VTB Bank liquidates its subsidiary in Europe

At the annual meeting of shareholders of VTB’s subsidiary, VTB Bank Europe SE, a decision was made to liquidate the bank from 1 April. This was announced by Frank Hellwig, Special Representative and CEO of VTBE, appointed by the German Federal Financial Supervisory Authority (BaFin).

“With this decision, we are moving from a state of de facto liquidation to a winding down process approved by the meeting,” lead Hellwig’s words on the organization’s website. The liquidation process will take several years.

The financial director of the bank, Miro Zadro, specified that the funds of clients will be transferred to accounts in other financial institutions. “The capitalization of the bank still allows fulfilling all future obligations without any restrictions,” he said.

Previously, clients of VTB, Alfa-Bank and Rosselkhozbank were unable to transfer foreign currency from card to card within Russia. Experts attributed the failures in the work of banks to the sanctions imposed by the West and Russia’s disconnection from the SWIFT system.