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VTB considering sale of Serbian subsidiary

June 16, 12:25 UTC+3
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ST. PETERSBURG, June 16. /TASS/. Russia’s second-biggest lender VTB is considering the sale of its Serbian subsidiary, President Andrey Kostin said at the St. Petersburg International Economic Forum (SPIEF-2016) on Thursday.

"We don’t rule out selling the bank. The country’s leadership wants us to keep it but sooner or later we’ll close it if the bank reports negative results," Kostin said.

VTB Group received the Serbian bank from the Bank of Moscow it acquired. The bank became part of the group in May 2013. VTB Group’s banking chain outside Russia covers Armenia, Ukraine, Balrus, Kazakhstan, Azerbaijan, Austria, Germany, France, Britian, Cyprus, Serbia, Georgia, Angola, China and India. It also has two VTB Capital Plc offices in Singapore and Dubai.

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