The Austrian bank expects to receive an asset worth 1.1 billion euros, while the loss is less than 30%.
The Austrian Raiffeisen Bank International has found a risky way to reduce the costs of withdrawing its money from Russia. In particular, the bank entered into an agreement with Oleg Deripaska, who is under EU sanctions. This was reported by Reuters on Wednesday, December 20.
The Russian branch of the bank will pay the oligarch 1.5 billion euros in exchange for his 28% stake in the Austrian construction company Strabag. Deripaska’s shares are frozen due to European sanctions. The media said that after this statement, Raiffeisen shares rose by 12%.
The deal appears to be a way to exchange money that would otherwise remain in Russia for a valuable asset. However, this requires the approval of both the Kremlin and Austrian regulators.
The news agency believes that Raiffeisen is paying a high premium of 43% for its stake in Strabag and if it wants to withdraw the same €1.5 billion in cash from Russia, Kremlin rules will force it to agree -according to 50% discount and pay a 10% tax to the Russian government.
The amount of 1.5 billion euros will be reduced to approximately 680 million euros. At the same time, the bank will receive an asset worth 1.1 billion euros, and the loss will be less than 30%.
As you know, the NAPC included the Austrian banking group RaiffeisenBank International in the list of international sponsors of the war for continuing to work on the territory of the aggressor country Russia and for the official recognition of the so-called “DPR” and ” LPR”.
In March 2023, it was reported that Raiffeisen Bank International was seeking to sell or spin off its Russian subsidiary.
However, in July, Raiffeisen Bank International postponed plans to leave the Russian financial market. This happened against the backdrop of the fact that Austria is constantly trying to protect its relations with the Russian Federation. At the beginning of November, plans for the company’s exit from the Russian Federation were again postponed.
Source: korrespondent
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