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Raiffeisen Bank International (RBI), the largest Western bank in Russia, is not prepared to exit the Russian market without compensation, according to CEO Johann Strobl. The bank"s Russian subsidiary holds between five and six billion euros in dormant equity, and while RBI is working to reduce its Russian operations, customer deposits have decreased by 26% in the third quarter. Discussions about dividend distribution have occurred, but no immediate funds are expected to flow to Vienna.
Raiffeisen Bank International AG reported mixed figures for Q3, indicating a need for increased provisions in Poland. As of the end of 2023, the banking group managed EUR 119.3 billion in deposits and EUR 99.4 billion in loans, operating through 1,519 agencies across Europe. The net banking product distribution shows 33.7% from Eastern Europe, 28% from Central Europe, 22.8% from South Eastern Europe, and 15.5% from other regions.
Raiffeisen Bank International's CEO, Johann Strobl, stated that the bank is not prepared to exit Russia without receiving compensation. He emphasized that the bank is still in the process of considering divesting its Russian operations, which serve numerous companies in the region.
High interest rates in Russia have increased profits for Austria"s Raiffeisen Bank International (RBI), despite a decline in deposits and credit volume. Customer numbers rose slightly to 3.3 million, but deposits fell to €11 billion and credit volume to €4.5 billion, as the bank tightened conditions, leading to withdrawals. Restrictions on foreign transfers and higher fees have further impacted customer retention.
Goldman Sachs maintains a 'Buy' rating for UBS with a target price of 38.70 francs, while JPMorgan upgrades its rating to 'Overweight' with a target of 31 francs, citing strong quarterly results and effective restructuring. UBS reported a profit of 1.43 billion USD in Q3 2024, exceeding market expectations, despite a slight dip in share price.
Raiffeisen Bank International AG has reduced its Russian loan and deposit volumes by approximately 25% in Q3 2024, following a directive from the European Central Bank (ECB). Loans to Russian customers now stand at €4.5 billion, while deposits have decreased to €11 billion. This decision comes after unsuccessful attempts to sell the unit amid sanctions and regulatory hurdles, with a Russian court recently freezing the unit"s shares, complicating the exit strategy.
Raiffeisen Bank International"s CEO, Johann Strobl, stated that the bank is not prepared to exit Russia without receiving compensation. He emphasized the importance of the bank"s Russian operations, which serve as a crucial payment lifeline for numerous companies in the region.
Europe's competition officials warn that proposed changes to merger rules aimed at creating corporate giants may backfire, potentially harming the economy. While calls for consolidation in sectors like telecoms and banking grow, officials emphasize the need to address regulatory fragmentation rather than relax competition rules. The focus should remain on fostering strong competition to prepare European firms for global challenges.
As the U.S. presidential election approaches, European leaders express concern over its potential impact on the Ukraine war and NATO. Many fear a Trump victory could destabilize transatlantic relations and embolden Russia, while a Harris win is expected to maintain support for Ukraine. Amidst these uncertainties, Europe is implementing measures to cushion Ukraine from possible U.S. aid cuts, including a $50 billion G7 loan to sustain military support.
Raiffeisen Bank International AG has reduced its Russian loans and deposits by approximately 25% following pressure from the European Central Bank. Loans to Russian customers decreased by about 23% to under €4.5 billion, while customer deposits fell by 25% to around €11 billion.
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