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Russian VTB Bank loses control of a European branch

Russian VTB Bank loses control of a European branch

The The Russian group “no longer has control” of VTB Bank SE, a subsidiary based in Germany, after it “banned the exercise of voting rights,” the German financial watchdog explained in a press release.

The management of the European entity is now prohibited from “following the directives” of VTB Bank, which on Friday joined the list of entities subject to EU sanctions.

The ban on transferring funds to “VTB Group entities” has been in effect for “several weeks,” BaFin specifies, noting that VTB Bank “can no longer dispose of financial assets” of the European subsidiary, and is therefore “completely isolated” from the group. Russian.

The German regulator specified that for the bank “the operational situation remains unchanged”, with “customers being able to dispose freely of their deposits”.

Baffin said it had not yet identified any liquidity issues and was closely monitoring the situation.

However, according to the Handelsblatt newspaper, reported by AFP, four of the five board members recently submitted their resignations and VTB Europe has not accepted new clients since the beginning of March.

It is reported that the European Union has already frozen the assets of four banks – VTB, Bank Otkritie, Novikombank (a subsidiary of Rostec) and Sovcombank – which account for 23% of the Russian banking market, after their exclusion from the international financial system. Swift.

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