This content is not available in your region

Russian bank VTB sells its U.S. business to its executives

Access to the comments Comments
Russian bank VTB sells its U.S. business to its executives
FILE PHOTO: The logo of Russian bank VTB is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. REUTERS/Sergei Karpukhin/File Photo   -   Copyright  Sergei Karpukhin(Reuters)
Text size Aa Aa

MOSCOW (Reuters) – VTB <VTBR.MM>, Russia’s second biggest bank, said on Monday it had sold its New York-based business, VTB Capital Inc., to its executives, citing geopolitics as one of the reasons for the deal.

The business, now called Xtellus Capital Partners, will provide brokerage services to VTB, allowing it to continue providing clients with products on the equity and fixed income markets in the United States.

“Given the current geopolitical situation such a change … is the most appropriate way to continue servicing our Russian and global clients,” VTB said. Following the deal, which closed on Aug 31, there will be no direct VTB’s presence in the United States.

(Reporting by Tatiana Voronova; Writing by Katya Golubkova. Editing by Jane Merriman)

euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on for a limited time.