Raiffeisen Assessing Options for Raiffeisenbank Russia Including Market Exit
March 17 2022 - 5:06AM
Dow Jones News
By Sarah Sloat
Austria's Raiffeisen Bank International AG is assessing all
strategic options for its Raiffeisenbank Russia unit in light of
Russia's invasion of Ukraine, the bank said Thursday.
Raiffeisen is "assessing all strategic options for the future of
Raiffeisenbank Russia, up to and including a carefully managed exit
from Raiffeisenbank in Russia," Chief Executive Johann Strobl
said.
Raiffeisen is one of the European banks most exposed to the
conflict in Ukraine. As previously reported, it made 33% of its
pretax profit in Russia last year. Ukraine accounted for another
8.4% of 2021 pretax profit.
Earlier in March the bank suspended its dividend, citing the
impact of the war on its operations. It had also suspeneded new
lending in Russia and Ukraine.
Write to Sarah Sloat at sarah.sloat@wsj.com
(END) Dow Jones Newswires
March 17, 2022 04:51 ET (08:51 GMT)
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