VTB Loses Control Over European Subsidiary

VTB Bank no longer has control over VTB Bank Europe SE and cannot manage its financial assets or economic resources. This was announced yesterday by the Federal Financial Supervisory Authority (BaFin) of Germany, as reported by korrespondent.net.

VTB Bank Europe SE is located in Frankfurt am Main. The agency believes that this move will allow for the "complete isolation" of VTB Bank Europe SE from its headquarters.