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Austria’s Raiffeisen opts to sell or spin off Russian banking subsidiary — newspaper

The head of the banking group did not reveal the expected timing for implementing any such deal

VIENNA, March 30. /TASS/. Austrian banking group Raiffeisen Bank International (RBI) decided to sell or spin off its Russian subsidiary at its general shareholders meeting, Der Standart newspaper reported on Thursday, citing a statement by RBI head Johann Strobl.

"RBI will pursue potential transactions that could lead to the sale or spin-off of Raiffeisenbank Russia and its deconsolidation from the RBI group in full compliance with local and international laws and regulations, as well as in consultation with the relevant authorities," Strobl stressed.

The head of the banking group did not reveal the expected timing for implementing any such deal. To execute any sale or spin-off of the Russian subsidiary, RBI would have to obtain a green-light from the Russian side. In case of a spin-off of the Russian entity, Raiffeisenbank, shares in Raiffeisen would be split. Shareholders would end up holding securities in RBI and shares in the group's Russian branch, which, moreover, would have to be listed on a European bourse.

On March 23, Reuters reported that the European Central Bank (ECB) was pressuring Raiffeisen to unwind its highly profitable business in Russia due to US concerns. The regulator is seeking to obtain an action plan for unwinding the business from the Austrian banking group, Reuters wrote, citing sources. The agency added that such a plan could include the sale or closure of the Austrian group’s Russian subsidiary bank.

"Raiffeisen, however, does not intend to present such a plan yet, the source said, and some Austrian government officials see the move as unwarranted foreign meddling," Reuters wrote.

Raiffeisen Bank has been operating in Russia since 1996 and is a subsidiary of Raiffeisen Bank International AG, one of Austria’s largest banking groups. In March, Austrian Minister for European and Foreign Affairs Alexander Schallenberg said that Raiffeisen Bank International should decide independently on the potential continuation of its operations in Russia amid Western sanctions. He noted that many Western countries and companies are clients of Raiffeisenbank and rely on the bank’s services to finance their day-to-day activities in Russia.

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