The European division of VTB will change its name due to a ban on using the brand
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According to him, the bank will now be called OWH SE, shortened from the previous name – Ost-West Handelsbank.
Representative VTB in a comment to Vedomosti, he noted that the refusal to allow the use of the bank’s brand is due to the fact that now the parent company cannot control the activities of VTB Bank Europe and bear responsibility for it. “In April 2022, German authorities illegally established control over VTB Bank (Europe) and, for political reasons, prohibited VTB Bank from exercising shareholder rights. In this situation, we found it impossible to satisfy VTB Europe’s request to grant them the right to continue to use the VTB logo and brand. A third-party financial organization, for whose activities we are not responsible, has no right to use the name and reputation of VTB Bank,” the bank’s press service said.
In mid-September VTB demanded the recovery of 112.6 million euros from VTB Bank Europe – this is the amount of debt under the agreement on the termination of mutual rights and obligations under unfulfilled transactions concluded under the ISDA master agreement (developed by the International Swaps and Derivatives Association). September 14 court as an interim measure arrested the company’s assets amount to 80.7 million euros.
In April 2022, VTB lost control of VTB Bank Europe, which is based in Frankfurt am Main. The German Federal Financial Supervisory Authority (BaFin) prohibited VTB Bank Europe from following the instructions of its parent company, and VTB also lost the right to dispose of its financial assets and other resources. VTB did not disclose the damage from the loss of its subsidiary, but in April 2023 it became known, which is a total of 209 billion rubles. losses fell on the Frankfurt branch of VTB Bank Europe and London VTB Capital. The bank is currently in the process of liquidation.
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