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Report: VTB to sell Serbian subsidiary to Central Europe-based buyer

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Report: VTB to sell Serbian subsidiary to Central Europe-based buyer

VTB Bank PJSC CEO Andrey Kostin said the Russian lender plans to sell Serbian subsidiary VTB Banka a.d. Beograd to an investor from Central Europe, news agency TASS reported July 4.

The value of the upcoming transaction will not exceed €10 million, according to the executive.

VTB Bank's supervisory board recently decided to divest the lender's 100% stake in the Serbian unit, but it did not provide any details regarding the potential buyer.

The Czech Republic-based PPF Group, which has been active in the region, is not involved in the transaction with VTB, SEENews reported July 6, citing the company's spokesperson. The Serbian unit of Hungary's OTP Bank Nyrt., which has been pursuing acquisition opportunities in Southeast Europe, declined to say whether it was in touch with VTB regarding a potential deal, but noted that OTP continually eyes acquisition opportunities in the region, especially in countries where it is already present.

Kostin also said that VTB was involved in difficult negotiations with the Russian central bank regarding the acquisition of Vozrozhdenie Bank and that a decision on the purchase would be taken in the coming days, TASS noted. The executive confirmed VTB's interest in Vozrozhdenie in June, saying at the time that the transaction could be completed in the third quarter.