The Austrian Raiffeisenbank completed the sale of 87.7% of the Belarusian subsidiary Priorbank to the Soven 1 holding from the UAE, it says in a press release on the financial group’s website. Thus, she left the Belarusian market.
Austrian Raiffeisenbank left the Belarusian market
Author: Bogdan Muzychenko
“This is an important step in our commitment to reduce the risks of our presence in Eastern Europe,” said group CEO Johann Strobl. Raiffeisenbank estimated the negative impact of the transaction on consolidated profit at approximately €830 million due to the difference between the sale price and the book value of Priorbank.
In the press service of Priorbank notedthat the change of beneficiary will not affect the work of the credit institution, as well as its interaction with shareholders and clients.
“Priorbank” works in Belarus since 1989. The credit institution became part of Raiffeisenbank in 2003. Austrian financial group reported about plans to sell Priorbank in February 2024.
Since 2022, Raiffeisenbank has also been trying to stop working in the Russian market and is gradually reducing its presence in the country. The sale of the business is complicated, among other things, by the Russian authorities, who fear that a potential buyer may fall under Western sanctions, Bloomberg wrote.
Cover photo: Robson90 /
Source: rb.ru
