The Central Bank revoked Raiffeisenbank’s license to operate as a special depository
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The Bank of Russia revoked Raiffeisenbank’s license to operate as a special depository for investment funds, mutual funds and non-state pension funds. The decision was made on the basis of the bank’s application to renounce the license, as reported on website regulator
The activities of special depositories include monitoring the condition of assets, compliance of their composition and structure with legal requirements, as well as the legality of transactions with assets managed by their clients – managers of mutual investment funds (MUIFs), non-state pension funds (NPFs), as well as insurance companies.
In August 2022, Raiffeisenbank established a new special depository, RBRU Specialized Depository. In November of the same year, the Bank of Russia gave out he is given a license as a professional participant in the securities market to carry out depository activities.
In August, the head of the Austrian group Raiffeisen Bank International (RBI; owner of Raiffeisenbank) Johann Strobl said that RBI had postponed the spin-off of the Russian business or its sale to the end of the year. At the beginning of September Raiffeisenbank applied for registration of a new logo in Russia. The bank cited the need to expand the capabilities of trademarks as the reason for updating the logos.
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