Bank specialising in German-Russian trade relations fulfils the requirements of the SEPA guidelines enforced from 1 February 2014
VTB Bank (Deutschland) AG is fulfilling the requirements of the SEPA guidelines for the new Single Euro Payments Area which have been in force since 1 February 2014. Cashless transactions like wire transfers and direct debits in EUR from and to other European countries are now just as simple, fast and good value as those made domestically, as the payments are processed in the same way and are standardised across Europe.
Jens Kleinwächter, Head of Global Transaction Banking at VTB Bank (Deutschland) AG comments: "Our customers benefit greatly from the change as specific country-specific regulations no longer have to be taken into account. In the long term, corresponding synergy effects will also be generated. We are delighted to have already made all the necessary adjustments by today. This once again shows that we are able to react quickly and flexibly to new framework conditions, and in doing so provide our customers with the best possible service."
The SEPA switch has posed major challenges for some banks and companies. In order to avoid payment chaos in Europe, the EU Commission therefore decided to ensure a transition period of 6 months stretching from 22 January 2014 to 1 August 2014. During this period, money transfers undertaken by companies and associations may still be made in the previous format.
VTB Bank (Deutschland) AG at a glance
VTB Bank (Deutschland) AG is a commercial and specialized bank for German-Russian trade relations. For over 40 years the bank has been a competent and reliable partner to their clients in helping their business in Russia and the Commonwealth of Independent States (CIS) with advisory and execution services. The bank has an extensive know-how and market-specific expertise, excellent contacts to the Russian market as well as competent staff capable of concrete, fast, focused and flexible solutions to address the needs of corporate customers.
VTB Bank (Deutschland) AG is a member of the VTB Banking Group, which is listed at the stock exchanges in London and Moscow.
VTB Bank is the second largest Russian bank, and it is the largest Foreign Trade Bank of the Russian Federation. It offers not only its own expertise, but also the networking benefits of an internationally active commercial bank.
VTB Bank, measured at its total assets, belongs to the 100 largest banks in the world, and has a geographically unique network of approximately 1,000 branches in Russia, and many offices and subsidiaries in the CIS countries, Europe and the Emerging Markets.
VTB Bank (Deutschland) AG
60325 Frankfurt am Main