In 1922, Swedish financier Olof Aschberg established the Soviet Union's first international bank, Roskombank ("Russian Commercial Bank").
In 1924, the bank was renamed Vneshtorgbank ("Foreign Trade Bank of the USSR"), a joint stock bank. It was renamed Vnesheconombank ("Bank for Foreign Economic Affairs of the USSR") in 1988.
Subject ID: 100902
MoreIn 1922, Swedish financier Olof Aschberg established the Soviet Union's first international bank, Roskombank ("Russian Commercial Bank").
In 1924, the bank was renamed Vneshtorgbank ("Foreign Trade Bank of the USSR"), a joint stock bank. It was renamed Vnesheconombank ("Bank for Foreign Economic Affairs of the USSR") in 1988.
In April 2002, VEB was appointed Vnesheconombank agent for investing temporarily free Pension Fund's assets in securities denominated in foreign currency, and in January 2003, a special structural subdivision to handle pension funds was formed; VEB was appointed the "State Trust Management Company" responsible for investing Russia's pension funds.
From 2005 to 2006, both the assets and liabilities of the bank doubled from around $6 billion to $12 billion, and the income rose from $239 million to $301 million.
In April 2007, Russia's State Duma passed the federal law "On Bank for Development," which regulated VEB's legal conditions and made it a state development bank. By late 2009 VEB quadrupled its assets to nearly 2 trillion rubles ($65 billion), it was seen by the government as an off-budget fund, used to put off budget expenses.
Today VEB.RF is one of the largest investment companies and main development institute in Russia. It has financed more than 300 projects. The corporation's total assets were $50,3 billion, total liabilities were $45,2 billion, loan portfolio is $31,3 billion.
Subject ID: 100902
Subject ID: 100902