Employees in Zug working for Russia's second-biggest lender await the imminent closure of its Swiss business.
VTB Bank, Russia’s second-biggest lender, is closing down its business in Zug as it pulls out of Europe, the «Financial Times» (behind paywall) reported Sunday, citing people familiar.
The Russian bank which employs 60 people in Switzerland runs its commodities trading business out of Zug, the report said. The Zug office was not reachable for comment.
The move comes after the bank had its assets frozen as well as being among seven banks due to be excluded from the global payment network Swift, coming Saturday.
Other European business units affected are its investment banking operation in London and its retail bank in Germany.
