The Austrian Raiffeisenbank has closed the sale of 87.7% of the Belarusian subsidiary Priorbank to the Soven 1 holding company of the United Arab Emirates, according to a press release published on the financial group’s website. Thus it left the Belarusian market.
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“This is an important step in our commitment to de-risk our presence in Eastern Europe,” said Group CEO Johann Strobl. Raiffeisenbank estimated the negative impact of the transaction on consolidated profit at approximately €830 million due to the difference between the sale price and Priorbank’s book value.
Priorbank’s press service noted that the change of beneficiary will not affect the work of the credit institution, nor its interaction with shareholders and clients.
Priorbank has been operating in Belarus since 1989. The credit institution became part of Raiffeisenbank in 2003. The Austrian financial group announced plans to sell Priorbank in February 2024.
From 2022, Raiffeisenbank also intends to stop operating in the Russian market and is gradually reducing its presence in the country. The sale of the business is complicated, among other things, by Russian authorities, who fear that a potential buyer could be hit by Western sanctions, Bloomberg wrote.
Author:
Bogdan Muzychenko
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.
