Raiffeisenbank announced the termination of the issuance of new payroll cards in Russia
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As follows from the words of the bank’s representative, the corresponding decision is related to market conditions and is made on the basis of customer preferences. The consulting company Frank RG estimated the share of payroll projects of Raiffeisenbank in Russia at 2% as of 2021. The bank ranked seventh in this indicator.
At the end of March it became known that the Austrian Raiffeisen Bank International (RBI) has decided to sell the Russian business or withdraw it from the group’s perimeter. A post on the bank’s website said it was consulting “with the relevant competent authorities” on possible deals.
In mid-March, the Der Standard newspaper, citing data from the Falter portal, wrote that RBI was considering an option for an asset swap with the Russian Sberbank. The scheme provides that Sberbank will receive RBI assets in Russia, while the Austrian group will receive assets of a Russian bank in Europe. The publication claimed that such a scenario is being developed by Raiffeisen managers, headed by the group’s CEO Johann Strobl.
RBI is considering various options for developing its Russian business amid pressure from the US Treasury and the European Central Bank (ECB) on the credit institution because of its work in the country. In particular, the Office of Foreign Assets Control (OFAC) launched an investigation into the business of the Russian branch of RBI in January and requested information about the bank’s risks in Russia, as well as in the Donbass, Ukraine and Syria, including transactions and activities of certain clients. , wrote Reuters. On March 24, Reuters learned about the ECB’s demand for Raiffeisenbank to leave the Russian market.
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