VTB ready to sell subsidiary in Ukraine, eyeing for interesting offers

10:04, 19.05.2016 1 min read

VTB is ready to sell a subsidiary bank in Ukraine if interesting offers appear, the press service of VTB has told Interfax.

VTB Head Andrei Kostin said on Tuesday, speaking in London, that the group is facing large losses in Ukraine.

"I think that if we had a change we likely would sell this business than develop it," Kostin said.

The press service of VTB said that the bank had to create large reserves, as a large volume of credits were not returned in Ukraine.

"In addition, the issue of presence of Russian banks in Ukraine is extremely politicized. Radical political circles in Ukraine regularly speculate on it in their purposes. VTB departments in Ukraine many times were attacked by hooligans. All this creates the uncomfortable environment for continuation of the operation of the VTB Group in Ukraine. We will be ready to sell business in this country if interesting offers appear," VTB said.