Austrian company Raiffeisen Bank International has sold shares of the Belarusian bank Priorbank to an investor from the United Arab Emirates – the company SOVEN 1 Holding Limited. Details are published on the bank’s website.
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The deal still needs to be approved by regulators and is likely to close in the fourth quarter of 2024. RBI has signed an agreement to sell its 87.74% stake. Following this, RBI will exit the Belarusian market and de-risk its operations in line with its strategy to operate in Eastern Europe.
The transaction, the company said, could result in losses of 300 million euros due to the difference between the sale price and the book value of Priorbank. When it is closed, the negative impact on consolidated profits could amount to 500 million euros. The bank stressed that the sale will have no impact on regulatory capital or capital adequacy ratios.
Priorbank has been operating in Belarus since late 1989, and in 2003 it became part of the RBI Group. It is one of the largest Belarusian banks in terms of assets.
At the end of July, T-Bank Group bought controlling shares in Qiwi’s factoring business. The 51% stakes were purchased from ROVI Factoring Plus LLC and ROVI Technologies LLC.
Author:
Nikolai Tikhonov
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
