Russia's Prime Minister Dmitry Medvedev signed an order to top up the capital of Vnesheconombank. To that end, the National Welfare Fund resources deposited by Russia's Ministry of Finance with the state-owned corporation will be restructured as subordinated loans maturing in 15 years, the Russian Government's press service informed.
State-owned corporation Bank for Development and Foreign Economic Affairs (Vnesheconombank, tax number: 7750004150) was established under the Federal law of the Russian Federation "About the Bank of Development" through the reorganization of Vnesheconombank USSR in 2007. Vnesheconombank is one of development institutes focusing on the elimination of infrastructural restrictions for the economical advance, the increase of efficiency of natural resources utilization, the development of hi-tech industries, the optimal usage of the SME innovative and production capacities, the support of export of industrial products and services.
IFRS net profit of Vnesheconombank for 2013 dropped more than twice to RUB 8.5 billion. At the end of 2013, the Bank's assets amounted to RUB 3.314 trillion increasing by 13.5%.
IFRS net loss of Vnesheconombank for Q1 2014 was RUB 11.8 billion against a profit of RUB 2 billion the year before. Net interest margin increased by 0.4% year-on-year to RUB 23.1 billion. At the end of Q1 2014, the bank's assets totaled RUB 3.468 trillion increasing by 4.7% since the start of the year.