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Meeting with Vnesheconombank Chairman Sergei Gorkov

August 3, 2016, The Kremlin, Moscow

Vnesheconombank Chairman informed the President of the bank’s current activities.

President of Russia Vladimir Putin: Mr Gorkov, it appears you have been successfully handling the tasks facing you as the bank’s new head.

Vnesheconombank Chairman Sergei Gorkov: We have a new team, and I can assure you that the bank’s operation is back to normal. We have restored our investors’ trust and attracted over $1 billion from the market. I can say that the liquidity issue has been resolved for this year, although it was not an easy task.

We continue to issue loans to industrial companies. However, it is a limited offer because our resources are insufficient at the moment. But we are working on it.

What is important is that we developed a new strategy within an extraordinarily short period. This strategy is quite unique and even McKinsey admitted they would like to use our case as an example for other development banks.

On the whole, I think that this year we will be able to regenerate our main processes and in 2017 will return to stable operation. We expect to see our first revenues in 2018.

Vladimir Putin: We assume that it will remain a development institution.

Sergei Gorkov: Yes, absolutely. The bank will remain a development institution with its main objective being funding the high-tech sector of the economy, industry, infrastructure, exports (especially manufacturing), and support of innovations.

Vladimir Putin: Good.


August 3, 2016, The Kremlin, Moscow