Austrian Raiffeisen Bank International (RBI) will give up its Russian business. The company plans to sell it or withdraw it from the perimeter of the group. This is said in a statement from the bank’s press service.
The Austrian bank has been studying possible options for the Russian Raiffeisenbank since February, including a complete withdrawal from the Russian market.
“We decided to work through a potential transaction that would result in the sale or spin-off of Russian Raiffeisenbank and its deconsolidation from RBI,” RBI CEO Johann Strobl said.
He said that this transaction will be carried out in accordance with local and international laws and regulations, as well as consultations with the competent authorities.
“We will continue to reduce our business activity in Russia until this potential transaction is completed. At the same time, Russian Raiffeisenbank will continue to conduct some banking operations to comply with the terms of its license. It will continue to support its customers, including those affected by the reduction in business. RBI also has a commitment to take care of all employees in all markets where it operates,” Strobl said. He reminded that Raiffeisenbank has more than 9,000 employees.