Raiffeisen Bank’s subsidiary may stop activity in Russia

Austrian Raiffeisen Bank International (RBI) is considering all possible options for the future of its Russian subsidiary, Raiffeisenbank.

In particular, the bank assumes gradual withdrawal of its capital, RBI said in a new report "Preliminary results of 2022", according to Lenta.Ru.

According to the document, there is no need for recapitalisation, while the loan portfolio in Russia is expected to remain at the current level in the future.

Raiffeisen also noted that its net profit amounted to 3.8 billion euros ($4.1 billion) in late 2022, while more than a half was brought by the Russian subsidiary, which earned two billion euros ($2.1 billion). Raiffeisenbank showed the best quarterly result since 2011 in the second quarter of the year, when profit after taxes reached 523 million euros ($571 million).