The Austrian major bank Raiffeisen Bank International – traditionally one of the EU banks with the largest presence in Eurasia – has made a deal to sell its operations in Belarus. The deal means a loss of 800 million euros (corresponding to 9.1 billion kronor).
According to the agreement, Raiffeisen will sell its 88-percent stake in Belarusian Priorbank to Soven 1 Holding from the United Arab Emirates. The transaction is expected to be completed before the end of the year.
No information is provided about what Raiffeisen will receive in payment. However, the group's result will be burdened by a write-down of 800 million euros due to the large difference between the price of the assets and their book value.
The amount is also affected by historical exchange rate losses.
Raiffeisen, headquartered in Vienna, still has operations in Russia. The shares of the Russian subsidiary were halted by a court in Kaliningrad earlier in September.
