Russian state-owned bank VTB owns subsidiaries in a number of post-Soviet countries. The sanctions imposed by the US yesterday were extended to all the bank's subsidiaries, including VTB Georgia.
As of 4Q2021, VTB Bank Georgia is the fourth largest player in the banking sector in terms of assets (GEL 2.15 billion).
As of 2021, the bank's loan portfolio amounts to 1.55 billion GEL, making it the fifth largest bank.
As of the fourth quarter of 2021, the bank's deposits were GEL 1.56 billion, of which GEL 894 million were term deposits, GEL 227 million were demand deposits, GEL 406 million were current deposits and GEL 37 million were deposits of other banks.
According to the financial report, VTB Bank generated a net profit of GEL 37.8 million in 2021, thus occupying the sixth position in the banking system.
As of 2020 financial report, the bank employed 1,050 people in Georgia.
The bank issued a statement today stating that the bank has sufficient capital to serve its customer liabilities. Regarding liquid funds, VTB Georgia notes that they have developed a plan with the NBG to ensure the bank's liquidity.
"The bank has a chartered capital of 410 million GEL, which is supplemented by subordinated loans of 110 million GEL from the central bank and therefore, VTB Bank has the opportunity, to fully repay the obligations of customers if necessary. As of February 1, the ratio of its total assets to customer funds and deposits of resident banks exceeds 135%, totaling GEL 565 million.
In addition, we would like to note that JSC VTB Bank Georgia, together with the National Bank of Georgia, has developed an action plan in case of imposing sanctions. Accordingly, the Bank prepared to meet these sanctions. At the same time, in case of liquidity needs, the NBG is ready to provide the bank with appropriate resources,” VTB Bank Georgia writes.
