VTB Bank – a Russian state bank is closing its only subsidiary in Africa – UNIAN
Banco VTB Africa SA is not the first VTB subsidiary abroad whose business is under threat due to sanctions.
The Russian state bank VTB, which came under sanctions from Western countries and was disconnected from the SWIFT system, is closing its only subsidiary in Africa. This was reported by Russian media with reference to the head of the bank Andrei Kostin.
According to him, Banco VTB Africa SA in Angola, opened in 2007, has decided to surrender its banking license.
“We are closing it, revoking the license. This is a voluntary-compulsory surrender of the license – everything is frozen there,” the banker said.
He noted that he met with Angolan President Joao Lourenço to decide the fate of the bank, the second largest shareholder of which is Angolan…
