Russian bank VTB intends to withdraw from Serbia

Russia's Vneshtorgbank (VTB) plans to withdraw from the Serbian market, VTB CEO Andrei Kostin announced Thursday.

He told a press conference in Moscow that VTB also intended to leave the markets of India and Vietnam.

- We are considering the possibility of shutting down the business in several locations, including Serbia, India and Vietnam. We have no plans to develop our operations in western Europe - Kostin said and added that VTB "today sees no prospects of pursuing development in that direction".

Kostin noted that the Bank intended to develop business in China and CIS countries.

Russian VTB Bank officially began business activities in Serbia on 16 September 2013, after it acquired a 100-percent stake in Bank of Moscow Belgrade, a member of the VTB group since 2011.

VTB Bank is the second largest bank in Russia and a member of the VTB group.