VTB Bank Attracts 1 Billion Euros in German Deposits, FTD Says

VTB Bank OJSC attracted more than 1 billion euros ($1.3 billion) in deposits from German savers, the Financial Times Deutschland reported, citing unidentified persons in the financial industry.

VTB Bank’s German unit is led by the same managers who ran Icelandic bank Kaupthing’s German subsidiary before its Sept. 2008 bankruptcy, the FTD said. VTB now has almost three times as many customers and deposits in Germany as Kaupthing did, according to the newspaper.

To contact the reporter on this story: Alex Webb in Frankfurt at awebb25@bloomberg.net.

To contact the editor responsible for this story: Chad Thomas at cthomas16@bloomberg.net.

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