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Raiffeisen Bank International AG has completed the sale of Priorbank JSC to Soven 1 Holding, a transaction initially announced in February 2024. CEO Johann Strobl highlighted the sale as a key move to reduce risk in Eastern Europe, acknowledging the dedication of Priorbank's staff since 2003. The transaction will negatively impact the Group's Common Equity Tier 1 ratio by 5 basis points and result in a loss of approximately EUR 830 million recognized in discontinued operations.
Raiffeisen Bank International AG has completed the sale of Priorbank JSC to Soven 1 Holding, a move aimed at reducing risk in Eastern Europe. The transaction, which was announced in February and signed in September 2024, will negatively impact the Group's Common Equity Tier 1 ratio by 5 basis points and result in a loss of approximately EUR 830 million recognized in discontinued operations. CEO Johann Strobl expressed gratitude to Priorbank's staff for their service since 2003.
Raiffeisen Bank is currently trading at €17.4, showing a neutral short-term technical analysis with a 2.35% increase above the 50-day moving average. Despite challenges in Russia and Belarus, the bank reported a consolidated profit of €1.324 billion in the first half of 2024, with a strong dividend yield of 7.24%, outperforming the industry average. Investor sentiment has fluctuated, with recent discussions on social media reflecting both positive and negative opinions.
Zurich's Paradeplatz flagship store is valued at 180 million francs, contributing to total assets estimated between 250-300 million. Notable fortunes include the Lemann family at 17-18 billion francs, Andrei Melnichenko at 17-18 billion, and the Bertarelli family at 16-17 billion, with significant investments across various sectors.
Soven 1 Holding Limited has acquired an 87.74% stake in Priorbank Open Joint Stock Company from Raiffeisen Bank International AG, marking RBI's complete withdrawal from the Belarusian market. The transaction, finalized on November 28, 2024, received all necessary regulatory approvals and allows Priorbank to operate independently.
Russian food prices are surging, with inflation hitting 8.5% in October, driven by supply shortages and increased production costs linked to the ongoing war in Ukraine. Basic items like butter have seen price hikes of up to 30%, prompting thefts and forcing consumers to downgrade their purchases. Despite the economic strain, public criticism of the government remains muted, as propaganda continues to deflect blame onto "unfriendly" countries.
Global markets reacted sharply to escalating U.S.-Russia tensions, with stocks falling and investors seeking safe-haven assets. Putin"s revised nuclear doctrine expands conditions for nuclear retaliation, coinciding with U.S. support for Ukraine"s use of long-range missiles, raising fears of potential escalation. Oil prices also dipped despite the conflict"s intensifying nature.
Belarusian President Alexander Lukashenko has proposed a coordinated 10% cut in potash production with Russian fertilizer producers to boost market prices. During a meeting with Andrey Rybakov, the new CEO of Belaruskali, he suggested discussions with Russia to implement this reduction.
North Korea's Foreign Minister Choe Son Hui visited Moscow amid reports of Pyongyang deploying about 10,000 troops to support Russia in the Ukraine conflict. Choe expressed North Korea's backing for Russia's military efforts, while concerns grow over potential military technology exchanges that could enhance North Korea's nuclear capabilities.
Serbia's President Aleksandar Vucic adeptly navigates the nation's foreign policy, balancing ties with both the EU and Russia. While benefiting economically from EU investments, Serbia continues to supply Ukraine with weapons indirectly and maintains close cooperation with Moscow, including a recent gas supply contract. Despite EU pressures for democratic reforms, Vucic's administration seeks to leverage its strategic position between East and West.
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