The National Bank of Ukraine (NBU) welcomed the decision of the Austrian group Raiffeisen Bank International (RBI) to sell its “daughter” in Russia. However, the NBU noted that the statement of the Austrian bank does not contain a specific plan. In addition, they added – exit of the group from the Russian market due to the agreement with Sberbank is unacceptable.
This was reported by the press service of the National Bank. “Statement does not contain a clear plan with specific steps and deadlines for their implementationhowever, it may indicate a transition from the search for “strategic options for the future” to the bank’s readiness for a real reduction in business activity in Russia and the implementation of decisions that will lead to the sale or separation or deconsolidation of Raiffeisenbank Russia from the group,” the NBU explained its position.
The Ukrainian regulator noted that they are counting on the efforts of the RBI to exit the Russian market. At the same time, the head of the NBU Andriy Pyshny Appealed to the RBI Supervisory Board and noted the unacceptability of a potential exit of Raiffeisen Bank from Russia through an asset swap with a sanctioned Sberbank in Austria.
At the same time, the NBU reminded that such decisions do not affect the work of Raiffeisen in Ukraine. “Raiffeisen Bank in Ukraine as a systemically important bank contributing to the maintenance of financial stability in the country at the height of the war, has the support of the NBU“, said the regulator.
As reported by GLOBAL HAPPENINGS, according to RBI CEO Johann Strobl, RBI decided to sell the Russian “daughter”. If this fails, she will be removed from the perimeter of the group. However, the group will not completely leave the Russian Federation – so as not to lose the local license.
Earlier, the Russian “daughter” of Raiffeisen Bank International was convicted of providing credit holidays to Russians fighting in Ukraine. In addition, Raiffeisen Bank Russia on its website recognizes the existence of “republics” of the “LPR” and “DPR”, and the bank calls the war in Ukraine a “special operation”.
After that, Raiffeisen Bank got on the radar of the US authorities. In February 2023, the US Department of the Treasury launched an investigation into the bank’s activities in Russia, as well as in the temporarily occupied regions of Ukraine and Syria. This could potentially lead to the imposition of sanctions against the Austrian bank.
Against this background, Raiffeisen limited operations in Russia. In particular, he stopped opening new currency accounts for Russian companies, and also strengthened the conditions for currency transfers for individuals.
Source: Obozrevatel
I am a journalist who writes about economics and business. I have worked in the news industry for over 5 years, most recently as an author at Global Happenings. My work has focused on covering the economy news, and I have written extensively on topics such as unemployment rates, housing prices, and the financial crisis. I am also an avid reader and have been known to write about books that interest me.
