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VTB no longer faces pressure from UK regulator in London

May 22, 2014, 14:58 UTC+3 ST. PETERSBURG

VTB Group Chief Finance Officer Herbert Moos says the situation with the company's business in London has returned to normal

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© ITAR-TASS/Maxim Shemetov

ST. PETERSBURG, May 22. /ITAR-TASS/. State-owned VTB Group, Russia’s second largest lender by assets, no longer faces pressure from the UK regulator, VTB Group Chief Finance Officer Herbert Moos said on Thursday.

“I believe we can say today that the situation with our business in London has come to normal,” Moos said at the St. Petersburg International Economic Forum.

A set of factors, including assistance from the Russian Central Bank in the negotiation process, and also the mass media helped normalize the situation, Moos said.

VTB Group head Andrei Kostin said in April that the UK regulator had been putting strong pressure on VTB Capital Plc investment unit in London.

“So far, we have faced problems in London. We do not have a large business in the US where there are no factors of negative developments, but our format there is different - a broker company. In London, we have a bank with a full license,” Kostin said.

Russia’s VTB Group, in which the Russian government holds 60.9%, posted an IFRS net income of 100.5 billion rubles ($3 billion) in 2013, an increase of 10.9% on the previous year.

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