Banking
Posted: 3 months ago

VTB Completed 600 Million Portfolio Migration Process

VTB completed the migration of its 595 million GEL retail portfolio to Basisbank last night and will pay off Liberty on Thursday night before handing over part of the corporate portfolio.
 
According to the parties, Liberty will transfer 300 million GEL to small and medium business portfolios and pawn loans up to 30 million GEL by Friday.
 
In addition, it will prepare large business loans, part of which, as Basisbank has already said, will be taken over by a Chinese Hualing Group bank.
 
After the completion of the transactions, VTB will leave a small part of the corporate loans in the range of 200-300 million GEL and the large capital (GEL 350 million) of the bank will be reduced in this way. The subsidiary of the Russian bank does not know when it will disappear from the Georgian market.
 
In addition to the portfolio, the bank has assets worth more than GEL 70 million, including real estate (according to the NBG method, GEL 71 million in fixed assets and excluding depreciation of intangible assets).