VTB will create an independent legal entity to manage the blocked assets. The bank’s shareholders made a decision on this matter at an extraordinary meeting, the press service of the credit institution reported.

VTB will create a legal entity to manage blocked assets
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Until the end of the year, the bank plans to transfer to the created company assets and liabilities to creditors from hostile countries in the amount of up to 170 billion rubles.

“This will allow us to work more efficiently with such assets and liabilities, and will also contribute to improving the balance sheet structure and financial performance of VTB by the end of 2024,” said Dmitry Pyanov, First Vice President and Chairman of the Board of Directors of VTB. .

During the reorganization of VTB its authorized capital will not change, the press service noted.

In 2022, Law No. 292-FZ was passed, which VTB used to transfer assets. It allows sanctioned banks to reorganize and create a new legal entity to transfer assets frozen due to restrictions. The law is valid until the end of 2026.

Author:

Kirill Bilyk

Source: RB

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