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Moscow / AFP
Russia’s VTB Bank on Tuesday said it was considering relocating the London office of its investment banking division over Britain’s decision to leave the European Union.
“Relocating from London or maintaining our presence there will depend on how Brexit unfolds,” the group said in a statement.
“Due to Brexit, VTB will be adjusting its activities in London but there is no intention of closing our business there.”
The bank said that the Vienna headquarters of its European sub-holding, which includes operations in Austria, France and Germany, “will continue to operate unchanged”.
British Prime Minister Theresa May has said she intends to start the two-year process of withdrawal from the EU by March 2017.
The June vote to leave the EU sparked fears of a mass exodus of financial institutions from the British capital.
Concern that Britain is heading for a “hard” Brexit from the EU dragged the pound down to 31-year lows against the dollar last week and prompted business leaders to call on May to avoid breaking economic ties.