The shareholders meeting of VTB Bank Europe decided to liquidate the bank from 1 April.

The annual general meeting of shareholders of VTB’s European subsidiary VTB Bank (Europe) SE has decided to liquidate the bank from 1 April 2023. Messages  credit organization.

“The Extraordinary General Assembly of VTB Bank (Europe) SE (VTBE), held in Frankfurt am Main on March 24, 2023, with the votes of one trustee who had the decisive vote, decided to liquidate the bank from April 1, 2023… As of April, the bank will continue to terminate all remaining business and customer relations…”

With this decision, it was noted that the bank started the liquidation process from the actual liquidation situation it was currently in, with the new activity and deposit acceptance ban imposed by the Banking Supervision Agency last spring. by the annual general meeting of shareholders. According to the bank, the liquidation will take several years.

In April 2022, the German Federal Financial Supervisory Authority (BaFin) banned the voting rights of the subsidiary bank of the Russian PJSC VTB Bank, the majority owner of VTBE. The bank said the voting rights were transferred to the trustee by court decision at BaFin’s request.

“Capitalization of the bank allows us to fulfill all future obligations without any restrictions. In particular, our depositors who have deposits in VTB do not need to take any action regarding the liquidation of our bank. All customer funds that are due will be repaid. As before and other transferred to the specified reference accounts in banks,” said CFO Miro Zadro.

It is stated that VTB will report in detail on the progress of the liquidation as soon as the ongoing audit of the 2022 financial statements is completed.