29 Mar 2022 15:28

VTB removes brand name from investment, brokerage assets ahead of 'transfer to third parties'

MOSCOW. March 29 (Interfax) - VTB has transferred all its investment divisions, including a brokerage and a management company, to "third parties", the bank's press service told Interfax when explaining the reasons for changing the names of a number of the group's legal entities.

According to Russia's Unified State Register of Legal Entities, in recent days, JSC VTB Capital has been renamed JSC Arovana Capital; VTB Capital Asset Management has been renamed JSC VIM Investments; VTB Capital Broker has been renamed Platform Brokerage Company LLC; VTB Capital Pension Reserve has been renamed Savings Plus LLC; and VTB Alternative Investments has been renamed Alternative Investments LLC.

"These are technical changes related to transferring a number of the group's companies to third parties," VTB's press service said.

To date, no changes in the ownership structure of the said legal entities have been registered in the Unified State Register of Legal Entities.

The United States and Great Britain, respectively, imposed sanctions against VTB at the end of February, thereby forcing the banking brokerage to transfer clients with foreign securities to the accounts to other brokerages.