Russian bank VTB plans to exit the Ukrainian market.

by Editor • 17.05.2016 • 0 Comments

VTB Bank President Andrey Kostin announced that his financial institution is considering selling its branches in Ukraine, according to the Ukrainian newspaper Forbes citing his own source.

Ukrainian VTB Bank is a subsidiary of Russia's VTB. According to him, VTB Bank's Ukrainian business is suffering significant losses. For example, in 2015, VTB Bank incurred a loss of UAH 4,552 billion.

VTB Bank has been operating in the Ukrainian market since 1992. 99,9% of the financial institution's shares are owned by Russia's Vneshtorgbank.

Earlier, another Russian bank, Sberbank of Russia, announced that it plans to sell its Ukrainian assets.

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