– VTB group has completed the transfer of its European subsidiaries in Germany, Austria and France on the single banking license, the joint structure will operate under the name of VTB Bank (Europe) SE, headquartered in Frankfurt am main, it is told in message VTB.
“The decision to use an innovative legal form – Societas Europaea (SE), i.e. companies established under the corporate law of the EU, complies with the strategy of VTB group for the development of presence in Europe, one of the priority regions for the group outside Russia”, – said VTB.
The merger procedure, including the closure of the office in France and the registration of the branch of VTB Bank (Europe) SE in Vienna, were approved by the European Central Bank and local regulators.
The composition of VTB Bank (Europe) SE, also entered the retail online platform in Germany, VTB Direktbank. Office of VTB in Paris was closed.
“The reorganization will facilitate the creation of a single legal and operating infrastructure as well as consolidation of support functions. In addition, centralization will provide access to a grocery portfolio of the Bank for all European customers, will strengthen the team and optimize resources,” says VTB.
The Bank estimates that cost savings from the merger will amount to 40 million euros per year, which corresponds to approximately 40% of the total amount of the current cost base of the European units. In addition, the new structure will significantly improve the management of liquidity and capital, said VTB.