Raiffeisen Bank International AG (RBI) has concluded the sale of Priorbank JSC to Soven 1 Holding.

CEO Johann Strobl highlighted the importance of this move in reducing risk exposure in Eastern Europe and expressed appreciation to Priorbank's staff for their commitment and service to customers in Belarus since 2003.

The sale is expected to have a negative impact of 5 basis points on the Group's Common Equity Tier 1 ratio, excluding Russia, by the end of 2024. This adjustment is due to the difference between the sale proceeds and the book value of the equity.

Furthermore, the Group will recognize a negative effect of approximately EUR 830 million on its results from discontinued operations. Around EUR 480 million had previously been deducted from Group equity as a result of reclassification of items in other comprehensive income.

The deconsolidation of Priorbank will occur immediately after the completion of the sale.