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Report: VTB Bank's Ukrainian unit to terminate banking activities

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Report: VTB Bank's Ukrainian unit to terminate banking activities

JSC VTB Bank unit PJSC BM BANK plans to terminate its banking activities, with shareholders set to vote on the matter during a March 19 meeting, Finclub.net reported March 2.

Russian lender VTB earlier said it plans to cease its operations in Ukraine and has been in the process of closing the branches of PJSC VTB BANK, a local lender that it also controls.

The National Security and Defense Council of Ukraine recently extended sanctions on the local units of Russian state-owned banks in March 2017. The sanctions ban the two VTB units, as well as PAO Sberbank of Russia unit PJSC Sberbank and Vnesheconombank unit PSC Prominvestbank, from transferring capital to parents and affiliated parties outside of Ukraine.

The sanctions also targeted Sberbank unit PJSC VS Bank, but that lender is no longer subject to them after it was purchased by Ukrainian businessman Serhiy Tihipko, Finclub.net noted.