Raiffeisen Bank International seeks exit from Russia

Michael Höllerer, CEO of Raiffeisen Bank International (RBI), has reaffirmed the bank's intention to exit the Russian market, stating that maintaining operations there is no longer sustainable in the long term. While Höllerer expressed a desire to exit immediately if the opportunity arose, he noted that a complete withdrawal faces significant hurdles, including the necessity of obtaining various approvals, such as from the Kremlin.

Due to the difficulties surrounding the Russian exit, RBI is currently prioritizing the resolution of a legal dispute with Rasperia, a Russian shareholder of the construction group Strabag. In late September, an Austrian court in Vienna awarded RBI and its Russian subsidiary, AO Raiffeisen, approximately 3.15 billion euros in damages.

RBI intends to claim these damages by accessing Rasperia's assets located in Austria, which include 28.5 million Strabag shares, dividends since the 2021 fiscal year, and a cash distribution from March 2024. These assets are currently frozen due to EU sanctions. If the court ruling is upheld following any potential appeals, RBI may apply to the Financial Market Authority (FMA) to release the assets for liquidation.