Raiffeisenbank explained the removal of some advertising signs in Moscow

Raiffeisenbank did not renew contracts for the placement of part of outdoor advertising in Moscow in order to reduce recognition. This was reported in the representative office of the bank, writes “RIA News”.

“Based on the current needs to support the bank’s brand recognition, we have decided at this stage not to prolong contracts for the placement of part of the roof structures,” the bank said.

Earlier, signs of Raiffeisenbank began to be removed from some buildings in Moscow, in particular, a large sign of the bank disappeared from the roof of the Russian State Children’s Library on Kaluga Square.

Raiffeisenbank began to reduce its presence in the Russian Federation after the start of the military operation in Ukraine. April 10 bank stopped to connect new customers to the Payroll service package, and in early March, Raiffeisenbank temporarily suspended opening accounts for new corporate clients and opening foreign currency accounts for existing clients. Then the bank explained this decision by a large number of applications for registration of accounts.

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 transactions.

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) in January launched an investigation into the business of the Russian branch of RBI 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 customers, wrote Reuters.