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European subsidiary of VTB Bank is not on sale yet, bank CEO says

Earlier, the media reported that the European division was put up for sale since the parent bank was under US and UK sanctions

MOSCOW, April 5. /TASS/. The European division of Russia’s second-biggest bank VTB is currently not on sale, Chief Executive Officer of VTB Andrey Kostin told reporters on Tuesday.

"They have frozen everything for now. It is not on sale yet, I haven't heard about it," he said.

Earlier, Bloomberg reported citing its sources, that the European division of VTB was put up for sale since the parent bank was under US and UK sanctions.

At the end of 2017, VTB completed the transfer of its European divisions in Germany, Austria and France under a single banking license. The combined entity operates under the name VTB Bank (Europe) SE, headquartered in Frankfurt am Main. VTB Bank (Europe) SE also includes an online retail platform in Germany - VTB Direktbank.

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