VTB denies reports it is liquidating its trading division
MOSCOW. Sept 21 (Interfax) - VTB is denying media reports that it is liquidating its trading division.
"Today there appeared in the media a report that the VTB group has decided to liquidate its principal equity desk. This report is untrue," the company said in a statement.
The VTB group has decided to close out a number of stock positions that make up its principal book, that is, investments made calculated on long-term growth of fundamental stock value, the bank said.
During a conference call on Thursday devoted to VTB's International Financial Reporting Standards (IFRS) results, company representatives said that the bank had incurred losses of 9.6 billion rubles from its stock positions in H1.
VTB ended H1 2012 in 2nd place by assets on the Interfax-100 ranking of Russian bank size.
