The Foreign Trade Bank of the USSR ( Russian : Банк для внешней торговли СССР , abbreviated Внешторгбанк, Latinized Vneshtorgbank ) was the monopoly state credit institution for trade finance in the Soviet Union . It was initially established in 1922 as the Russian Commercial Bank (Рускомбанк / Roskombank ) and reorganized as Vneshtorgbank in 1924.
21-546: Vneshtorgbank , an abbreviation for Russian Банк для внешней торговли ( lit. ' Bank for Foreign Trade ' ), may refer to: the Foreign Trade Bank of the USSR , a Soviet bank extant under that name from 1924 to 1988 VTB Bank , a Russian bank established in 1990 Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with
42-524: A design by architect Alfred Messel , with two main façades respectively on Französische Strasse (south) and Behrensstrasse (north). In 1909–1911, this was complemented by a westward extension on Charlottenstrasse, designed by Messel's former associate Heinrich Schweitzer [ de ] . After 1945, the BHG building became part of the head office complex of the Staatsbank der DDR , together with its neighbor on
63-809: A limited stock company ( German : Kommanditgesellschaft auf Aktien ) rather than a joint-stock company ( Aktiengesellschaft ) because of the restrictive stance of the Prussian authorities about the latter. The BHG was involved early on in securities issuances, particularly by German railway companies. In 1872, the BHG participated in the creation of the Dresdner Bank , as part of a consortium together with Allgemeine Deutsche Credit-Anstalt [ de ] ( Leipzig ), Deutsche Vereinsbank [ de ] ( Frankfurt ), Deutsche Effecten- und Wechselbank [ de ] (Frankfurt) and Anglo-Deutsche Bank [ de ] ( Hamburg ). That same year it
84-537: The Banque Internationale de Bruxelles . After World War I , Emil's son Walther Rathenau became the BHG's board chairman. By 1930, the BHG was Germany's sixth-largest joint-stock bank by total deposits with 412 million Reichsmarks, behind Deutsche Bank & Disconto-Gesellschaft (4.8 billion), Danat-Bank (2.4 billion), Dresdner Bank (2.3 billion), Commerz- und Privatbank (1.5 billion), and Reichs-Kredit-Gesellschaft (619 million). The BHG weathered
105-557: The European banking crisis of 1931 comparatively unscathed, and was alone among the larger private-sector banks not to receive any capital injection from the government. It was severely affected, however, by the takeover of the Nazi Party and by the death of Carl Fürstenberg on 9 February 1933. After World War II , the bank's Berlin seat found itself in the Soviet occupation zone, but the bank
126-766: The Russian Commercial Bank into a special foreign trade bank. Thus Vneshtorgbank was created on 7 April 1924, initially with seven branches in the Union republics. In February 1926, the Gosbank took over extensive foreign business and the Foreign Trade Bank's branch network was consequently reduced. In 1927, negotiations were held with the Berliner Handels-Gesellschaft to secure foreign loans, but in May of that year
147-737: The Siberian Bank in Petrograd , Tarnovsky, was appointed president, and Swedish banker Olof Aschberg became appointed chairman of the board. The Garantie- und Kreditbank für den Osten [ de ] , opened by Aschberg in 1920 in Berlin , took over the representation of the Russian Commercial Bank in Germany. Following a decision in December 1923, the People's Commissariat of Foreign Trade proposed transforming
168-544: The Soviet Council of People's Commissars granted Gosbank extensive control over Vneshtorgbank in order to centralise its foreign trade activities, putting an end to its autonomous decision-making. During World War II , the employees of Vneshtorgbank were transferred to Kuybyshev along with those of the foreign trade department of the Gosbank . In the early 1950s, the bank's last remaining office overseas, that in Istanbul ,
189-500: The Soviet authorities, and in 1992 it defaulted on loans that it had received from foreign commercial banks, which were subsequently the matter of London Club negotiations. Vnesheconombank again partly defaulted in late 1998. Vnesheconombank was reorganized in 2007 as a Russian state development bank, and eventually rebranded in 2018 as VEB.RF . Berliner Handels-Gesellschaft The Berliner Handels-Gesellschaft ( BHG , lit. ' Trade Company of Berlin ' )
210-938: The USSR In 1988, it was reorganized as the Bank for Foreign Economic Affairs of the USSR ( Russian : Банк внешнеэкономической деятельности СССР ) or Vnesheconombank . With the dissolution of the Soviet Union , Vnesheconombank's operations in the post-Soviet states became new institutions such as Belvnesheconombank [ be ] in Belarus , the Bank of Estonia , Alem Bank in Kazakhstan , or Ukreximbank in Ukraine . The Russian Vnesheconombank defaulted in 1992 and, after multiple restructurings, eventually became VEB.RF . The Russian Commercial Bank
231-500: The USSR to obtain foreign currency with which to pay for imports. On 1 January 1988, the Soviet Vneshtorgbank was reorganized as Vnesheconombank. In October 1989, the Soviet authorities sponsored a new entity, International Moscow Bank (IMB), capitalized with Vnesheconombank's hard currency reserves, with the aim that IMB may eventually replace the troubled Vnesheconombank. In 1991, Vnesheconombank's assets were seized by
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#1732901666615252-523: The legal form of a joint-stock company , its shareholders being a number of Soviet foreign-trade monopoly companies as well as the Gosbank. In addition to foreign trade, it was also involved in the exchange of money from foreign tourists in the USSR, and was the administrator of foreign currency balances for domestic companies and institutions. Its role as a gold seller on the Western markets was significant, allowing
273-454: The mid-1960s, the focus was on Western European loans for the development of the automotive industry in the Volga region, in cooperation with Italy's Fiat Group. This was followed by the procurement of loans for natural gas against steel pipes, initially in 1968 with Austrian partners and in 1970 with a German banking consortium. The Vneshtorgbank was the only Soviet financial institution to retain
294-464: The title Vneshtorgbank . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Vneshtorgbank&oldid=1234332715 " Category : Disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages Foreign Trade Bank of
315-403: Was a significant German joint-stock bank, founded in 1856 in Berlin . It relocated to Frankfurt following World War II . On 1 September 1970 (with retroactive effect at 1 January 1970), BHG merged with Frankfurter Bank to form Berliner Handels-Gesellschaft - Frankfurter Bank , referred to as BHF Bank from 1975 to 2017 and since then as ODDO BHF . The foundation of the BHG in 1856
336-516: Was able to maintain legal continuity through a Thuringian office it had created in 1943, which was relocated to Erlangen in 1945 and eventually to Frankfurt in 1948, then allowed by special legislation in 1954 o assume the full BHG legacy. It was hosted by the Frankfurter Bank for two years until moving to its own location in 1950. The BHG's head office in Berlin was mostly built in 1897–1900 on
357-511: Was closed and the bank's workforce was down to only 58 staff. The following decade saw an improvement in foreign trade relations and the transfer of new powers from the Gosbank to the Vneshtorgbank, in particular the expansion of loans to Soviet foreign trade institutions. With a new statute that enabled the bank to safeguard the state's currency monopoly, the bank began to play an increasingly prominent role in transactions with foreign partners. In
378-648: Was inspired by the experience of the Crédit Mobilier in France (est. 1852) and its German emulator the Bank für Handel und Industrie in Darmstadt , or Darmstädter Bank (est. 1853). Initially organized by Darmstädter Bank veteran Gustav Mevissen , its founding sponsors included S. Bleichröder , Breest & Gelpcke [ de ] , Bankhaus F. Mart. Magnus [ de ] , Mendelssohn & Co. , and Robert Warschauer senior [ de ] . It
399-562: Was involved in the creation of Basler Bankverein in Basel . In 1883, Carl Fürstenberg took over the bank's leadership and developed it successfully. Under Fürstenberg's leadership, the bank became increasingly associated with Emil Rathenau and his industrial concern AEG . In 1894, it partnered with other German banks to create the Banca Commerciale Italiana in Milan , and in 1898,
420-752: Was one of the first five large commercial banks in Germany, following the A. Schaaffhausen'scher Bankverein in Cologne (1848), the Disconto-Gesellschaft in Berlin (1851-1856), the Darmstädter Bank (1853), and the Mitteldeutsche Creditbank [ de ] in Meiningen (1856). Like the Disconto-Gesellschaft, and unlike Schaaffhausen and the Darmstädter Bank, the BHG was formed as
441-607: Was the first foreign-trade bank established in the Russian Soviet Republic and was allowed to carry out all common banking transactions, including transactions in foreign currencies and precious metals. It was created in the autumn of 1922 as part of the New Economic Policy (NEP) under Grigory Sokolnikov , the People's Commissar for Finance, with a capital of 10 million gold rubles (5.1 million dollars). The former head of
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