The Raiffeisen Group postponed the spin-off of the Russian business to the end of 2023
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The Austrian banking group Raiffeisen Bank International (RBI) has moved the date of a possible spin-off (allocation into a separate business) of Russian assets to the end of December. This was announced by the head of the RBI Johann Strobl on a conference call with analysts. The possibility of selling assets in Russia is still being considered, he also said.
“On our last call, we indicated September 30 as the earliest spin-off date, and today this seems unlikely,” said Mr. Strobl (quoted by Interfax). Now the RBI is considering the end of December as a new date for a potential spin-off. He also noted that the group is in the process of “an informal study of the possibility of approval” by the Russian authorities of such a decision.
RBI now expects its loan portfolio, excluding Russia and Belarus, to increase by 2% in 2023. In April-June, the group’s net profit fell to €578 million compared to €1.27 billion a year earlier.
In May, Reuters, citing sources, reported on RBI plans hand over its Russian subsidiary, Raiffeisenbank, to its shareholders. In March, the European Central Bank demanded from the RBI close your business in Russia. The group vowed to cut business activity in the country and stated about plans to sell the Russian division or withdraw it from the group’s structure.
Read more in the publication “b FM” “Raiffeisen Bank International placed a block”.
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