VTB Group completes merger of its European operations under one license

VTB Group completed restructuring of its European operations. On December 29, 2017, VTB Bank (Austria) AG, VTB Bank (Deutschland) AG and VTB Bank (France) SA, were merged into the newly created VTB Bank (Europe) SE, which operates under a single banking license.

The press release says that the decision to adopt an innovative legal form of SE or Societas Europaea - a company registered in accordance with the corporate law of the European Union, is consistent with VTB strategy in developing Group's presence in Europe, VTB Group's commitment to one of the core regions outside of Russia.

With the head office in Frankfurt am Main, the new structure will also include a branch in Vienna. VTB Direktbank will be part of the VTB Bank (Europe) SE. The office in Paris has been closed.

The merger process, including closure of the office in France and the registration of the branch in Austria, has been approved by the European Central Bank and the local regulators.

"We are the first Russian banking group and among the first banks in Europe to transform our organisational structure into that of a Societas Europaea or SE. This represents a clear commitment to Europe in general and to Frankfurt as its financial centre in particular. VTB Bank (Europe) SE is a universal bank with a focus on international clients, and we believe the merger will allow us to continue growing in this strategically important to VTB region," First Deputy President and Chairman of VTB Bank Management Board, Yuri Soloviev, said