Raiffeisenbank has postponed its exit from the Russian market. Austria’s Raiffeisen Bank International had planned to arrive by the end of 2023, but “that now looks unlikely,” the RBI governor said. The company is more inclined to sell its business than to spin it off into a separate structure.
Raiffeisenbank does not have time to complete its exit from the Russian market on time. The company had intended to complete the process by the end of 2023, but now “that seems unlikely,” said Raiffeisen Bank international head Johann Strobl.
Strobl noted that the bank is considering both the sale of the Russian business and its separation into a separate structure. According to Strobl, the company is more inclined towards the first option, but to sell the business it is necessary to obtain permission from the Russian and European authorities, which makes the exit process longer.
The Austrian Raiffeisenbank is included in the list of organizations for which share transactions must obtain permission from a government commission. Otherwise, the transaction will be considered void.
In September it became known that Raiffeisen Bank International allowed the name change to Raiffeisenbank after the sale or spin-off.
Author:
Kirill Bilyk
Source: RB
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