Raiffeisen’s Russia Deal Leads to Exec Who Worked for Sanctioned Tycoon
- Lender plans to repatriate profits in complex share deal
- The many roles of one executive involved raises questions
A branch of Raiffeisen Bank International AG bank.
Photographer: Oliver Bunic/BloombergThis article is for subscribers only.
Raiffeisen Bank International AG says it may finally have a way to move some of its assets out of Russia. What it hasn’t explained is why the complex, €1.5 billion ($1.7 billion) string of transactions ends up with an executive who has a long history working for companies of a now-sanctioned tycoon.
Raiffeisen said on Tuesday that its Russian unit agreed to buy an almost 28% stake in Austrian builder Strabag SE that was until recently held by sanctioned businessman Oleg Deripaska. It then plans to transfer the holding to the parent in Vienna as a dividend in kind.