VTB Bank to slightly reduce presence in London and the rest of Western Europe


Russia's VTB Bank will slightly reduce its presence in London and the rest of Western Europe but keep its core operations there, the bank's chief executive said.

Reuters reports that the move follows the West imposing sanctions on the bank over Russia's role in the Ukraine crisis.

'We will of course shrink our structure in London and Western Europe, but it will only be slightly,' VTB CEO Andrei Kostin told reporters on the sidelines of the IMF and World Bank meetings in Washington late on Friday, when asked whether sanctions would force the bank to lay off staff.

His comments were cleared for publication on Monday.

VTB Bank, Russia's second largest bank by assets, was sanctioned by the United States and European Union in the summer, limiting its access to international capital markets along with other Russian state banks.

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Russia's VTB to 'slightly' reduce presence in London, Western Europe - CEO

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