Russia’s Vnesheconombank, or VEB, is giving up efforts to sell its Ukraine subsidiary, Prominvestbank, or PIB
Tuesday, August 14, 2018

Russia’s Vnesheconombank, or VEB, is giving up efforts to sell its Ukraine subsidiary, Prominvestbank, or PIB

Russia’s Vnesheconombank, or VEB, is giving up efforts to sell its Ukraine subsidiary, Prominvestbank, or PIB, Kommersant business newspaper reports from Moscow. Kommersant cites a VEB official who blames the National Bank of Ukraine for blocking a sale to Ukrainian investors. A final decision will be made in November by VEB, which faces a $190 million loss in the closure. As of June, PIB was the 15th largest bank in Ukraine with $645 million in assets. In March 2017, Kyiv imposed sanctions on Ukrainian subsidiaries of Russian state-owned banks, including PIB, Sberbank, VTB Bank and BM Bank, banning movement of capital to head offices in Moscow.

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