Interfax reports this with reference to the VTB press service.

The Russian financial institution reported that it had received notification from OWH SE of actions aimed at depriving VTB of the ownership of its German subsidiary.

“OWH SE denies VTB’s rights to own the German bank, demanding the return of dividends since 2013 in the amount of over €433.8 million by February 29, 2024,” the release says.

As noted in the press service, the German side deliberately hides information about VTB Bank’s compliance with all requirements when purchasing shares of its European subsidiary in order to deprive VTB of its legal shareholder rights.

In November 2023, VTB Bank Europe, which is in liquidation, changed its name to OWH SE.