Raiffeisen Scraps Russia Plan After Regulatory Scrutiny [BNN Bloomberg (Canada)]
RAIFFEISEN BK IN UNSP/ADR (RAIFY)
NASDAQ:AMEX Investor Relations:
rbinternational.com/ir
Company Research
Source: BNN Bloomberg
The planned transaction would have allowed the Austrian lender to repatriate about €1.5 billion ($1.6 billion) of retained profits from its Russian unit. It involved the purchase of shares in an Austrian construction company that were previously held by sanctioned businessman Oleg Deripaska. “In recent exchanges with the relevant authorities, Raiffeisen Bank International AG has been unable to obtain the required comfort in order to proceed with the proposed transaction,” the Viennese lender said in a statement. “In an abundance of caution, the bank has decided to walk away from the deal.” The proposal had came under scrutiny from regulators who warned Raiffeisen against violating sanctions. The bank runs the largest foreign-owned lender in Russia and has been trying to sell the unit for two years while racking up profits. US regulators indicated earlier that violating sanctions would risk penalties. Germany's Economy Minister was also examining the proposal. Raiffeisen shares
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