VTB applies for UK banking licence, selects core banking system
EXCLUSIVE: Russia’s second largest banking group, VTB, is looking to launch a retail banking business in the UK, Banking Technology understands. The bank has applied for a UK banking licence, to enable it to take retail deposits.
The bank has also selected a core banking system to support its new operations once the licence is granted and business commences. It is understood Sopra Banking Software with its Sopra Banking Platform won the deal (Temenos with its T24 offering was among other contenders).
The solution will be supplied on a hosted basis.
VTB is not new to the UK, the bank has been operating in the country via its multinational investment banking arm, VTB Capital. However, it hasn’t been involved in retail banking.
VTB also made headlines last year when it announced London would not be its European HQ location following Brexit.
Recently, another major banking player, Goldman Sachs, unveiled its intentions to move into the UK retail banking market. The bank is bringing its new digital finance platform – Marcus – to offer savings and deposits products to UK consumers.
Marcus was launched last year in the US. For its technology, it uses Infosys’ Finacle core banking platform.
Check out Banking Technology’s comprehensive list of who’s who in the UK challenger bank space and what technology they are using! Click here to view it.