The VTB structure refused a license in Singapore, Interfax has found. The document is necessary for financial transactions in the country’s market.
The Singapore branch was owned by VTB’s UK subsidiary, VTB Capital PLC. The organization provided investment services, but after the imposition of sanctions, it could not find a bank to open accounts. As a result, the debts were not paid on time. At the end of 2022, Teneo received external management from VTB Capital.
About ten employees worked in the Singapore office and provided the administrative function of VTB Capital. The branch received a banking license that allows it to carry out investment activities, accept deposits and issue loans. Now the office is completing its work in the country.
VTB Capital’s net loss for 11 months of 2022 is estimated at $38.8 million. At the end of November, the company’s assets decreased from $1.8 billion to $1.3 billion.
In March last year, Singapore, along with other states, imposed sanctions on the Russian Federation, which also affected VTB.
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