Raiffeisen Bank management has discussed withdrawal from Russia

According to RBI CEO Johann Strobl, the bank is considering various options for exiting Russia. According to him, Raiffeisen earns enough profit even without the Russian segment.

On the morning of 30 March, a general meeting of shareholders of Raiffeisen Bank International (RBI) was held at the Hilton Hotel in Vienna. The sale of assets in Russia was discussed. This was reported by Der Standard.

It is reported that the chairman of the supervisory board, Erwin Haseder, called the bank’s accusations that it wants to enrich itself through the war in Ukraine absurd. The decision on how to proceed with the Russian assets was complicated. Particularly because of the fact that a certain amount would go into the Russian budget if sold.

RBI head Johann Strobl said options were being considered to sell the assets and withdraw the transactions.

“We have decided to review potential transactions leading to a sale or spin-off of Raiffeisenbank Russia and its deconsolidation from RBI Group in full compliance with local and international laws and regulations and in consultation with the relevant authorities to follow up”

He added that with these deals, business activity in Russia would be further reduced. He also noted that the bank is making good profits even without the Russian financial market.

According to media, Strobl did not give a specific timeline as to when the sale or divestment deals would be completed. However, in both cases, RBI would reportedly need a number of regulatory approvals, as well as a buyer who is not subject to sanctions and a “special decision” from Russian President Vladimir Putin.

Image: @Underdogua / Dante Alighieroo.

The publication writes that during the RBI shareholder meeting, local activists staged a protest in front of the Hilton hotel. They demanded that they “stop financing” the war in Ukraine.

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