VTB Bank (Europe) SE in Frankfurt will close its branch in Vienna by the end of 2022.
The VTB Bank (Europe) SE (VTBE) with its head office in Frankfurt am Main will close its dependent branch in Vienna by the end of the year 2022. The closure of the branch in the Austrian capital city is, among other things, a consequence of the ban on new business imposed on VTBE by the German Federal Financial Supervisory Authority (BaFin).Currently, VTBE is in a process of orderly managing and winding down its existing business portfolio.
With the discontinuation of business operations at the Vienna branch, all assets and liabilities booked there as well as related customer relationships will be transferred to the head office in Frankfurt am Main. The affected customers have already been informed that all services arising from contractual relationships will be provided via VTBE’s German head office in Frankfurt am Main at the latest from the beginning of 2023 and without interruption. Since the Vienna branch and the head office in Frankfurt am Main have always formed the same legal entity, this change in the organizational structure has no impact on the contractual basis applicable to the customers.
VTBE still holds a banking license granted in Germany. It was already shielded from any influence of its parent company seated in the Russian Federation or any other Russian influence by BaFin at the beginning of the year. VTBE is not itself subject to EU sanctions and has also received licenses from the competent sanctions authorities in the United Kingdom and the United States of America which allow VTBE to carry out transactions in accordance with such licenses.