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Russian bank VTB sells US subsidiary to management

Russia's VTB Bank (PJSC) has sold its New York-based unit VTB Capital Inc. to the subsidiary's management.

The business will be renamed Xtellus Capital Partners and will provide brokerage services to VTB Group. There will be no change to VTB's product offerings in the U.S. equity and fixed-income markets.

The bank cited the geopolitical situation as one of the drivers for the move, which ends any direct VTB Group presence in the U.S., Reuters reported Sept. 3. The deal was concluded Aug. 31.