VTB to wind up Namibia subsidiary
MOSCOW. Feb 7 (Interfax) - VTB will soon wind its subsidiary in Namibia up, the bank says in the prospectus for its share placement.
VTB Capital (Namibia) was set up in 2006 by VTB and Namibia's Capricorn Investment Holding Limited with $6 million capital.
The bank was decapitalized and left with $500,000 in 2009. "Now the situation is such that our clients do not always work in all countries where we have a presence," Vasily Titov, VTB's first deputy chairman, told Interfax.
"Since VTB Capital (Namibia) is not performing any activity, the shareholders are drafting the paperwork for its liquidation," the share prospectus says.
VTB currently owns 50.33% of VTB Capital (Namibia), and Bank Windhoek Holding Limited owns the rest.
VTB also owns 66% of Banco VTB Africa S.A. in Angola, where Banco National de Angola if the other shareholder.