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News

28.11.2014

Information on Vnesheconombank's transfer of Eximbank of Russia's shares to EXIAR

As part of measures to establish a credit and insurance export support centre within the Russian Agency for Export Credit and Investment Insurance (EXIAR, VEB Group), Vnesheconombank's transfer of 100% less one share of Eximbank of Russia to the Agency has been completed. The transaction was made in accordance with a presidential order given on 24 June 2014.

A development strategy for the integrated credit and insurance export support institute is currently being drafted, and is expected to be submitted to Vnesheconombank's Supervisory Board for approval in December 2014. This strategy will outline the creation of an integrated credit and insurance product line, the consolidation of EXIAR's and Eximbank of Russia's corporate profile, and the establishment of stable and reliable interaction processes between the two organisations. In addition to projects enjoying the joint support of EXIAR and Eximbank of Russia, the Agency will continue to work to increase cooperation with national and regional banks, and build ties with Russian exporters.

The establishment of a centralised financial support institute within EXIAR consolidating credit and insurance services needs to be a key component in efforts to increase non-commodity exports in Russia. It also needs to ensure a growth-rate safeguarding Russian-manufactured exports over the long term. Ultimately, EXIAR will become a fully-fledged export agency, offering the most flexible financial support services possible for non-commodity exports.

The Bank for Development and Foreign Economic Affairs (Vnesheconombank) was established on the basis of Federal Law of the Russian Federation 'On the Bank for Development' via the restructuring of Vnesheconombank of the USSR in 2007. The development bank is a key institution for implementing state investment policy. In accordance with the aforementioned law, VEB assists in providing financial support and guarantees for exports of Russian-manufactured products in order to diversify and increase the competitiveness of the country's economy, and boost investment. The Russian government has assigned the bank the role of coordinating comprehensive support for exports of Russian goods, work and services. Specifically, this involves improving the national support system for exports manufactured in Russia and increasing the level of access to support for all types of Russian organisations. The establishment of an integrated credit and insurance export support centre by merging EXIAR and Eximbank of Russia marks another vital step forward in developing the national export support system.

The Russian Agency for Export Credit and Investment Insurance (EXIAR, VEB Group) was established in 2011 as an open joint-stock company. EXIAR's mission is to support Russian high-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. To date, the agency has insured shipments of Russian non-commodity goods around the world worth a total of more than RUB 200 billion.

Vnesheconombank is the sole shareholder of EXIAR. The agency's charter capital is RUB 30 billion.

Eximbank of Russia (VEB Group) was established in 1994 following a resolution of the government of the Russian Federation. It is an agent bank of the Russian government which provides state financial (guarantee) support for exports of industrial products manufactured in the country. Between 2007 and 2014, Eximbank of Russia was a fully owned subsidiary of Vnesheconombank. The bank became a subsidiary of EXIAR on 28 November 2014.

External communications EXIAR