Image: HERBERT PFARRHOFER (APA)
The focus is on transactions that lead to an exit, said RBI boss Johann Strobl on Thursday at the bank’s general meeting in Vienna. Specifically, it is about a sale or a spin-off. So far, the institute has held its own in relation to Russia “all options” openly, which gave the impression that they wanted to sit out the Ukraine war and the sanctions.
Activities are further reduced
“We have decided to review potential transactions leading to a sale or spin-off of Raiffeisenbank Russia and its deconsolidation from RBI Group in full compliance with local and international laws and regulations and in consultation with the relevant competent authorities to follow up”, said Strobel. While pursuing these possible transactions, business activities in Russia would be further reduced, he announced.
Two options
Strobl did not name a timetable for these options. A spin-off would take at least a few months. A sale could go faster if there is a buyer. In both cases, RBI would need a number of regulatory approvals, and in the case of a sale, an unsanctioned buyer and a “special decision” by Russian President Vladimir Putin.
In a spin-off, RBI shareholders would then own two shares, one for RBI ex-Russia and a second for the Russia business. According to the demerger law, the second share would have to be listed on a European stock exchange.
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