By Marcus Williams
The corporate trust of BNY Mellon has been hired as trustee, paying agent, calculation agent and transfer agent for Vnesheconombank’s $30bn loan participation note programme.
Vnesheconombank, Russia's state development bank, was founded in 1924 and emerged as a cornerstone bank during the crisis.
BNY Mellon will provide VEB with all of its debt servicing and maintenance requirements.
BNY Mellon has expanding its business in Russia a year since settling a $22.5bn lawsuit with the Russian government relating to a 1990s money laundering scandal. The bank ended up paying the government’s legal fees of about $14m.
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