Raiffeisen's Stalling Russia Strategy Gets ECB Reality Check [Financial Post (Toronto, Ontario, Canada)]
RAIFFEISEN BK IN UNSP/ADR (RAIFY)
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Source: Financial Post
country suffered another blow as regulators moved to accelerate the wind-down of the business. Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — Raiffeisen Bank International AG's protracted efforts to extract cash from its lucrative Russian unit despite international sanctions against the country suffered another blow as regulators moved to accelerate the wind-down of the business. In a rare escalation, the European Central Bank indicated it plans to order Raiffeisen to cut its Russian loan book by 65% until 2026, far more than what the Viennese lender had planned. Raiffeisen, which operates the largest foreign-owned bank in Russia, said in a statement Thursday that such a request may adversely impact options to sell the unit. Article content Article content The ECB's pressure could dash any hopes by Raiffeisen to exit Russia with money in hand, a balancing act it has pursued for the past two
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