In April 2022, German regulator BaFin said that Russia’s VTB can no longer exercise any control over its European subsidiary in connection with new sanctions. The watchdog shortly after appointed a special representative to help run the European arm of the Russian bank.
In March 2023, an annual meeting of new shareholders decided to liquidate VTB Bank Europe as of April 1, 2023. VTB calls the moves illegal and political.
In November 2023, the former subsidiary changed its name to OWH SE after VTB refused to allow it to operate under the brand.
In February 2024, VTB said that OWH SE denies VTB's right of ownership over the German bank and is demanding the return of dividends since 2013 worth more than 433.8 million euros.