On Vnesheconombank’s Participation in the 8th Krasnoyarsk Economic Forum
The TV Channel Russia 24
INTERVIEW
18.02.2011, 23:37
CORR: Good afternoon, Vladimir Alexandrovich.
Vladimir DMITRIEV, Vnesheconombank Chairman: Good afternoon.
CORR: The latest news is that your Bank has completed a large borrowing transaction in Switzerland. Would you tell us where you are going to invest this money?
Vladimir DMITRIEV: You are right; we have closed a transaction this week. This is the largest borrowing among Russian borrowers in Swiss francs on the capital market. The amount of the bond issue is 0.5 billion Swiss francs for a period of five years. In terms of bond maturity period this transaction is unprecedented. And a coupon rate of 3.75 is pretty attractive. This is long money as I have said and it goes without saying that it will be used to fund projects included in Vnesheconombank’s loan portfolio. This borrowing transaction signals the completion of the whole borrowing program (as we started to work with investors as late as last year). Last year Vnesheconombank entered the capital market for the first time and raised a great amount of financial resources in US dollars in July and then in November. It should be also noted that these transactions were unique for Russian borrowers both in terms of bond maturity period because the longest bonds were raised for a period of 15 years and in terms diversification because bond maturity periods were 7, 10 and 15 years. Coupon rates are also at the best level for Russian borrowers and were at the lowest level at the time of the bond issue among Russian borrowers that tapped the capital markets.
CORR: This is the very long money that the Russian economy needs so badly.
Vladimir DMITRIEV: You are absolutely right. And this is an answer to a question about trust in Russia, about its investment appeal. There is no doubt that it’s important for investors who is acting as an issuer. In this case the investor rates the risks of the state’s institution at a sovereign level with a small premium. But I am sure that the fact that Russian issuers with state participation or 100% state-owned companies enter capital markets opens up opportunities for corporate borrowers to tap capital markets and raise significant financial resources.
CORR: We are at the Krasnoyarsk Economic Forum, so my question is as follows: what facilities are most attractive for your Bank in terms of investments in the Siberian Federal District?
Vladimir DMITRIEV: Just before my interview I’ve been at MEKRAN company’s booth, the company is the largest manufacturer of office and interior furniture not only in the Siberian Federal District but I think in Russia too. This is a project we are now launching and which will be implemented in cooperation with foreign companies involved in supplying the most advanced equipment, in cooperation with foreign banks responsible for financing. In part building and installations are to be funded in rubles; the total amount of financing is about 100 million euros. By the way, we have already equipped the whole wing of Vnesheconombank with the products of the existing MEKRAN’s production facility and it sells its products not only in Russia but also abroad. The production facility has been just commissioned after capital repairs. The important thing for us as exemplified by this project is that we participate in long-term projects in terms of payback periods and interest rates that are acceptable for the borrower in the sectors that are involved in raw materials deep processing and in this case - deep processing of timber, which the Krasnoyarsk Territory is rich in. At the same time we are addressing the objective of supporting Russian industrial exports because this company’s products are in great demand on international markets. Another project that might be even more ambitious in terms of a comprehensive approach to natural resources development is the Lower Angara Area Development Project. The project includes a whole number of production facilities financed by Vnesheconombank. These are the Boguchan electric power generating station, the aluminum integrated plant. Vnesheconombank commits more than 50 billion rubles for the construction and launching these facilities and of course the timber processing integrated plant in the Lower Angara Area. The project provides for deep timber processing as well as the construction of a pulp and paper integrated mill. These are significant projects we are participating in. We are determined to expand our presence and not only in the Krasnoyarsk Territory but also in the Siberian Federal District. I said at a plenary session that for the first time in the last five years Project Finance Magazine, the Euromoney Publishing House, awarded three first places in nominations in various industries to Russian projects. For the first time in the last five years Russia has won recognition. Vnesheconombank participated in all these three projects. This is the project to finance the Tobolsk-Polymer Company which processes associated petroleum gas. Vnesheconombank’s participation share is 1.441 billion US dollars. Large foreign banks and insurance agencies participate in the project. The second project is being implemented in the Far East. It involves the Khabarovsk oil refinery. The project provides for expanding production facilities as well as manufacturing cleaner products with high value added. Our foreign partners participate in this project too. And the third infrastructure project is aimed at reconstructing Pulkovo airport.
CORR: Another interesting question being discussed now in the media deals with the establishment of a Postal Bank. How is this project coming along? What’s the latest news?
Vladimir DMITRIEV: The project is still on the agenda. There are different opinions about it. Some problems have also emerged in connection with the Post of Russia’s evaluation of financial services it is ready to provide. And this requires reconsidering the financial model proposed by potential strategic partner banks, that is, NOMOS Bank and Bank Russian Standard. But in the strategy of Russia’s banking sector development up to 2020 this project is listed among those the state is supposed to support in order to maximally realize the potential of the Post of Russia and Svyaz-Bank in providing consumer services in the country. So, the project is alive and we are going to work at it.
CORR: Vladimir Alexandrovich, one of the most important issues under discussion at the Forum is effective management. It’s quite oblivious that this challenge is most topical for the Russian economy as a whole. What’s your understanding of the term ‘efficient management’? Where can we take and train those who are going to manage effectively, that is, effective managers?
Vladimir DMITRIEV: The issue you’ve just brought up was in the limelight of the first plenary session and in the course of preparations for this Forum. Modern management can’t do without modern managers. And personnel issues are extremely topical and among other things, in terms of the demographic problem Russia is facing today and we know that the demographic problem is going to get worse in the near future. And our objective now is to improve the educational cycle and I think that we have to fundamentally change mentality of those who are responsible for training and those who are going to get trained. They should be well aware of their goals and students should know to what extent they’ll be in demand after graduation and how they will interact with the society and the state. The tragic fact is that most university and college entrants polled said that after graduation they would prefer to work in state-run institutions where they think social guarantees, more comfort and predictability are secured while private business and entrepreneurship are associated for many with unpredictable threats and serious problems. We need to change this mentality by all means and here the state’s role is very important. And in this sense, changes in state administration and in the state’s attitude to relationship not only with the country’s citizens and private business but also to relationship between the state and man are extremely important. I think that we’ll focus on this issue at our next plenary session. Today Russian Finance Minister Alexei Kudrin has said that it is necessary to change relationship between the state and man. The state should not limit itself to collecting taxes and applying an equalizing system of providing various services. We must boost private enterprise as much as possible and give people a chance to be active members of our society.
CORR: You’ve just said that we have to change mentality not only of students but also of those who are responsible for training them. So, it might be a good thing to invite the current effective managers to universities to give lectures to and share their business experience with students. Would you like to do it?
Vladimir DMITRIEV: I’ve already started doing it. I’ve received proposals and I’m already working. I’m head of the public private partnership department at the Finance Academy under the Government of the Russian Federation. I have also been invited by the Skolkovo School and Moscow State University to give lectures to and hold seminars with students on development institutions’ role in the state and in changing our society and the administrative system. I can give a lot of examples of how representative of private business, the so called oligarchs, invest their money in the education sector. It was Private businessmen who invested money in the creation of the Skolkovo School such as Ruben Vardanyan, Alexandr Abramov, Roman Abramovich and a number of other wealthy businessmen. Through their patronage they make efforts to help form a new class of businessmen, active members of our civil society.
Corr.: Vladimir Alexandrovich, thank you for your interview
Vladimir DMITRIEV: Thank you.
“I rely above all on what the state wants”
18.02.11 14.42
TEXT: Olga Tanas (Krasnoyarsk)
Gazeta.Ru
A Sovereign Fund to raise investments for Russia is being created under Dmitry Medvedev’s decision is designed for multiple participation of both Russian and foreign investors. Vnesheconombank Chairman Vladimir Dmitriev told Gazeta.ru about the Fund’s operating mechanisms, VEB’s participation in privatizing and creating a Postal Bank.
- In Davos the President said about a plan to establish a sovereign fund in Russia to raise investments for the country’s economy: was VEB tasked with doing it?
- We are interacting with the Economic Development Ministry to adequately structure Russian and foreign investors’ participation in co-financing along with this Fund. We were engaged into performing this task because we have a serious experience of participating in the Fund for Infrastructure Investments which we set up two years ago together with Macquarie Group, Russian company Renaissance Capital, the European Bank for Reconstruction and Development, the International Finance Corporation, the Kazakhstan Sovereign Fund Samruk-Kazyna and the Eurasian Development Bank. The signed volume of the Fund is about 650 million dollars. Last year the Fund closed the first large transaction worth $125 million for the transport-logistics company Brunswick Rail. The important thing about this transaction is that as soon as we entered it VTB-Capital and ING followed our suit. The Fund itself is managed on the terms that are clear for foreign investors. That was why the Government engaged VEB into setting up a Sovereign Fund.
- What is the new Sovereign Fund’s operating mechanism?
- There’s nothing unusual here, especially given that we are going to engage foreign investors. They need easy-to-understand schemes for working with the Fund, a managing company’s jurisdiction, highly qualified governing managers, global managers and junior partners.
- Have you already identified the Fund’s priorities?
- The Fund hasn’t been established yet but there is no doubt that it will deal with sectors of top priority for the Government. I think that through the Fund’s co-investing and multiple participation of other investors we’ll apply mechanisms that would allow us to commit funds to such sectors that are highly instrumental for the country’s economic development and institutional reforms of the Russian economy.
- Is VEB going to participate in the government privatization program for 2011-2013?
- We were among other institutions that submitted applications for purchasing VTB’s stake of shares but given the government’s objective of engaging as many private and institutional investors and given that the subscription was twice the amount asked for we decided against our participation.
- Are you going to purchase other government stakes?
- We might decide to participate in privatization and purchase government stakes only in terms of managing our liquidity. If the state deems it important for us to participate in privatization at some point we’ll do it. So far our participation is limited to the fact that our subsidiary company VEB Capital is one of the financial consultants to the Economic Development Ministry on state assets privatization.
- How are things going with your non-core assets? Aren’t you going to sell Bank Globex this year?
- Our non-core assets include not only Globex and Svyaz-Bank but also those assets we received as a result of the rehabilitation. The Bank’s Supervisory Board made a decision to buy out Svyaz-Bank’s assets at a balance sheet value of 90 billion rubles. You know that just after entering into the capital of Globex we bought out all non-core assets which burdened the bank’s balance sheet. Now the rehabilitation period is over for both banks and they are developing dynamically, building up their assets and capital. In this sense, we have accomplished our task. In the current situation we don’t consider it necessary to sell the banks. We believe that the banks’ highly promising core activity and their cooperation with VEB would allow them to significantly increase their capitalization through building up their balance sheet and assets. And only after that we are going to decide their future.
- And what about non-core assets which were on the banks’ balance sheet?
- We are going to bring them to a saleable condition and then put them on the market. These assets include facilities on Globex Bank’s balance sheet as well as those we received in the course of rehabilitating Svyaz-Bank as collateral for bad loans.
- Are they real estate assets?
- Not only real estate assets but also a number of industrial facilities, agricultural facilities. A whole set of assets.
- How is the project aimed at creating a Postal Bank coming along?
- Svyaz-Bank’s future is quite clear. An issue of creating a Postal Bank is still on the agenda. It’s not important what this bank is going to be called; it might be called Svyaz-Bank, Post Bank, Postal Services Bank. The most important thing is that Svyaz-Bank has an excellent infrastructure for it to cooperate with the Post of Russia – these are payments to about 15 million pensioners, as well as its well-established practice of cooperating with the Post of Russia.
Svyaz-Bank is sure to form the basis for creating a Post Bank, so I don’t feel like talking about its future sale.
It’s another matter that available strategic partners opened up the opportunity of selling a portion of Postal Bank’s stake.
Our objective is to evaluate proposals by all those who participate in the process including the Post of Russia and look to what extent proposals made by our potential partners – NOMOS-Bank and Bank Russian Standard are in line in the current situation with the terms on which we invited them.
- The Post of Russia seeks a controlling stake in the Post Bank, how do you feel about it?
- The Post of Russia has not come from another planet, it’s one-hundred percent state-run institution now and it will remain a state-run structure after it is transformed into a joint stock company. I, above all, look after the state’s interests and then I look at what the Post of Russia wants. After all we are state-run institutions and it’s up to the state represented by a supervisory ministry and a supervisory vice premier to decide what to do.
RusHydro, Bashkiria and Vnesheconombank to work out a scheme for creating a technopark in Ufa
KRASNOYARSK/MOSCOW, February 18, - RIA Novosti. OJSC ESK RusHydro (OJSC RusHydro’s subsidiary company), the Government of Bashkiria and Vnesheconombank intend to work out a scheme for creating a technopark in Ufa after signing a Memorandum in the course of the Krasnoyarsk Economic Forum on cooperation in implementing this project, a RIA Novosti correspondent reported.
Under the Memorandum signed, the partners are to conduct analysis and work out organizational, technological, financial schemes for implementing the project and assess risks comprehensively.
To this end, a working group was set up. It will be responsible for coordinating efforts on implementing the project. The partners will also cooperate in setting up innovation hydropower equipment production on the technopark’s territory.
Earlier, RusHydro was reported to have signed an agreement with Bashkiria’s Government on creating a technopark and investment fund to finance programs in the field of energy efficiency. RusHydro and French company Alstom Hydro signed an agreement on building low-power hydro turbines manufacturing plant in Ufa.
Alstom Hydro is to finance the construction of a hydro equipment manufacturing plant with its own funds and RusHydro is to raise Vnesheconombank’s credit, explained RusHydro President Evgeny Dod in the course of the Krasnoyarsk Economic Forum.
“We have long-time friendly relation with VEB. VEB is our main bank in financing our large-scale infrastructure projects in innovation development and big business’, he said after signing an agreement with VEB and regional authorities.
According to him the credit’s volume will be determined after the plant’s project has been developed but a sum of the credit might amount to tens of billions of rubles.
“This project must be funded on pretty favorable terms. The project is of vital importance for the development of Russia’s hydropower engineering”, stressed Mr. Dod.
OJSC RusHydro is Russia’s largest generating company. It incorporates 61 renewable energy facilities. OJSC RusHydro’s installed capacity is 25500 MW.
VEB does not plan to participate in the government privatization program – Dmitriev
KRANOYARSK, February 18, – RIA Novosti, Sergei Levanenkov. Vnesheconombank (VEB) does not intend to take an active part in the government privatization program limiting itself to consulting the Economic Development Ministry on privatization issues, VEB Chairman Vladimir Dmitriev told journalists about it on Friday on the sidelines of the Krasnoyarsk Economic Forum.
In mid February, the state sold 10% of shares from its stake in VTB for 95.7 billion rubles having launched a large-scale privatization program. VTB was the first among companies and banks included in the government privatization program for 2011-2013 to have partially sold the government stake of shares on the open market. Besides VTB, Sberbank’s and Rosselkhozbank’s government stakes are partially included in the government privatization program.
“We can talk about our participation in privatization only in terms of managing our liquidity. If at some point the Government decides to engage us into the privatization process we’ll do it. But so far our participation is limited by the fact that our subsidiary company VEB-Capital is a financial consultant to the Economic Development Ministry on the issues of privatizing government assets”, said Dmitriev noting that earlier VEB refused to participate in purchasing VTB’s shares, given that the government objective was to engage as many private investors as possible.
VEB conducts independent appraisal of the Post of Russia’s financial business
KRASNOYARSK, February 18, – RIA Novosti, Sergei Levanenkov. Vnesheconombank (VEB) is conducting independent appraisal of the Post of Russia’s financial business, which is to be transferred to a Postal Bank being set up on the basis of Svyaz-Bank, said VEB Chairman Vladimir Dmitriev on the sidelines of the Krasnoyarsk Economic Forum.
The appraisal is underway. We have invited an independent auditor to conduct it. Earlier the Post of Russia estimated its financial business at 80-100 billion rubles. Commenting on this estimate in December Vladimir Dmitriev said that it could change the configuration of transaction on setting up a Postal Bank and stated VEB’s intention to verify this estimate.
“Our task in the current situation is to assess proposals by all those who participate in the process including the Post of Russia and see to what extent proposals by our strategic potential partners are in line with the terms on which we invited them’, said Dmitriev.
Commenting on the statement by the Post of Russia’s President that the Post of Russia would like to get a controlling stake in a Postal Bank, Dmitriev said that it was up to the Government to take a decision on this issue.
“I look after the state’s interests and then I’ll look at what the Post of Russia wants”. We are a state-run institution and so is the Post of Russia and it is up to the state represented by the Government to decide on how this configuration should look like”, said VEB”s Chairman.
Earlier, Dmitriev said that Vnesheconombank expected to receive private contribution to a Postal Bank’s capital in the amount of 200 million dollars for a stake from 25%, given that the project’s total value is 2-3 billion dollars. It’s quite obvious that a new estimate of the Post of Russia’s financial business would require to significantly increase a partner bank’s contribution.
On December 17, 2009, VEB’s Supervisory Board approved a concept for creating a federal Postal Bank on the basis of Svyaz-Bank being rehabilitated by Vnesheconombank and the Post of Russia. A partner bank was obliged to be ready for a financial participation in the Post of Russia’s capital (including a buy-out of additional issues of shares and maintaining its participation share in the capital) in the amount of no less than 25% but no more than 50%. Applications by NOMOS-BANK and Bank Russian Standard are to participate at a final tender for selecting a partner bank.
It cost VEB 125 billion rubles to rehabilitate Svyaz-Bank.
VEB does not plan so far to sell Globex and Svyaz-Bank – Dmitriev
KRASNOYARSK, February 18 – RIA Novosti, Sergei Lavanenkov. Vnesheconombank (VEB) responsible for rehabilitating Bank Globex and Svyaz-Bank does not plan so far to sell these banks but it will sell some of these credit institutions’ non-core assets, VEB Chairman Vladimir Dmitriev told journalists about it on Friday.
Earlier Dmitriev told RIA Novosti that VEB could start selling assets received from Bank Globex in the process of its financial rehabilitation including real property as early as this year. He said that VEB Capital would be responsible for selling the assets.
“VEB has completed the rehabilitation of both banks and now they are rapidly building up their assets and capital. So, in the current situation we are not going to sell them”, said Dmitriev.
According to him, VEB believes that both banks have very good prospects in terms of their core activity and their activity jointly with VEB.
VEB’s Chairman said that Svyaz-Bank’s future is clear.
“An issue of setting up a Postal Bank (on the basis of Svyaz-Bank) is still on the agenda. This bank has a uniquely good infrastructure on interacting with the Post of Russia, these are current payments to about 15 million pensioners. For this reason this is bound to form the basis for setting up a Postal Bank”, said Dmitriev noting that available potential partners made it possible to sell a portion of a Postal Bank’s stake.
Dmitriev noted that VEB planned to sell non-core assets of the banks under rehabilitation. “These are real property assets and a number of industrial and agricultural facilities” said VEB’s Chairman. In early February, the media announced that VEB-Invest was going to sell a 75.1-percent stake it received from Globex in the Novinsky Passage trade and business complex in the center of Moscow. All the remaining shares are owned by Moscow’s Government and it is going to sell its stake too.
VEB owns 99.16% of Globex’s shares and 99.4666% of Svyaz-Bank’s shares.
On December 17, 2009, VEB’s Supervisory Board approved a concept for setting up a federal Postal Bank on the basis of Svyaz-Bank being rehabilitated by Vnesheconombank and the Post of Russia. Partners were required to be ready for a financial participation in a Postal Bank’s capital ( including a buy-out of additional issues of shares and maintaining its participation share in the capital) in the amount of no less than 25% but no more than 50%. Applications by NOMOS-BANK and Bank Russian Standard are to participate in a final tender for selecting a partner-bank.
It cost VEB 125 billion rubles to rehabilitate Svyaz-Bank and 87 billion ruble to rehabilitate Globex.
VEB to consider allocating 1 billion rubles for infrastructure projects in Moscow
KRASNOYARSK, February 18 - RIA Novosti. Next week VEB’s Supervisory Board is to consider allocating 1 billion rubles for pre-project work on modernizing Moscow’s infrastructure, Vnesheconombank Chairman Vladimir Dmitriev said on Friday at the Krasnoyarsk Economic Forum. According to him, recently VEB has been focusing its attention on the municipal infrastructure. “Last year a decision was made to annually allocate about 2 billion rubles for pre-project work by way of funding engineering companies’ charter capital”, said Dmitriev.
“At a coming meeting of VEB’s Supervisory Board scheduled to be held on Tuesday we are to table a motion on allocating a billion rubles out of this sum for financing pre-project work on modernizing Moscow’s infrastructure (transport, housing and communal services, etc)”, he said.
VEB’s stake in RusAl hasn’t changed – Dmitriev
KRASNOYARSK, February 18 – RIA Novosti, Sergei Lavanenkov. “State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’retained its stake of 3.15% in UC RusAL”, VEB Chairman Vladimir Dmitriev told RIA Novosti about it on Friday on the sidelines of the Krasnoyarsk Economic Forum. A year ago, VEB purchased 3.15% of RusAl’s shares worth 663 million dollars at the IPO.
“We retain the same stake in RusAl we purchased at the IPO”, said Dmitriev.
UC RusAl is the world’s largest producer of aluminum. Its major shareholders are Holding En+ (47.59%), Mikhail Prokhorov’ Onexim Group (17.09%), SUAL Partners (15.86 %), Amokenga Holdings (8.65%), VEB (3.15%).
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