VTB Bank (Europe) SE suspended as member of the VAB

The Board of Directors of the Association of Foreign Banks in Germany e.V. (VAB) has decided that VTB Bank (Europe) S.E.’s membership rights in the VAB are suspended with immediate effect. In accordance with VAB`s statutes it is planned that the next general meeting will decide on a motion for exclusion of VTB Bank (Europe) S.E. as a member of VAB to be brought by VAB`s Board of Directors.

The basis of membership in the VAB is that the members’ business serves peaceful purposes and their economic interests are promoted in the Federal Republic of Germany. As a Russian bank close to the Russian state, VTB Bank has been subject to sanctions because of Russia’s war of aggression against Ukraine, which will hopefully help to bring this military conflict to a quick end. Against this background, the German subsidiary VTB Bank (Europe) SE, based in Frankfurt am Main, which is itself subject to US sanctions, is grossly violating VAB`s association interests. It is therefore no longer acceptable for the VAB to promote VTB`s interests by having VTB participate in the association. The Board of the VAB has decided that the membership rights of VTB Bank (Europe) SE are suspended with immediate effect until the next general meeting has decided on the exclusion of VTB Bank (Europe) SE as a member of the VAB in accordance with VAB`s Articles of Association. This decision has been communicated to VTB Bank (Europe) SE.