VTB received notice of deprivation of ownership rights to its German subsidiary
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VTB Bank (MOEX: VTBR) told Kommersant that he had received from his European subsidiary, the German OWH SE (formerly VTB Bank Europe), a notice of intention to deprive the bank of its ownership rights. VTB considers such actions by the German side to be aggressive and promises a symmetrical response.
As VTB notes, OWH SE denies its rights to own the German bank. VTB is also required to return dividends from 2013 by February 29 of this year, that is, today. This is over €433.8 million.
“We believe that the German side, in an attempt to deprive VTB of legal shareholder rights, is deliberately hiding information about VTB’s compliance with legal requirements when acquiring shares of a European structure and corporate reorganizations carried out by the bank for the period from 2001 to 2020, including the reorganization of VTB Bank (Deutschland) AG into 2017,” the VTB press service told Kommersant.
As the bank notes, VTB’s ownership of VTB Bank Europe previously did not raise questions among European regulators. Therefore, VTB regards the actions of the German side as politically motivated.
German authorities established control over VTB Bank (Europe) in April 2022 and prohibited VTB from exercising shareholder rights due to EU sanctions. As a result, VTB suffered a significant loss, and the subsidiary bank was written off from its balance sheet. VTB Bank Europe SE itself began the liquidation process on April 1, 2023. In November last year, VTB Bank Europe, a subsidiary of VTB in Europe changed name on OWH SE due to the parent company’s ban on its use.
In addition, in September, VTB filed a lawsuit against its European subsidiary with the intention of collecting a debt in the amount of €112.6 million. We are talking about collecting funds stuck in the bank’s correspondent account after the imposition of sanctions.
Read more in the Kommersant article. “Where I was born, I sued there”.
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