Raiffeisen Bank International (RBI), Austria's largest foreign-owned bank operating in Russia, plans to significantly reduce its business in Russia following directives from the European Central Bank and pressure from Ukraine. According to RBI's CEO Johann Strobl, the bank will begin its exit from Russia in the summer of 2024, aiming to cut its loan volumes in the country to about 2.2 billion euros. This decision comes amidst RBI reporting a profit of 326 million euros from its Russian operations in the first quarter of 2024, which accounted for about 45% of its total profit and marked an 8.2% increase from 2023. The profitability of RBI's Russian operations stood at 29.1%.
Top EU bank sets timescale for promised Russia exit https://t.co/ycjVGZVTZT https://t.co/W3on2v9BkR
Ru business news 3/May/2024: Raiffeisen Bank International's profit in Russia for Q1 2024 reached 326 million Euro which is 8,2% higher than in 2023. The share of Russia when it comes to RBI's profit is 45%. Its profitability in Russia is at 29,1% https://t.co/IbKdE5Z6VO
Meduza: "Raiffeisen Bank International is preparing to order a 65% reduction of its loan book in Russia, where it operates the largest foreign-owned bank. That would mean cutting loan volumes in the country to about 2.2 billion euros ($2.4 billion)." Do so!
⚡️Austria's Raiffeisen Bank International (RBI) is making plans to begin its exit from the country in the summer of 2024, Russian media reported on May 3, citing the company's chairman, Johann Strobl. https://t.co/ELZqhdzoPf
March 2022, Raiffeisen CEO, Johann Strobl: "All of you must understand we are not walking away from Russia". He kept his word and in the first quarter of 2024, about half of Raiffeisen Bank’s net income came from operations in Russia and Belarus. Sanction Raiffeisen! https://t.co/pYrTC341ga
The head of Raiffeisen Bank International, Johan Strobl, said that in the third quarter of 2024 the banking group will begin to comply with the European Central Bank order to significantly reduce its business in Russia. Previously Ukraine had put Raiffeisen on the 'sponsors of… https://t.co/S4HhBwAMLs
In today's Brussels Edition, Russia's largest foreign-owned bank can't get its profit out https://t.co/jSCW8YYflg