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VTB Bank may close the Ukrainian division

ВТБ Банк может закрыть украинские подразделенияThe second largest Bank of Russia does not intend to sell the branches below market value.

Russia’s VTB wants to sell its main asset is Ukrainian (“VTB Ukraine”) at below market value. This is reported by Izvestia, citing sources close to the Bank.

The second largest Russian Bank, in contrast to Sberbank, is not going to carry out an emergency sale of the structure, since they hope to realize the “daughter” at the highest possible price. If it fails, the Bank can reformat, or even close the structure, said a source in the group.

In Ukraine the group has two subsidiary banks – BM-Ukraine and VTB Ukraine. In early 2015, the loan portfolios of these banks were reserved by more than half. The main task which puts before itself the management of the group is to minimize possible losses in the transaction.

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