World ECR | RBI signs agreement to sell Belarus subsidiary

Austria-based Raiffeisen Bank International (“RBI”) announced the signing of an agreement to sell at a loss an 87.74% stake in its Belarusian subsidiary Priorbank JSC to investors in the United Arab Emirates (“UAE”).

“Upon completion, the transaction is expected to have a negative impact on RBI Group’s consolidated profits of approximately €300 million,” the bank announced in a press release on September 20.

“With the completion of this transaction, the RBI will successfully exit the Belarusian market, thereby reducing its operational complexity, in line with its de-risking strategy in Eastern Europe,” the bank said. Russia, where it remains operational One of the largest Western banks. Most Western banks have withdrawn since Moscow invaded Ukraine in February 2022.

Negotiations to sell Priorbank JSC and its subsidiaries to UAE-based Soven 1 Holding Limited were announced in February.