VTB plans to exit the legal form of its banking presence in Ukraine
The losses of the VTB Group from the situation in Ukraine are estimated at 85,4 billion rubles, Yuri Solovyov, head of the board of directors of VTB Capital, said in an interview with Kommersant.
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According to him, negative trends for VTB continue in Ukraine.
“Many clients there can pay, but don’t pay, they take advantage of judicial lawlessness and the opportunity to exert political pressure on us,” Soloviev points out. – We estimate the total losses of VTB Group from the situation in Ukraine at 85,4 billion rubles. Unfortunately, we continue to be under pressure there. Ukraine has imposed sanctions against Russian banks. Moreover, these sanctions are tougher than European ones. Now we are practically prohibited from additional capitalization of our Ukrainian banks. As a result, we are actually forced to part with the Ukrainian BM-Bank.”
At the same time, the publication’s interlocutor admits that there were real buyers from among representatives of Ukrainian business for the purchase of VTB Ukraine Bank, but it was not possible to come to an agreement with any of them.
“We have capital in Ukraine in the form of interbank loans, and we would like to withdraw it completely,” explains a VTB representative. “But there is now little free capital in Ukraine, and potential buyers were interested in us partially or completely abandoning interbank loans, but we are not ready for this.”
“We have a clear plan for working with assets. First of all, for those borrowers who are trying not to pay us, we will sell collateral. We essentially close the portfolio by paying out money to our investors. As a result, perhaps we will leave the legal form of the banking presence in the country, but we will gradually continue to sell assets,” Frolov reports on further actions. – This year we have already reduced the balance of the Ukrainian bank by several tens of millions of dollars. Now this process will accelerate, since preparatory operations have taken place on a number of loans.”
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