Reuters: Regulatory News: Russia's VTB says will re-examine business in Cyprus if levy enforced

Reuters: Regulatory News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

Russia's VTB says will re-examine business in Cyprus if levy enforced Mar 20th 2013, 07:35 MOSCOW, March 20 | Wed Mar 20, 2013 3:35am EDT MOSCOW, March 20 (Reuters) - VTB, Russia's No. 2 bank, said if a bank deposit levy is enforced in Cyprus it would re-examine its business in the country, adding that any loss from its operations there in a worst-case scenario could be "tens of millions of euros". A levy on bank deposits had been proposed as a condition for a European bailout, although this was overwhelmingly rejected by Cyprus's parliament on Tuesday. Russia has a high level of deposits in Cyprus' banks. VTB's Cyprus subsidiary Russian Commercial Bank is stable and its standalone financial results account for around 3 percent of the group's consolidated net profit, VTB said. VTB companies' deposits and current accounts at RCB and other Cypriot banks amount to around 50 million euros, it said. "We are of course concerned about the situation in Cyprus," VTB said in a statement. "If this proposal is accepted, VTB would be forced to re-examine its business development strategy in Cyprus."

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions