FILE PHOTO: The VTB Group logo is seen through a window of the Imperia Tower on the facade of the Federatsiya (Federation) Tower at the Moscow International Business Center, also known as “Moskva-City”, in Moscow, Russia, on August 5. , 2015. REUTERS/Maxim Zmeyev/File Photo

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March 6 (Reuters) – Russian bank VTB (VTBR.MM) is set to end its European operations after being hit hard by Western sanctions, the Financial Times reported on Sunday.

VTB has an investment banking operation in London and a retail bank in Germany with 160,000 customers, but decided it could not operate outside Russia after its assets were frozen by Western allies, the FT said, citing people familiar with the internal discussions.

Reuters had reported on Wednesday that regulators were bracing for a possible shutdown of the European branch of VTB, Russia’s second-largest bank, amid growing concerns over the impact of Western sanctions on the bank following the invasion of Russia. Ukraine by Russia. Read more

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Reporting by Juby Babu in Bengaluru Editing by Jane Merriman and David Goodman

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