Austrian Raiffeisen Bank International (RBI) will begin to implement its plan to exit the Russian market in the third quarter of 2024. This was announced by banking group chairman Johan Strobl during a conference call. Interfax.
“We are taking a careful approach, trying to preserve the value of the asset so that we can sell it, without reducing our business in Russia too quickly. We are working on the sale of Raiffeisenbank,” Strobl said.
According to him, the RBI sees the sale of Russian enterprises as the fastest and most transparent way to exit the Russian market. Over the past two years the group has received expressions of interest from many Russian and foreign partners.
However, Strobl noted that the bank’s potential Russian buyers are under sanctions.
The RBI has developed a new plan to close jobs in Russia in line with the requirements of the European Central Bank (ECB). In April, the ECB had instructed the RBI to speed up this process. The group’s loan portfolio in the Russian Federation is expected to decrease by 65% by 2026.
The day before Austria warned Raiffeisen from a deal regarding Deripaska.
Previously, Raiffeisenbank denied rumors about possible US sanctions.
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Source: Gazeta
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