OREANDA-NEWS. December 21, 2009. The following decisions were taken at Vnesheconombank’s Supervisory Board meeting on December 17, 2009:

Vnesheconombank’s Supervisory Board approved the strategy of OJSC Svyaz-Bank’s development. The strategy provides for establishing a Russian Federation Post Bank with the participation of the Post of Russia and a partner bank. The Board decided to form a working group comprised of representatives of interested ministries, the Bank of Russia, the Post of Russia and Vnesheconombank to prepare a complex of events to set up a Post Bank.

The Board made a decision providing for Vnesheconombank to extend a subordinated loan worth 16 billion rubles to OJSC Svyaz-Bank under Federal Law № 173 “On Additional Measures for Supporting the Financial System of the Russian Federation”.

The Supervisory Board acknowledged the report on Vnesheconombank’s activity on extending subordinated loans to Russian lending institutions under Federal Law № 173 “On Additional Measures for Supporting the Financial System of the Russian Federation”. This program is acknowledged as having been completed.

Vnesheconombank’s Supervisory Board agreed upon purchasing the OJSC United Aircraft Corporation’ shares by Vnesheconombank for an amount of up to 21 billion rubles.

The Supervisory Board approved Vnesheconombank’s participation in financing the project aimed at reconstructing and modernizing the Khabarovsk Oil Refinery. The project’s total value is 1.3 billion US dollars. The Project is to be financed through using Vnesheconombank’s credit resources and shareholders’ own funds. Vnesheconombank’s credit is to be fully refinanced by the Spanish Export Insurance Agency CESCE.

The Board made required decisions providing for Vnesheconombank jointly with SNC-Lavalin to create a specialized engineering company VEB-Engineering (LLC) to monitor investment projects of national significance implemented by Vnesheconombank.

The Board made required decisions to establish a specialized VEB Capital Company (LLC) designed to effectively manage Vnesheconombank’s assets.