Deals
Raiffeisen CEO Tries to Mollify Coop Owners Over Russia
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Raiffeisen Bank International AG is ready to pull back in Russia and eastern Europe if risks are too high and profits too low, Chief Executive Officer Karl Sevelda told his bank’s cooperative owners through their weekly newspaper.
Raiffeisen, which may have lost more than 500 million euros ($591 million) last year because of the crisis over Ukraine and Russia, is reviewing all of its markets and businesses and will decide about disposals and cutbacks within six months, Sevelda told Raiffeisen-Zeitung in an interview. Raiffeisen is owned by 490 local cooperative banks via eight regional Raiffeisen Landesbanks and Raiffeisen Zentralbank.