Raiffeisen Bank International (RBI) is preparing for greater need for discussions with the European Central Bank (ECB). The bank expects a request from the ECB in the near future to reduce its operations in Russia more quickly, as the RBI announced on Thursday in an ad hoc announcement. The bank has been pursuing this goal at its Russian subsidiary AO Raiffeisenbank since February 2022.
Die RBI I know the content of the ECB’s letter, a spokesman for the bank explained the ad hoc announcement: According to this, customer loans would have to decline significantly by 2026 – by up to 65 percent compared to the end of the third quarter of 2023. And that RBI must reduce international payments from Russia accordingly. The latter condition can be met relatively easily. However, it becomes more difficult when it comes to the loan volume if you don’t want to miss out on the outstanding money.
“The requirements proposed by the ECB go well beyond the ECB’s own plans RBI to further reduce their business activities in Russia and could have a negative impact on the company’s sales options RBI with regard to AO Raiffeisenbank,” said the RBI further with.
“The ECB pressure improves the strategic situation of the RBI not,” said Florian Beckermann, board member of the Association for Investors (IVA), in a broadcast on Thursday afternoon. “The relationship between the RBI As is well known, there are conflicts with the ECB, but such a possible reprimand comes as a surprise. “
According to its own statements, the bank has already taken extensive measures to minimize the risks at the Russian subsidiary bank. And she is determined to achieve the deconsolidation of AO Raiffeisenbank, for example by selling the unit. However, this would also require approval from the Russian side, a spokesman noted.
“On the other hand, you have to ask yourself whether the proposed Strabag-Deripaska deal hasn’t sensitized the ECB,” Beckermann pointed out. The bank announced in December that it would acquire 28.5 million shares in the construction group Strabag through its Russian subsidiary and pay it as a dividend in kind RBI wanting to pass on. In order to avoid sanctions, the shares are said to have been traded through a Russian investor.
