19 May 2014

Vnesheconombank Opens Subsidiary in Hong Kong

19 May 2014 - Russian State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” has inaugurated VEB Asia Ltd, a subsidiary company in Hong Kong. VEB Asia is expected to become a full-fledged participant in the Russian-Hongkongese financial and trade and economic cooperation providing a whole range of respective services.

VEB Asia Ltd will focus on involving Asian investors in financing major projects delivered in the Russian Federation, and on enhancing the access for Russian companies to Asian capital markets. The Company’s core business lines will also include promoting the Russian industrial exports to the markets of East and Southeast Asia in cooperation with the Export Insurance Agency of Russia (EXIAR).

In 2013, Vnesheconombank’s Supervisory Board made a decision on establishing in Hong Kong the Bank’s wholly-owned company with an authorized capital of USD 30 mn.

Operation of Vnesheconombank’s subsidiary in Hong Kong will contribute to promoting effective cooperation with regional investors and enhancing the efficiency of the program of Vnesheconombank’s own borrowings.

Source: VEB