Raiffeisen Bank International intends to transfer the Russian division to its shareholders – SMI
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Austria’s second largest bank Raiffeisen Bank International (RBI) is taking steps to transfer its profitable Russian division to shareholders. Forbes writes about this with reference to Reuters.
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What is known
The bank is preparing for a spin-off after several months of unsuccessful attempts to find a buyer in order to settle the situation around its Russian business and avoid a complete collapse.
However, this demand faces obstacles, not least from international regulators, sources said.
Raiffeisen is the most important western bank in Russia, it provides the opportunity for Russians to make payments against the background of the growing isolation of Moscow due to the invasion of Ukraine.
Read: ECB puts pressure on Raiffeisen Bank to exit Russia — Reuters
A representative of Raiffeisen stated that the bank “will continue to work on potential transactions that may lead to the sale or separation of Raiffeisenbank Russia.”
While the department enjoys broad support from the Austrian authorities, it faces obstacles, including obtaining approval from the European Central Bank (ECB) and the United States, which are investigating the RBI’s ties to Russia.
If the separation goes ahead, it could make the owners of the RBI shareholders of a new company registered in Vienna.
Read also: NAPK included Raiffeisen Bank in the list of sponsors of the war
It remains unclear whether the organization will be truly independent of the RBI, which is the deciding factor for whether it should be under the supervision of Austria or the ECB.
Let’s remind
Earlier, the Ministry of Finance wrote that the Austrian Raiffeisen Bank International (RBI) closed the correspondent accounts of all Russian banks, with the exception of its own Russian “daughter”, the local Raiffeisenbank.
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Source: Ministry of Finance
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