VTB Capital says it has no plans to close New York office

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VTB Capital, Russia’s largest investment bank, said it has no plans to close its office in New York or wind down trading activities.

Bloomberg News reports that VTB Capital 'remains fully committed and properly resourced to service our U.S. clients', Atanas Bostandjiev, Chief Executive Officer of the company’s U.K. and international operations, said in an e-mailed statement.

Two people with knowledge of the matter said earlier this week that the bank was considering cutting most of its New York staff should the U.S. impose additional sanctions over the conflict in Ukraine. The firm also was reviewing whether to wind down trading in New York, the people said, asking not to be identified because a final decision hadn’t been made.

The firm, a unit of VTB Group received a license to trade stocks in the U.S. in 2011 and has the biggest business of any Russian bank on Wall Street.

To access the complete Bloomberg article hit the link below:

VTB Capital of Russia Says No Plan to Close NYC Office

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