MOSCOW — Russia’s state-owned VTB Bank is making plans to move a major investment banking hub out of London due to Britain’s decision to leave the European Union.

VTB deputy president Herbert Moos told the Financial Times newspaper that London will cease to be VTB’s European investment banking hub, saying “we did have bigger plans for the London office, but after Brexit we are scaling them down and building them up elsewhere.”

The newspaper quoted Moos as saying that possible replacement locations include Frankfurt, Paris and Vienna, while some presence in London will be retained.

VTB’s Moscow headquarters said in a statement that the “transfer or retention of the presence in London will depend on the scenario which Brexit follows.”

VTB is Russia’s second-largest bank and is under U.S. and EU sanctions.