29.02.2024, 11:18
VTB received a notification of the deprivation of ownership of the German "daughter"
Source: OREANDA-NEWS
OREANDA-NEWS VTB Bank (MOEX: VTBR) informed Kommersant that it had received from its European "daughter", the German OWH SE (formerly VTB Bank Europe), a notification of its intention to deprive the bank of ownership of it. VTB considers such actions by the German side aggressive and promises a symmetrical response.
As VTB notes, OWH SE denies its ownership rights to the German bank. VTB is also required to return dividends from 2013 by February 29 of this year, that is, until today. This is over €433.8 million.
"We believe that the German side, in an attempt to deprive VTB of its legitimate shareholder rights, intentionally hides information about VTB's compliance with legal requirements when acquiring shares in a European structure and corporate reorganizations carried out by the bank from 2001 to 2020, including the reorganization of VTB Bank (Deutschland) AG in 2017," Kommersant said in a statement. VTB press service.
As the bank notes, previously VTB's ownership of VTB Bank Europe did not raise questions from European regulators. Therefore, VTB regards the actions of the German side as politically motivated.
German authorities have established control over VTB Bank (Europe) In April 2022, VTB was banned from exercising shareholder rights due to EU sanctions. As a result, VTB suffered a significant loss, and the subsidiary bank was written off from its balance sheet. VTB Bank Europe SE itself began the liquidation process on April 1, 2023. Last November, VTB Bank Europe's subsidiary VTB Bank Europe changed its name to OWH SE due to the parent company's ban on its use.
In addition, in September, VTB filed a lawsuit against its European "daughter" with the intention of collecting a debt of € 112.6 million. We are talking about the recovery of funds that have been suspended on the bank's correspondent account after the imposition of sanctions.
As VTB notes, OWH SE denies its ownership rights to the German bank. VTB is also required to return dividends from 2013 by February 29 of this year, that is, until today. This is over €433.8 million.
"We believe that the German side, in an attempt to deprive VTB of its legitimate shareholder rights, intentionally hides information about VTB's compliance with legal requirements when acquiring shares in a European structure and corporate reorganizations carried out by the bank from 2001 to 2020, including the reorganization of VTB Bank (Deutschland) AG in 2017," Kommersant said in a statement. VTB press service.
As the bank notes, previously VTB's ownership of VTB Bank Europe did not raise questions from European regulators. Therefore, VTB regards the actions of the German side as politically motivated.
German authorities have established control over VTB Bank (Europe) In April 2022, VTB was banned from exercising shareholder rights due to EU sanctions. As a result, VTB suffered a significant loss, and the subsidiary bank was written off from its balance sheet. VTB Bank Europe SE itself began the liquidation process on April 1, 2023. Last November, VTB Bank Europe's subsidiary VTB Bank Europe changed its name to OWH SE due to the parent company's ban on its use.
In addition, in September, VTB filed a lawsuit against its European "daughter" with the intention of collecting a debt of € 112.6 million. We are talking about the recovery of funds that have been suspended on the bank's correspondent account after the imposition of sanctions.
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