Vnesheconombank creates subsidiary in Hong Kong with $30 mln in capital
MOSCOW. April 17 (Interfax) - Vnesheconombank (VEB) has created a subsidiary in Hong Kong called VEB Asia Ltd., with charter capital equivalent to $30 million, the Russian state-owned development bank said in a statement.
VEB will own 100% of VEB Asia, the general director of which will be VEB's representative in China, Pyotr Selivanov.
This new company will foster relations with Hong Kong financial institutions and work on bringing in Asian investors to finance large-scale projects being implemented in Russia.
Together with another VEB subsidiary - Export Insurance Agency of Russia (EXIAR) - VEB Asia will facilitate the promotion of Russian industrial exports to East and South-East Asian markets, the statement said.
Furthermore, the Hong Kong-based company will act as a financial consultant and offer brokerage and asset management services.
As Hong Kong is one of the leading international financial centers, VEB Asia will also focus on work to create an international financial center in Moscow.
