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Kostin: deal to join VTB bank Otkritie will not be closed until autumn

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Moscow Agency / Sergey Kiselev
Moscow Agency / Sergey Kiselev

The deal to join VTB Bank Otkritie will be closed no earlier than autumn. The parties have to agree on many more technical issues, said the head of VTB Andrey Kostin.

Earlier, Kostin said that the conditions for Russian banks have changed significantly, and now banking regulation will need to be created “from scratch.” The head of VTB spoke about his vision of the future of the financial sector. He is confident that the current state of affairs can be used by Russia to create new rules for the better functioning of banks, in which “relevant provisions of existing international regulations” can find their place.

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