Under its new development strategy Vnesheconombank (VEB) plans to spin off commercial banks Globex and Svyaz-Bank, VEB leader Sergei Gorkov told journalists on Wednesday.
"We're reviewing various options, we'll make a decision by June because strategically we won't maintain commercial banks on the balance sheet. Pullouts or timing is an absolutely separate issue, and it will be determined in the strategy," Gorkov said.
At present, no decision has yet been adopted to assign Bank Globex and Svyaz-Bank to the Deposit Insurance Agency (DIA). Some media previously wired that the assignment of VEB's subsidiary banks (Bank Globex and Svyaz-Bank) to the DIA is a done deal, and they will be reflected on VEB's balance sheet until VEB sees opportunities to sell the banks to market-based investors. This period was projected at a minimum of 12 months.
Sergei Gorkov specified that the work on the institution's new development strategy should complete in June, and during this very month executives of the development institution will make a decision on the future of VEB's subsidiaries.
