Vnesheconombank head proposes spiking development corporation idea

MOSCOW, April 12 (RIA Novosti) - The head of Russia's government-run bank Vnesheconombank said Wednesday the bank was likely to reject establishing a development corporation and would set up a federal bank instead.

Vladimir Dmitriyev said the Economic Development and Trade Ministry had submitted plans to the government to establish a state corporation named Russian Development Bank including Vnesheconombank, Roseximbank and Russian Development Bank.

"We can simplify the construction by giving up the idea of establishing a corporation," Dmitriyev said, adding that at the first stage a Federal Bank of Foreign Economic Activity and Development could be established.

The government could decide on Roseximbank and the Russian Development Bank later, Dmitriyev said. He said Vnesheconombank would be satisfied with any decision on the two banks, but added that unification with Vnesheconombank would be the best solution.

Dmitriyev said Vnesheconombank's equity capital and state assets would be enough to form the new bank's $3 billion capital.

Economic Development and Trade Minister German Gref said in February that a consolidated investment bank would be opened by the end of the year. He said the bank would be formed by merging Vnesheconombank, the Russian Development Bank, and Roseximbank, which handles government export operations.

"We are now discussing the concept of a consolidated bank that would be based on the bank group," Gref said. "I expect the consolidation to take place by the end of the year."

To participate in the discussion
log in or register
Заголовок открываемого материала