Raiffeisen Bank International (RBI) and the insurance group UNIQA say goodbye to their Russian insurance subsidiary Raiffeisen Life.
As the two companies announced on Thursday, an agreement had been reached to sell the joint venture with Russian insurance company Renaissance Life.
Silence on purchase price
The deal has yet to be officially approved. It was agreed not to disclose the purchase price.
UNIQA thereby completes a full withdrawal from Russia. The insurance company owns 75 percent of the shares in Raiffeisen Life and RBI 25 percent.
The bank is under intense pressure from investors, banking regulators and US sanctions officials because of its Russian operations, which rake in billions in profits (see chart above) and are the largest earner. Since the outbreak of war in Ukraine in February 2022, the possible options, which were limited to a sale or a spin-off in the spring, have been examined.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
