The Chairman of VTB Group, Russia’s second-biggest lender, has accused the UK regulator of mounting increasing pressure on its London unit.
According to Izvestia, Andrey Kostin complained that the Bank of England’s demands went way beyond its functions as a regulator. He is convinced the attack on VTB Capital Plc investment banking unit has a political motive behind.
The Bank of England has made additional demands on VTB’s London unit relating to capital levels and liquidity controls, the bank’s Chief Financial Officer Herbert Moos told the press later.
VTB’s shares have gone down 21 percent this year amid ongoing standoff between Russia and the West over Ukraine.
VTB Group, a global provider of financial services, that offers a complete range of financial services including retail, corporate and investment banking; broking and other stock-market services, insurance, asset management for pension and unit funds, leasing, and more. The services are available to clients in more than 20 countries across the CIS, Europe, Asia and Africa.
Part of VTB Group, VTB Bank is Russia’s second largest lender by assets. Classified as blue chips, VTB shares are among the most liquid on the Russian stock market. The Bank’s securities are traded on Russia’s joint MICEX-RTS Exchange and as global depository receipts on the London Stock Exchange under the VTBR ticker. The Russian government owns 60.9 percent of VTB Bank’s equity.
Author: Mikhail Vesely