Russian Bank Branch Posts Losses and Faces Liquidation

VTB Bank Europe SE (VTBE) was Russia’s second-largest bank. Due to currency losses and the cessation of new business after the invasion of Ukraine, it was in the red in the first half of the year. The Frankfurt-based headquarters of VTBE said it incurred a loss of 35.8 million euros. The loan volume shrank from 7.4 billion euros to 5.5 billion euros.

Frank Hellwig, the CEO appointed by the Financial Supervisory Authority, explained that VTBE is in the process of managing and liquidating its existing business in an orderly manner due to the impact of sanctions and the ban on new business. Considering the sanctions, there may be no sign of a sale.

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Translator: NFSC News
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