The administrator unblocked the assets of the British subsidiary of VTB VTB Capital for 130 million
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The administrator company Teneo Financial Advisory was able to unfreeze the assets of the former subsidiary of VTB Bank in the UK – VTB Capital Plc – in Euroclear in the amount of £130 million. Writes about this RBC with a link to the administrator’s report.
The assets were returned under a special license, the publication notes. However, a further £22 million remains blocked in VTB Capital Plc’s Euroclear depositary account.
Teneo Financial Advisory also managed to unblock:
- £2.9 million from nostro accounts following the closure of VTB Capital in Singapore and £0.7 million from nostro accounts at HSBC;
- about £10 million in derivatives;
- £1.1 million insurance claims from VTB Capital counterparties.
During 2024, the administrator plans to:
- obtain licenses to unfreeze assets from correspondent accounts of American banks in the amount of £26 ml;
- cancel settlements on £24m of outstanding trades;
- sell securities for £67.9 million;
- repay part of the overdue debts to VTB Capital (their balance sheet value is £1.2 billion).
According to the report, a third of VTB Capital’s liabilities – £262 million – are accounted for by VTB structures. The total amount of the company’s liabilities is £800 million, the estimated value of assets is £1 billion. At the same time, management companies consider it possible to receive only 34.5% of the book value of assets, that is, £362.5 million.
In December 2022, VTB Capital was placed under external management. Teneo Financial Advisory received licenses to sell the unit’s frozen assets and further repay debts to creditors. In August, licenses were issued to the administrator by the Belgian Ministry of Finance, and in November by the US Treasury. Teneo Financial Advisory currently cooperates with European countries, as well as with the authorities of Guernsey, Jersey, Switzerland and Bermuda. External management has been extended until December 2024, according to the company’s report.
VTB Bank is also trying to recover almost €113 million through a Russian court from VTB Bank Europe, over which it lost control in the spring of 2022.
Read more about this in the Kommersant publication. “VTB is reaching out to Europe through the courts”.
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