The Austrian group Raiffeisen Bank International (RBI) sees progress towards the sale of Russian business; its management is “optimistic”, despite a lot of regulatory approvals both in Russia and the EU. RBI CEO Johann Strobl stated this at a conference call with analysts, Interfax reports.
Strobl reported back in May 2022 that RBI was considering the possibility of selling Raiffeisenbank and had received several proposals. In addition, the group is studying the option of spin-off of Russian assets.
“We are aimed at deconsolidating the Russian bank through the sale or spin-off of the business. We are making good progress on both options. At the previous call, we said that the date of the potential spin-off was December 31, but now it is unlikely. This is because we see perhaps an easier path to deconsolidation through a sale,” the group’s head said, declining to disclose details of the negotiations.
According to the head of the RBI, if the business is sold, the group will need permission from the Bank of Russia and at least three Russian government agencies.
“It’s not a straightforward approach, but we can trust that stakeholders have established relationships with these institutions,” he said.
In Europe, the group will need approval from the ECB and the Austrian regulator.
“It’s too early to say how long it will take. We are still in a fairly optimistic mood,” Strobl said.
Source: Rosbalt
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