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Russia’s VTB Bank’s subsidiary in Ukraine terminates banking activities

In March 2017, Ukrainian President Pyotr Poroshenko imposed restrictions against five banks with Russian capital for a year

KIEV, March 19. /TASS/. The shareholders of BM Bank, Ukrainian subsidiary of VTB, took a decision to terminate the banking activities of the credit institution, the bank said in a statement on its website.

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"On March 19, at the general meeting of shareholders of BM Bank a decision was made to terminate banking activities of BM Band with preservation of the legal entity," the statement said.

According to the published data, within the period established by Ukrainian legislation, the bank will fully fulfill all its obligations related to banking activities and its clients.

In September 2018, BM Bank will send a petition to the National Bank of Ukraine to revoke the banking license. The bank does not disclose the plans for further operation as a legal entity.

In March 2017, Ukrainian President Pyotr Poroshenko imposed restrictions against five banks with Russian capital for a year. Sberbank, VTB, Prominvestbank and BM Bank (owned by VTB) came under sanctions.

After the introduction of restrictions, Russian banks announced plans to sell their assets in Ukraine. VS Bank was sold at the end of last year to Ukrainian businessman Sergei Tigipko.

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