Vnesheconombank and AK BARS Joint-Stock Bank (a publicly held company) entered into a cooperation agreement. The signing ceremony was held in conjunction with the All-Russia Conference “Blockchain: New Oil of Russia”. The document was signed by Zufar Garaev, Chairman of AK BARS BANK Management Board, and Sergey Gorkov, Vnesheconombank Chairman.
The agreement establishes a long-term and effective partnership for the joint delivery of cross-industry distributed ledger-based projects and aims at developing and launching joint educational programmes to train blockhain specialists at the Vnesheconombank Centre of Blockchain Competencies.
“Vnesheconombank has a full range of financial instruments at its disposal to accomplish its mission, i.e. to promote Russia’s long-term economic growth, in particular, by developing high-technology industries. Cooperation with AK BARS Bank will help consolidate expertise and competencies on the basis of the Centre of Blockchain Competencies with the goal of launching joint educational programmes and commencing the training of blockchain specialists in the immediate future,” said Sergey Gorkov.
Due to open its doors as early as this September, the Centre of Blockchain Competencies is designed to establish an R&D centre for distributed ledgers (blockchain) and a centre for legal and regulatory support, training, and technology commercialization and popularization.
“The bank’s new strategy prioritizes innovative projects on financial technologies as one of its development lines. AK BARS Bank invests resources in order to steadily and gradually improve the user experience. We regularly share our technological achievements at financial technology conferences and forums. And today, by signing this agreement we have expressed our intent to join the VEB Centre of Blockchain Competencies. We see our role, primarily, in expert and analytical interaction and in the practical implementation of joint high-potential projects,” commented Zufar Garaev.
AK BARS Joint-Stock Bank (a publicly held company) is registered with the Central Bank of Russia and has been successfully operating in the Russian financial market since 1993. The bank is fully licensed in compliance with the Russian legislation to render over one hundred banking services for corporate and retail customers. Today, AK BARS Bank’s customer base comprises over 3.1 million individuals and more than 67 thousand corporate customers, including: some of Tatarstan’s major exporters and oil and gas, petrochemical, machine-building, telecommunication, construction, chemical, motor transport, trade, and agro-industrial enterprises. The bank’s operational stability is guaranteed by a paid-in statutory capital of RUB38.0bn. As of 1 January 2017, the bank’s equity amounted to RUB 71.6bn.
State Corporation “Bank for Development and Foreign Economic Affairs (Vnesheconombank)” (www.veb.ru) is a national development bank and one of Russia’s largest financial institutions. Established in 1924, Vnesheconombank has been operating in compliance with the special federal law On the Bank for Development since 2007. The Bank’s supreme governing body is the Supervisory Board headed by Chairman of the Russian Government Dmitry Medvedev. The VEB Strategy 2021 allows for Vnesheconombank to focus on financing highly sophisticated projects, infrastructure development, non-resource exports, facilitating the conversion of defence technologies for mass production, and support for innovations and the National Technological Initiative (NTI) projects.
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E-mail: press@veb.ru
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