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Raiffeisen will hardly leave Russia this year — CEO

The exit from the country will require receiving authorizations in Europe and in Russia

VIENNA, November 3. /TASS/. Raiffeisen Bank International will hardly be in time to complete the withdrawal from Russia this year, CEO of the Austrian banking group Johann Strobl said.

"We indicated earlier December 31 as the possible date by which the withdrawal of the group would be implemented but it seems of low probability now," the chief executive said, cited by the ORF web portal.

The bank is considering an option of selling the business in the first instance, Strobl noted. Spin-off of the Russian subsidiary from the group is possible as the second option. The exit from the country will require receiving authorizations in Europe and in Russia. The chief executive found it difficult to indicate the time needed for this process. "Nevertheless, our view of the situation is still optimistic to a greater degree," Strobl added.

Raiffeisen is operating in Russia since 1996.

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