Russia's VTB Bank leaves Georgia

Russia's VTB Bank, which was sanctioned, is leaving the Georgian market, President and Chairman of the Bank's Management Board, Andrey Kostin, told Interfax, Report informs.

According to him, the bank decided to leave only Georgia: "VTB continues to operate in Azerbaijan, Armenia, Belarus, Kazakhstan, China, and India. We see prospects for the development of our business in these countries. We are leaving only Georgia. The situation in this country is a bit different."

The Georgian branch of VTB Bank was deprived of the right to serve individuals, borrowers, and depositories after Western countries imposed financial sanctions on Russia over the war in Ukraine. The bank's retail loan and deposit portfolios were transferred to BasisBank, and the service portfolio for legal entities - to Liberty Bank.