On December 29, 2017, VTB Group completed restructuring of its European operations. VTB Bank (Austria) AG, VTB Bank (Deutschland) AG und VTB Bank (France) SA, were merged into the newly created VTB Bank (Europe) SE, which operates under a single banking license.
The decision to adopt an innovative legal form of SE or Societas Europaea — a company registered in accordance with the corporate law of the European Union, is consistent with VTB strategy in developing Group’s presence in Europe, VTB Group’s commitment to one of the core regions outside of Russia.
With the head office in Frankfurt am Main, the new structure will also include a branch in Vienna. VTB Direktbank will be part of the VTB Bank (Europe) SE. The office in Paris has been closed.
The merger process, including closure of the office in France and the registration of the branch in Austria, has been approved by the European Central Bank and the local regulators.
The reorganisation will lay the groundwork for a strategic realignment by the bank, in which a consistent legal, business and support infrastructure is created. This centralisation will allow the bank to make its entire product portfolio available to all clients across Europe, to attract the best talent to our bank and to optimise the resources. The cost savings of the restructuring will amount to approximately EUR40 mln annually (or approximately 40% of the current cost base). The new setup also enables significant efficiencies in managing liquidity and capital resources.
Yuri Soloviev, First Deputy President and Chairman of VTB Bank Management Board, said: "We are the first Russian banking group and among the first banks in Europe to transform our organisational structure into that of a Societas Europaea or SE. This represents a clear commitment to Europe in general and to Frankfurt as its financial centre in particular. VTB Bank (Europe) SE is a universal bank with a focus on international clients, and we believe the merger will allow us to continue growing in this strategically important to VTB region."