UPDATE2: CEO: VEB sees 2017 IFRS net loss much below 305 bln rbl - News Archive - PRIME Business News Agency - All News Politics Economy Business Wire Financial Wire Oil Gas Chemical Industry Power Industry Metals Mining Pulp Paper Agro Commodities Transport Automobile Construction Real Estate Telecommunications Engineering Hi-Tech Consumer Goods Retail Calendar Our Features Interviews Opinions Press Releases

UPDATE2: CEO: VEB sees 2017 IFRS net loss much below 305 bln rbl

(Adds comments in paragraphs 7Ц9)

GORKI, Moscow Region, Jan 22 (PRIME) -- RussiaТs state-owned Vnesheconombank (VEB) expects its 2017 net loss to be significantly below the planned 305 billion rubles, as calculated under International Financial Reporting Standards (IFRS), CEO Sergei Gorkov told reporters on Monday.

УWe will have losses as weТve planned. The only thing is that losses will be significantly lower than planned. Because our planned (losses) are 305 billion rubles, we will have them significantly below,Ф he said.

The final results will be released after February, he said.

In JanuaryЦSeptember, VEBТs IFRS net loss widened 28.1% to 110.4 billion rubles, the bank said earlier.

In 2016, VEB had a net loss of 111.9 billion rubles.

Gorkov also said that VEBТs management will submit a development strategy for subsidiaries Sviaz-Bank and Globexbank at the next meeting of the supervisory board. The banks were previously considered as a possible basis for creation of a bank for the defense order. The Finance Ministry recently announced it will establish such a bank around troubled Promsvyazbank.

VEB is also holding talks to sell its Ukrainian unit Prominvestbank, Gorkov said.

УWe have many talks on the Ukrainian part, because we believe that we should leave Ukraine. The process is not that easy. We are currently in various talks,Ф he said.

It has held talks with the National Bank of Ukraine and is currently waiting for a response, he added.

VEB provided 188 billion rubles worth of loans in 2017, including over 98 billion rubles allocated for the development of strategic industries, the bank said citing Gorkov.

(56.5892 rubles Ц U.S. $1)


22.01.2018 17:20
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