The Frank Media publication announced VTB’s intention to exchange assets with Raiffeisen
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The leadership of the state bank VTB is trying to obtain permission from the European Central Bank for a deal to exchange the assets of the subsidiary VTB Bank Europe for the Russian assets of Raiffeisen Bank International (RBI). About it Frank Media two sources familiar with the details of the talks said.
“Hopes (for approval.— “b”) practically none,” one of the sources said. A previous attempt to negotiate such an exchange with UniCredit Group has already failed, notes Frank Media.
VTB is under blocking sanctions in a number of jurisdictions. VTB’s assets and funds in the European Union and the United States are blocked, and residents cannot make transactions and operations with VTB.
The fact that the state bank is ready to exchange its frozen assets for the assets of foreign credit institutions that remain in Russia was reported by RBC with reference to the head of VTB Andrey Kostin.
The departure of foreign companies from Russia is complicated by the decree of President Vladimir Putin, according to which until the end of 2022 there is a ban on the sale of shares of Russian banks by owners from unfriendly countries.
RBI’s assets in Russia amounted to €35.3 billion in the second quarter of this year. RBI declaredwhich continues to maintain the possibility of a “managed exit” from business in Russia, but did not provide details.
Read about the work of the bank in Russia in the publication “Kommersant FM” “Raiffeisenbank multiplies profits”.
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