MOSCOW, May 19 – Russia's VTB says it is ready to sell a subsidiary bank in Ukraine if interesting offers appear.

VTB head Andrei Kostin said on Tuesday, speaking in London, that the group is facing large losses in its Ukraine business.

"I think that if we had a change we likely would sell this business than develop it," Kostin said.

The press service of VTB said that the bank had to create large reserves, as a large volume of credits were not returned in Ukraine.