VTB Bank no longer has control over VTB Bank Europe SE and cannot dispose of its financial assets or economic resources.
Russian bank VTB has lost control of its European subsidiary VTB Bank Europe SE, located in the German city of Frankfurt am Main. This was announced yesterday by the Federal Office for Supervision of the Financial Sector (BaFin) of Germany.
It is indicated that the regulator has introduced a ban on the exercise of the voting rights of the parent company by the European “daughter”.
The agency immediately banned the management of VTB Bank Europe SE from following the instructions of the main company. These measures, along with a ban imposed a few weeks ago on making payments or other transfers of assets in favor of VTB group companies, led to a “complete separation” of subsidiary from the main company, the German regulator said.
“From this moment on, PJSC VTB Bank, St. Petersburg will no longer have control over VTB Bank Europe SE and will no longer be able to dispose of financial assets or economic resources,” the message said.
At the same time, the operating activities of VTB Bank Europe SE remained virtually unchanged, BaFin said. Depositors can continue to freely manage their money, debtors can provide loans, and the lenders of a financial institution – provided they themselves are not under penalties – receive appropriate service and receive payments from the bank.
As you know, last week the European Union extended sanctions against Russia, affecting VTB Bank, in response to its military aggression in Ukraine. Penalty measures mean freezing the assets of an EU financial institution.
At the same time, Ukraine said how Russian banks are trying to avoid sanctions.
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Source: korrespondent
