The Supervisory Board of BelVEB Bank has approved its new 2019 Strategic Development Plan.
Amendments to BelVEB Bank’s development strategy were driven by the need to align it to the strategic objectives set by Vnesheconombank in its 2021 Strategy and the VEB business model, as well as to upgrade the current approaches to banking services for small and medium businesses, investment banking, transactions in the interbank and currency markets, and securities business.
BelVEB’s New Strategy has been developed based on the estimates made in the state social and economic documents on the development of Belarus, its banking sector and monetary policy and other parameters, as well as on the letter of intent on an integration development platform that was signed by the Government of Belarus, Vnesheconombank, Eximbank of Russia, Development Bank of the Republic of Belarus (DBRB) and BelVEB Bank in December 2016. Furthermore, the Strategy specifies BelVEB Bank’s objectives of promoting Russia-Belarus integration projects in the next three years, identifies core funding areas for Russia-Belarus cooperation in terms of transactions designed to promote Russian non-resource exports to the Republic of Belarus, Belarusian exports to the Russian Federation, and joint Russian and Belarusian exports to third countries.
The Strategy provides for an increase in funding up to RUB 77.0bn for Russian-Belarusian integration projects by the end of 2019, which is a 13 per cent increase on 2016.
A special focus is placed on upgrading business processes for every service area for BelVEB Bank’s customers using sophisticated digital banking technologies.
As a result of the Strategy, the share of borrowings made via remote banking in the total term resources raised is expected to increase for corporate and individual customers by 40 and 25 per cent, respectively.
BelVeb Bank Joint-Stock Company is a full-service lending and financial institution registered by the National Bank of the Republic of Belarus on 12 December 1991. The Russian State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” is the major shareholder of BelVEB Bank.
The State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” is a national development bank and one of the largest financial institutions in Russia. Established in 1924, Vnesheconombank has been operating in compliance with the special Federal Law on the Bank for Development since 2007. Vnesheconombank’s supreme governing body is the Supervisory Board headed by the Chairman of the Russian Government, Dmitry Medvedev. In compliance with the Strategy 2021, VEB will focus on financing high value-added industrial projects; infrastructure development, non-resource exports, defense industry conversion to civilian products, innovations and National Technological Initiative projects.
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E-mail: press@veb.ru
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