FRANKFURT (Reuters) – Austria’s Raiffeisen Bank International, one of the European banks most exposed to Russia, said on Thursday that it was studying a possible withdrawal from the country.
The move is an about-face for the lender, which has operated in Russia since the collapse of the Soviet Union 30 years ago.
Its business there – Russia’s No. 10 bank by assets – contributed almost a third to the group’s net profit of 1.5 billion euros ($1.66 billion) last year.
Since Russia’s invasion of Ukraine last month, banks with operations in Russia have been under pressure as investors fear writedowns, business interruption and slower growth.
“This unprecedented situation leads RBI to consider its position in Russia. We are therefore assessing all strategic options for the future of Raiffeisenbank Russia, up to and including a carefully managed exit from Raiffeisenbank in Russia,” RBI chief executive Johann Strobl said in a statement.
($1 = 0.9046 euros)
(Reporting by Tom Sims; Editing by Maria Sheahan and Miranda Murray)
