Raiffeisenbank International has tightened the conditions for its correspondent accounts in CIS banks – Kommersant

The Austrian banking group Raiffeisenbank International (RBI) has decided to reduce correspondent relations with credit institutions of the CIS countries. The representative of the group told RBC. According to him, the review of the correspondent business led to the fact that the largest bank in Kazakhstan, Halyk Bank, which has correspondent accounts with the RBI, introduced “restrictions on payments related to certain industries.” He clarified that other RBI clients in Kazakhstan did the same.

“RBI is constantly reviewing its correspondent business and is closely monitoring changes in payment and trade flows. Therefore, we decided to adjust our risk appetite also in the CIS region,” said a representative of the banking group. Correspondent accounts are required for making transfers in foreign currencies.

Earlier, Halyk Bank published an updated list of correspondent banks for transfers in euros. RBI is missing from it. However, back in March, the details of Raiffeisenbank International were listed in the list of banks available for such shipments.

At the same time, a representative of Halyk Bank told RBC that this correspondent account is operating normally. According to him, the official website of the credit institution contains the details of not all, but only the main correspondent banks. “The bank independently determines the main correspondent banks from the general list, depending on the business feasibility and commercial conditions for making payments,” he added. The RBI also stressed that both banks “continue a well-established mutual cooperation.”

Raiffeisenbank International has continued to reduce its correspondent network in Russia since the spring of 2022. At the end of March 2023 RBIinformed about the intention to sell or spin off your business in Russia. The bank promised to cut business activity in the country. This process will be expressed in the reduction of the total volume of transactions in foreign currency by Raiffeisenbank, as well as in the slowdown in the rate of issuance of loans. May 5 RBI stopped correspondent relations with all Russian banks, with the exception of its subsidiary in Russia, Raiffeisenbank.

Milena Kostereva