VTB Bank Europe SE (VTBE) was Russia’s second-largest bank. Due to currency losses and the cessation of new business after the invasion of Ukraine, it was in the red in the first half of the year. The Frankfurt-based headquarters of VTBE said it incurred a loss of 35.8 million euros. The loan volume shrank from 7.4 billion euros to 5.5 billion euros.
Frank Hellwig, the CEO appointed by the Financial Supervisory Authority, explained that VTBE is in the process of managing and liquidating its existing business in an orderly manner due to the impact of sanctions and the ban on new business. Considering the sanctions, there may be no sign of a sale.
Aussie Brief News
Go to First Page and Get the Latest News.
You may also like
-
TikTok uses “Project Texas” to fool Americans twice
-
Select Committee urged to terminate the US-China Tech agreement. The CCP military units are surrounding the U.S.
-
America Borrowed over 800 Billion from CCP and Sent Billions Back to China
-
A BlackRock Recruiter Admitted Senators are Cheap. NFSC revealed the Main Purpose of AIIB and BRICS. II
-
A BlackRock Recruiter Admitted Senators are Cheap. NFSC revealed the Main Purpose of AIIB and BRICS. I