UNIQA Group and RBI sell their shares in the Russian subsidiary Raiffeisen Life
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Austrian banking group Raiffeisen Bank International (RBI) is selling a 25% stake in its Russian subsidiary, Raiffeisen Life Insurance Company. Also, the Austrian insurance company UNIQA Insurance Group is selling its 75% stake in Raiffeisen Life, follows from the financial statement. reporting groups for the first half of 2023. According to the company’s announcement, RBI and UNIQA have reached an agreement to sell their shares in Raiffeisen Life to the Russian insurance company Renaissance Life.
The deal has yet to be officially approved. The amount of the transaction is not specified.
UNIQA board member Wolfgang Kindl, quoted in a press release, noted that the company has practically stopped new business operations in Russia, and also refused further investments. “Working together with our partner Raiffeisenbank, last year we considered all available options. We are now taking the last logical step by selling our Russian subsidiary, which accounts for less than 1% of the group’s revenue and therefore plays a minor role in our portfolio. This means that we are leaving Russia,” he said.
The press service of “Renaissance Life” reported Frank Mediathat they are “interested in acquisitions of companies in the Russian insurance market that create additional value for our shareholders.” However, they refused to comment on the information about the above transaction, because “it has not yet been completed.”
In March, the European Central Bank demanded from RBI to close its business in Russia. The group has vowed to curtail business activity in the country and has announced plans to sell the Russian division or remove it from the group’s structure. In May, Reuters, citing sources reported about RBI’s plans to transfer its Russian division – Raiffeisenbank – to shareholders.
In early August, RBI chief Johann Strobl declared about changing the terms of withdrawal from Russia. The allocation of local business was postponed to December. Earlier it was about the end of September. According to the head of the Austrian group, it is now at the stage of “an informal study of the possibility of approval” by the Russian authorities of the company’s decision.
More details – in the material “Kommersant FM” “Leaving added hassle”.
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