Austria's Raiffeisen Bank Announces Decision To Sell Russian Subsidiary

Austrian Raiffeisen Bank International (RBI) has made the decision to sell its Russian subsidiary or spin it off from the group after its general shareholders meeting on Thursday, RBI CEO Johann Strobl said in the press release

VIENNA (UrduPoint News / Sputnik - 30th March, 2023) Austrian Raiffeisen Bank International (RBI) has made the decision to sell its Russian subsidiary or spin it off from the group after its general shareholders meeting on Thursday, RBI CEO Johann Strobl said in the press release.

"The RBI Group will continue to progress potential transactions which would result in the sale or spin-off of Raiffeisenbank Russia and deconsolidation of Raiffeisenbank Russia from the RBI Group, in full compliance with local and international laws and regulation and in consultation with the relevant competent authorities," the press release of the bank reads.

No dates or time frames have been yet mentioned. The bank would have to obtain the Russian authorities' permission to sell its subsidiary, and in the case of a potential spin-off, the shares would have to be separated as well, resulting in the bank's shareholders owning both Raiffeisenbank International and Raiffeisenbank Russia shares.

The latter would then have to be listed on one of the European stock exchange markets.

Raiffeisenbank Russia has been active in Russia since 1996 as a subsidiary of the RBI Group, one of the largest banking groups in Austria. Earlier this March, Austrian Foreign Minister Alexander Schallenberg said that the bank had to make an independent decision on the continuation of its activities in Russia under the Western sanctions. He noted that Raiffeisenbank Russia is used by many Western countries and companies for the financing of their ongoing operations in Russia.