How Russia’s VTB Europe survived a bank run

Frank Hellwig and Miro Zadro

What the managers will do from 2024 is still open.

(Photo: dpa, Imago, VTB [M])

Frankfurt When Miro Zadro looks at his mobile phone at 6:45 a.m. on February 24, the entire display lights up green. “They invaded” is the first WhatsApp message read by the CFO of VTB Bank Europe. “We’ll probably not see each other anymore today,” Zadro tells his wife – and sets off for the office.

A struggle for survival begins for the European subsidiary of the second largest Russian financial institution, which is one of the most exciting stories in the German banking sector in 2022. Zadro faces the most difficult months of his professional life.

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