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ECB will drop supervision of Russian VTB Bank's Austrian unit

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ECB will drop supervision of Russian VTB Bank's Austrian unit

The European Central Bank will no longer supervise the Austrian unit of JSC VTB Bank after the Russian state-owned lender merged its European operations into a single subsidiary based in Germany, with branches in France and Austria, Reuters reported.

VTB's merged entity, currently being supervised by German regulators, does not warrant direct supervision of the ECB, the March 3 report said, citing a spokeswoman.