Bank BelVEB OJSC

What Bank BelVEB OJSC does

Bank BelVEB OJSC (ОАО Банк БелВЭБ) is a Belarusian open joint-stock commercial bank headquartered in Minsk at Pobediteley 29, operating a state-owned banking franchise as a subsidiary of the Russian state development corporation VEB.RF (ВЭБ.РФ). The bank employs approximately 384 people and serves four primary customer segments — private individuals, small and medium businesses, large corporates, and premium/private banking clients — through a combination of 25+ service offices across all major Belarusian cities, 180+ proprietary ATMs, and 870+ partner ATMs. Its product portfolio spans deposits (up to 12.8% annual in BYN, up to 1.9% in foreign currency), consumer and mortgage lending, factoring, trade finance, acquiring, securities services, and a wholly-owned insurance subsidiary (УСП «БелВЭБ Страхование»).

The bank's technology foundation centers on the UP Online web platform, the UP mobile application for iOS and Android, a PWA for SME clients, and the BelVEB BusinessHub digital platform with Open API connectivity for ERP integration and electronic factoring (via EDiN). Digital features include Superkurs 24/7 currency exchange, Safe Deal escrow, Finstore investment/securities platform, marketplace, in-app cryptocurrency trading (BTC, ETH, USDT), and gold trading via unallocated metal accounts. Core banking operations support multi-currency activity in BYN, USD, EUR, and RUB, integrated with the national Belkart card scheme, Belkart Pay contactless, the ERIP payment system, SWIFT, Western Union, and Blizko money transfers. ISO 20022 was implemented in 2025 for corporate payment messaging.

Revenue is generated through interest income on lending (consumer credit, mortgages, factoring at 17.96% on key products), commission and transaction fees on payments, transfers, cards, and acquiring, deposit funding intermediation, and trade-finance/corporate services. The bank holds exclusive authorized-bank-agent status for Belarusian government export support programs under Decrees 466 and 534 and acts as an organizer for Russian-Belarusian trade financing with VEB.RF, ROSEXIMBANK, EXIAR, and Russian commercial banks, providing up to 100% financing with terms up to 12 years for qualifying transactions.

Name

Bank BelVEB OJSC

Legal name

ОАО Банк БелВЭБ

Website

https://belveb.by

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

251–500 employees

Short description

Bank BelVEB OJSC is a state-owned Belarusian commercial bank, subsidiary of VEB.RF, serving retail, SME, corporate, and premium clients via branches and the UP Online digital platform with deposits, lending, trade finance, and government-backed export support programs.

Ownership category

akta.pro rank

Product category

Commercial Banking

NAICS

Commercial Banking (52211), Commercial Banking (522110), Finance and Insurance (52), Sales Financing (52222)

SIC

State Commercial Banks (6022), National Commercial Banks (6021), Personal Credit Institutions (6141)

akta.pro primary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

akta.pro secondary industries

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA), Escrow, Trust & Agency Services (escrow, paying agent, trustee) (FSABAIAI), A2A Checkout & Merchant Acceptance Solutions (FSAMAFAF)

Keywords

• Retail banking services
• Corporate banking
• Trade finance factoring
• Digital banking platform
• Export financing programs

Headquarters

HQ city

Minsk

HQ country

Belarus

HQ region

Europe

Offices28 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales, Others

Revenue model

1. Interest Income: Revenue from lending activities including consumer credits, mortgages, business loans, and credit cards. Interest rates vary by product type and currency.
2. Commission Income: Fees from payment services, money transfers, account maintenance, card operations, and banking services.
3. Deposit Operations: Attracts customer deposits in BYN and foreign currencies with various terms and interest rates.
4. Trade Finance & Factoring: Revenue from export financing, factoring services, guarantees, and letters of credit for corporate clients.
5. Acquiring Services: Transaction processing fees from merchant acquiring services including trade, internet, and mobile POS terminals.
6. Securities Operations: Brokerage, trust management, and depository services for securities trading.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels5 records

Core offering

Bank BelVEB OJSC is a state-owned commercial bank in Belarus providing a full range of banking products and services to retail customers, small and medium businesses, large corporates, and VIP clients. The bank offers deposit accounts, consumer and mortgage lending, credit and debit cards, currency exchange, payment services, trade finance, factoring, export financing, securities and investment services, and merchant acquiring, delivered through an extensive branch network and digital banking platforms (UP Online web app, UP mobile app, and BelVEB BusinessHub).

Product overview

Bank BelVEB OJSC offers a comprehensive digital banking ecosystem built around its UP Online platform and mobile applications, serving retail customers, SME businesses, and large corporations. The product portfolio consists of the core UP Online web banking application and UP mobile application, supplemented by a PWA for business clients. The bank provides a full range of banking products including deposit accounts with competitive rates up to 12.8% annual, consumer and mortgage lending, credit cards with up to 7% cashback, and specialized cards (Salary, Pension, Shopping, Virtual, Payment Stickers). Digital services include Superkurs currency exchange, cryptocurrency trading (BTC, ETH, USDT), gold investment, Finstore investment platform, Marketplace, Safe Deal escrow service, and BelVEB Pay/Belkart Pay contactless payments. Business clients access the BelVEB BusinessHub platform offering online factoring with ERP integration via Open API, Web-I-Deal currency platform, comprehensive acquiring solutions (POS, internet, mobile, vending), and specialized trade financing programs including Russian-Belarusian trade financing and government-backed export support programs (Decrees 534 and 466). The product architecture combines a unified digital banking foundation with segmented offerings for different customer segments, connected through Open API technology and the ERIP national payment system.

Differentiator

Problem solved

Functional benefit

Brands

• UP Online: Mobile and internet banking platform
• UP
• BusinessHub
• Finstore
• BelVEB Pay
• Belkart Pay

Products and services

• UP Online Web-based digital banking application accessible on any device without installation, providing account management, payments, transfers, currency exchange, and cryptocurrency trading for retail and business customers.
• UP Mobile Application Mobile banking app for iOS and Android enabling account access, payments, transfers, currency exchange, gold trading, and cryptocurrency trading on smartphones.
• PWA Application Progressive Web Application for business clients providing internet banking and financial management capabilities.
• Credit Card 0% Credit card with 0% grace period for the first 10 days after first transaction, 17.96% rate after grace period, up to 5,000 BYN limit, issued for 2 years.
• Shopping Card (Diva) Debit card with cashback up to 0.7% on purchases in categories like products, gas stations, and tourism, valid for 5 years in BYN, USD, or EUR.
• Salary Card Debit card for salary disbursement with cashback benefits and seamless enrollment process for employers.
• Pension Card Specialized card for pensioners with cashback up to 5% on purchases and additional income features.
• Virtual Card Virtual payment card for secure online transactions with instant issuance.
• Payment Sticker Compact contactless payment sticker that attaches to phone or other devices for one-tap payments.
• Overdraft Short-term credit line on debit card allowing up to 1,000 BYN with automatic repayment from incoming funds, 17.96% annual rate.
• Superkurs Currency exchange service within UP Online allowing customers to exchange currencies at favorable rates 24/7.
• Safe Deal (Bezopasnaya Sdelka) Secure payment service for property transactions ensuring safe exchange between buyer and seller.
• Cryptocurrency Trading Purchase and sale of cryptocurrencies including BTC, ETH, USDT directly in UP Online application.
• Gold Trading Unallocated precious metal accounts allowing investment in gold with purchase and sale through UP Online.
• Finstore Investment platform for securities trading including stocks, bonds, and other financial instruments.
• BelVEB BusinessHub Digital platform for business clients providing access to SME banking services, online factoring, and API integrations for ERP systems.
• Web-I-Deal Currency exchange platform for corporate clients enabling real-time registration of currency purchase, sale, and conversion transactions.
• Deposits Term deposit products including irrevocable deposits up to 12.8% annual in BYN, revocable deposits, and foreign currency deposits up to 1.9% annual.
• Consumer Loans Personal loans for any purpose including online processing without visiting bank offices, up to 50,000 BYN.
• Online Loans Quick online credit approval within minutes through UP Online for immediate funding needs.
• Refinancing Credit consolidation service combining all existing loans into a single loan with potentially better terms.
• Real Estate Financing Mortgage and property financing with rates from 6.99% annual and repayment terms up to 20 years.
• Auto Financing Vehicle purchase financing with competitive rates and flexible repayment terms.
• Education Loans Specialized loans for educational services and tuition payments.
• Medical Loans Loans for medical services with rates starting from 4% annual for healthcare financing.
• Acquiring Solutions Payment acceptance services including BelVEB Cash register, trade acquiring, smart POS, internet acquiring with QR codes, mobile acquiring, and vending solutions.
• SME Banking Services Comprehensive banking services for small and medium enterprises including deposits, account management, currency exchange, cash handling, and specialized business packages.
• Corporate Banking Services Large business banking services including financing instruments, documentary operations, international transfers, and specialized corporate solutions.
• Factoring Services Various factoring solutions including open factoring with/without recourse, reverse factoring, secured factoring, hidden factoring, online factoring through BusinessHub, international export/import factoring, and electronic invoice factoring.
• Russian-Belarusian Trade Financing Financing for Russian-Belarusian cross-border transactions with participation of Russian banks, up to 100% of contract value with terms up to 12 years.
• Export Support Programs (Decree 534) Government-backed export financing program providing up to 100% of contract value for Belarusian exports with favorable interest rates and state compensation.
• Export Support Programs (Decree 466) Export promotion program covering up to 90% of contract value with VAT for exports to Russia and third countries with compensation of bank losses.
• Securities Services Brokerage services, trust management, depository services, and access to bonds from bank's portfolio and BelVEB bonds.
• Insurance Services Partnership-based insurance services including property, travel, health, and life insurance products.
• Bank Storage Safe deposit box services for secure storage of valuables and important documents.
• Basic Account Simple bank account for basic banking needs with essential features and low fees.
• Self-Employed Account Specialized account designed for self-employed individuals and individual entrepreneurs.

Quantifiable outcome

• Up to 12.8% annual interest on BYN deposits
• +3 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration10 records

Feature8 records

Partnerships

Three partnerships are on record, tiered core.

• Belveb Business Hub PartnerscoreTechnology or IntegrationBusiness partners connected through Open API on the BelVEB Business Hub platform enabling online factoring services and automated financing processes for suppliers and buyers.
• BelkartcoreTechnology or IntegrationNational payment system of Belarus. Bank issues Belkart cards and participates in Belkart Pay contactless payment service and Sphere Belkart loyalty program.
• ERIP (Unified Payment System)coreTechnology or IntegrationNational payment infrastructure enabling wide range of bill payments, utilities, mobile payments, and credit repayments through the bank's digital channels.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• MTBank: Privately held Belarusian commercial bank with strong retail card, SME, and digital banking franchise. Direct competitor especially in cards, acquiring, and online services, and a benchmark for digital product velocity in Belarus.
• Priorbank: Major Belarusian commercial bank majority-owned by Raiffeisen Bank International, serving retail, SME, and corporate clients. Direct competitor with overlapping digital banking, card, and lending products in Belarus.
• Belgazprombank: Belarusian bank with strong Russian corporate linkages (Gazprombank group) offering retail, SME, and corporate banking. Comparable to Bank BelVEB as a Russian-affiliated universal bank competing in the same Belarusian market with similar product breadth.
• Belarusbank: Largest state-owned commercial bank in Belarus and the dominant retail/SME/corporate franchise in the country. Closest direct competitor to Bank BelVEB across deposits, lending, cards, and digital banking, and the benchmark for market share in Belarus.
• Alfa-Bank Belarus: Belarusian subsidiary of the Alfa-Bank group offering retail, SME, and corporate banking with a strong digital focus. Direct competitor in retail cards, deposits, SME acquiring, and corporate services inside Belarus.
• Belinvestbank: Belarusian state-owned bank offering retail, SME, and corporate services with government program participation. Comparable to Bank BelVEB as a state-controlled universal bank operating across all major customer segments in Belarus.
• Sber Bank Belarus (BPS-Sberbank): Belarusian bank majority-owned by SberBank Russia, offering retail, SME, and corporate banking including trade finance. Direct peer in Russian-affiliated universal banking serving Belarusian clients.
• VTB Bank Belarus: Belarusian subsidiary of Russian state-owned VTB Group, providing universal banking services with strong corporate and trade-finance capabilities. Direct peer given Russian state affiliation, corporate franchise, and Belarus-only footprint.

Broad incumbents

• Development Bank of Belarus: State-owned development finance institution of Belarus supporting state programs, export financing, and large corporate projects. Comparable in mandate around state-backed financing and export support programs such as Decrees 466 and 534.
• VEB.RF: Russian state development corporation and Bank BelVEB's parent. Comparable in mandate to finance national priority export and infrastructure projects, and material to understanding BelVEB's trade finance and Russian-Belarusian deal flow.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/%D0%BE%D0%B0%D0%BE-%D0%B1%D0%B0%D0%BD%D0%BA-%D0%B1%D0%B5%D0%BB%D0%B2%D1%8D%D0%B1-

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Bank BelVEB OJSC