Raiffeisen to exit its Russian subsidiary

EPA-EFE/YURI KOCHETKOV

Raiffeisen Bank International AG has decided to exit its Russian subsidiary either by withdrawing from it or selling its stake in it, Chief Executive Officer (CEO) Johann Strobl Chief told Der Standard on Thursday.

"We have decided to review potential transactions leading to a sale or spin-off of Raiffeisenbank Russia and its deconsolidation from RBI Group in full compliance with local and international laws and regulations and in consultation with the relevant authorities to follow up," Strobl stated following the executive board's meeting.

Strobl added Raiffeisen will minimize its activities in Russia until a final decision is made.

Baha Breaking News (BBN) / JR