OWH SE i.L. is the renamed VTB
Bank (Europe) SE.

Current situation

The Extraordinary General Meeting of VTB Bank (Europe) SE i.L., Frankfurt am Main, resolved to change the company name on 11 December 2023. With effect from 2 January 2024, the company name is OWH SE i.L.

By resolution of the Extraordinary General Meeting on 24 March 2023 in Frankfurt am Main, OWH was dissolved as of 1 April 2023 and transferred to liquidation proceedings. The abbreviation “i.L.” in the name stands for “in liquidation”. As part of its liquidation, OWH is winding up all existing business and customer relationships. This liquidation is not affected by the withdrawal of the banking license and will continue.

The majority shareholder of OWH continues to be PJSC VTB Bank, St. Petersburg / Russian Federation, which was added to the list of sanctioned entities by the European Union (EU) on 8 April 2022.

In April 2022, the supervisory authority BaFin prohibited PJSC VTB Bank from exercising the voting rights from the shares it holds in its subsidiary VTB Bank (Europe) SE, i.e. today’s OWH. At the same time, BaFin prohibited the management from following instructions from PJSC VTB Bank (see BaFin press release from 10 April 2022). In June 2022, the Frankfurt am Main Local Court appointed a trustee at BaFin’s request, who has since exercised PJSC VTB Bank’s voting rights at general meetings. These measures – together with the ordered ban on payments or other transfers of assets in favor of the VTB Group – mean that OWH is completely shielded from its Russian parent company and its group.

OWH is therefore not subject to the EU sanctions imposed in connection with the Russian Federation’s war against Ukraine. This was expressly confirmed by the Deutsche Bundesbank, the authority responsible for monitoring financial sanctions in Germany, among others.

In view of the sanctions imposed on PJSC VTB Bank and OWH by the United Kingdom of Great Britain and Northern Ireland and the United States of America (USA), the competent authorities have granted OWH authorisations to enable it to implement the liquidation. The US sanctions authority removed OWH from the list of sanctioned persons and companies at the beginning of April 2024.

BaFin has appointed Frank Hellwig as a special representative with management authorisation for OWH. The asset and liquidity situation of OWH is being closely monitored by BaFin.

Liquidators:

Frank Hellwig (Special Representative of BaFin)

Miro Zadro

Chairman of the supervisory board:

Dr. Peter Schad (Special Representative of BaFin)