Head VEB has promised to Putin in 2018 to bring the Bank into profit


New team of managers of Vnesheconombank managed to restore investor confidence and solve the problem of liquidity in 2016, said during a meeting with Russian President Vladimir Putin, Chairman of Vnesheconombank Sergey Gorkov.

“I can say that the work of the Bank is normalized. Although this was no easy task. Overall, I think this year we will be able to build a basic process, in 2017 to bring the Bank to normal operation and in 2018 to reach a profit,” said Gorkov, who headed the Bank in February 2016.

In turn, Putin noted that, in his opinion, the new head of VEB can solve the challenges it faces. The head of state stressed that the further development of the VEB must be assumed that the Bank will remain a development institution.

According to Gor, VEB, even in the current difficult situation continues to lend to the industry, although due to the lack of resources makes it “limited”. In future the main task of the Bank will be financing high-tech part of the economy, industry, infrastructure and exports, and supporting innovation.

“Well,” assessed the plans of the head of VEB Putin.

Earlier, the Chairman of the government Dmitry Medvedev proposed to split VEB into a commercial Bank and development Institute. Answering questions of deputies in the state Duma during a report on the activities of the government for 2015, the Prime Minister said that after the split, “the VEB will not accumulate bad liabilities, and on the other hand, the Bank will be able to solve the problem of development, which is in any institution in any modern economy”.