Raiffeisen Bank International AG (RBI), one of the largest Austrian banking groups, has completed a deal to sell an 87.74% stake in the Belarusian JSC Priorbank and its subsidiaries to the investment company Soven 1 Holding (UAE). This is reported in a press release from Raiffeisen Bank.
The deal complies with the terms of the agreement signed between the parties in September 2024. According to RBI estimates, the negative impact of the transaction on the consolidated profit of the group will amount to about 830 million euros, of which about 480 million euros is the difference between the sale price and the book value of Priorbank.
RBI CEO Johann Strobl stated that "the deal is an important step towards reducing the risks associated with operations in Eastern Europe" and expressed gratitude to Priorbank employees for participating in the sale process and for serving RBI customers in Belarus since 2003.
The decision to deconsolidate assets came into force on November 29, 2024.
Raiffeisen Bank International is one of the largest Austrian banking groups with headquarters in Vienna (Austria). The company provides services to corporate clients in Austria and controls subsidiary banks in 14 countries of Central and Eastern Europe.
Priorbank is the largest commercial bank in the Belarusian financial market. Priorbank's main owner is Raiffeisen Landesbanken Holding AG (Austria), a subsidiary of Raiffeisen Bank International AG. The headquarters is located in Minsk (Belarus).
Soven 1 Holding is an investment company from the UAE with headquarters in Abu Dhabi.
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