` VTB has Accused the Bank of England of not Conforming to the Standards of Fiscal Supervision ‘

#AceFinanceNews – MOSCOW- April 10 – VTB chief Andrei Kostin mentioned “politically motivated” complexities which the Bank of England brings about for the operations of the London-based subsidiary bank VTB Capital.

“Over the recent weeks, we have been experiencing a very strong pressure on the part of the Bank of England with regard to our bank VTB Capital.

This is the only Russian bank with a full license.

Attempts are being made to place demands on us, the demands that are incompatible with the regular supervision practice,” Kostin pointed out in an interview published in the newspaper Izvestia on Thursday.

“We applied to the Central Bank of the Russian Federation (CBRF) in a request to render assistance in talks with the Bank of England, because those demands do not conform to a professional approach. They contain, rather, a large share of political motivation.

All verifications testified to the fact that the bank is reliable and stable and does not bring problems for the UK financial sector.”

The chief of the VTB Group sets hope on the possibility to prove that “this kind of actions with regard to the Russian bank in the UK is not quite compatible with international norms of supervision”.

In response to a question whether VTB plans to seek Russian government’s protection, Kostin said, “We are operating on the territory of another state and in line with UK law which we do not break. I consider that talks through the CBRF will be the most effective.”

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