VTB’s announcement

13 september 2017

We would like to clarify VTB’s position regarding its European Sub-Holding following several confusing publications in media.

Some media misinterpreted Mr. Kostin’s comments in his interview for a Russian news agency. In fact, he said that in its European operations VTB plans to conduct its activities through a single-license scheme.

This type of scheme has previously been approved by ECB and fully adheres to EU’s regulations. Mr. Kostin did not mean that ECB has already granted final approval to VTB to get the single license.