do not exist in the budget. Therefore, various rescue options are being discussed through the issuance of federal loan bonds (OFZs) or Eurobonds, as well as the withdrawal of "toxic" assets into a separate government structure.
Now in first place in the "short list" of the Cabinet of Ministers is additional capitalization at the expense of OFZ. The Ministry of Finance has already tested such a scheme on commercial banks, issuing bonds worth 1 trillion rubles for this purpose. But the financial department does not want to create a public debt for another 1.5 trillion rubles. in favor of VEB.
The domestic public debt as of November 1, 2015, according to the Ministry of Finance, amounted to 7.119 trillion rubles. (including 1.644 trillion rubles. State guarantees). This is slightly less than 10% of GDP. A one-time issue of OFZs for 1.5 trillion rubles. would really be an additional burden on the state. At the same time, it should be borne in mind that next year the government plans to actively borrow in order to cover the budget deficit of 3% of GDP. The implementation of the scenario with the withdrawal of "toxic" assets also has many disadvantages - they will still have to be written off and someone will have to take on this loss.
2014: VEB's loss amounted to 249 billion rubles
Vnesheconombank Group received a loss of 249 billion rubles in 2014 according to international financial reporting standards (IFRS). This was stated in May 2015 by the deputy chairman of the bank Sergei Lykov, TASS reported. For comparison, last year a profit of 8.5 billion rubles was recorded[13]
According to Lykov, the reason for such losses is a sharp increase in the cost of creating reserves. Last year, VEB postponed 326.1 billion rubles for these purposes.
Lykov stressed that the main amount of reserves fell mainly on loans issued for the construction of Olympic facilities. Also, a significant part of them was spent on Ukrainian business. The top managers of the state corporation did not announce specific figures.
According to the results of the past year, VEB's net interest income grew by 1.3 percent, to 100.3 billion rubles. Transactions with financial instruments in 2014 brought Vnesheconombank a loss of 10.3 billion rubles against net income of 69.7 billion rubles a year earlier.
According to the results of 2014, the bank's loan portfolio amounted to 2.6 trillion rubles, exceeding the same result in 2013 by 43 percent.
Earlier it was reported that the volume of pension funds of the population placed in Vnesheconombank (VEB) decreased in 2014 by 87 billion rubles due to the revaluation of the bonds in which the organization invested.
1991
Notes
- ↑ VEB implements 6 projects using blockchain technology
- ↑ ВЭБ.РФ investments in urban development will grow to 2.4 trillion rubles in 2024
- ↑ project. VEB will launch venture capital investments, including in the development of drones
- ↑ VEB will conduct the fourth reorganization and reduce up to 600 employees
- ↑ VEB may be able to enter the capital of technology companies
- ↑ U.S. Treasury Imposes Immediate Economic Costs in Response to Actions in the Donetsk and Luhansk Regions.
- ↑ ВЭБ.РФ Supervisory Board approves new corporate strategy
- ↑ VEB received new goals against the background of reform of development institutions. According to which KPIs the government will evaluate the work of the state corporation
- ↑ Shuvalov announced the last stage of cuts in VEB
- ↑ VEB will reduce 2.5 thousand employees and join three subsidiaries.
- ↑ Rating RBC 500
- ↑ is saved from debts
- ↑ VEB's loss amounted to 250 billion rubles.
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