Change of strategy – RBI still wants to pull out of Russia

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Raiffeisen Bank International (RBI), which has a strong presence in Russia, is narrowing its capabilities in Russia. The focus is on transactions leading to an exit, RBI chief Johann Strobl said Thursday at the bank’s general meeting in Vienna. Specifically, it involves a sale or a spin-off. The institute has so far kept “all options” open regarding Russia, giving the impression that it is sitting out the war in Ukraine and sanctions.

“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 relevant authorities. follow,” Strobl said. In pursuit of these possible transactions, business activities in Russia would be further scaled down, he announced.

Divorce takes time, sale would be fast
Strobl did not mention a timetable for these options. A spin-off would certainly take a few months. A sale can go faster if there is a buyer. In either case, RBI would need a series of regulatory approvals, a buyer who would not be penalized in the event of a sale, and a “special decree” from Russian President Vladimir Putin.

In a spin-off, RBI shareholders would then own two shares, one for RBI ex-Russia and a second for the Russian operations. According to the division law, the second share should be listed on a European stock exchange.

Source: Krone

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