Investors demand Raiffeisen Bank decide on further work in Russia

29 March, 12:01 PM
Raiffeisen Bank continues to work on the Russian market (Photo:REUTERS/Leonhard Foeger)

Raiffeisen Bank continues to work on the Russian market (Photo:REUTERS/Leonhard Foeger)

Austria’s Association of Investors (IVA) has demanded that Raiffeisen Bank International (RBI) make clear statements regarding further work on the Russian market, the APA news agency reported on March 29.

A group of investors is expected to discuss this issue with the bank’s representatives on March 30.

“The RBI board must clearly articulate its strategy for Russia at the annual shareholders’ meeting: either exit from Russia on terms acceptable to shareholders, or stay and explain,” said Chairman of the IVA Board Florian Beckermann.

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He believes that the management’s silence “puts the bank in an increasingly dangerous corner for its reputation.

”In case of exit from the Russian market, it will be necessary to hold an extraordinary general meeting of shareholders, Beckermann said.

Ukraine’s National Agency on Corruption Prevention (NACP) added Raiffeisen Bank International on March 23 to the list of international sponsors of war for continuing to operate in Russia and officially recognizing the so-called “people’s republics” of Donetsk and Luhansk through its representative office in Russia.

In 2022, the bank transferred almost five times more money to the Russian budget than in 2021. The bank paid EUR 559 million ($602 million) to the budget of the aggressor state, which is equal to the cost of about 95 Kalibr missiles.

In addition, the U.S. sanctions authority has launched an investigation into Raiffeisen Bank International and its operations in Russia and the temporarily occupied territories of Donbas.

The National Bank of Ukraine noted that the decision by NACP to add Raiffeisen Bank International to the list of international sponsors of war will not have a direct impact on the work of the Ukrainian branch of Raiffeisen Bank, which was confirmed by the Ukrainian branch.

According to Austrian media reports, Raiffeisen Bank International plans to exchange its assets in Russia for Austrian assets of Sberbank of Russia.

The European Central Bank demands that Raiffeisen leave Russia.

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