2024-05-02 16:52:15
Raiffeisenbank will begin exiting the Russian market in the third quarter of 2024 in accordance with the requirements of the European Central Bank (ECB). The boss of Raiffeisen Bank International (RBI), Johan Strobl, announced this on May 2, writing: “Interfax“.
Johan Strobl stressed that the company is not scaling back its operations in Russia very quickly so that the asset retains its sales value. According to him, this is the fastest and most transparent way to leave Russia, and both Russian and foreign partners are interested in purchasing. At the same time, the Russians, Strobl added, are subject to sanctions.
In April, the ECB asked Raiffeisenbank to speed up the process of liquidating its operations in Russia. By 2026, the company’s loan portfolio in the country is expected to shrink by 65%.
Previously it was reported that European banks that did not leave Russia following the outbreak of hostilities in Ukraine, in 2023 received three times more profitthan in 2021, and paid four times more taxes to the country’s budget.
The banks in question are Raiffeisen Bank International (head office in Austria), Unicredit (Italy), ING (Netherlands), Commerzbank (Germany), Deutsche Bank (Germany), Intesa Sanpaolo (Italy) and OTP (Hungary). Raiffeisen Bank is the one that has improved its market position the most, its Russian subsidiary in 2022 in terms of net profit took second place following Sberbank.
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