Finance
Raiffeisen Slashes Russia Loans, Deposits Due to ECB Pressure
- Customer loans and deposits fall by about 25% in 3Q alone
- Lender cut its 2024 profit target due to Polish provisions
The pace of decline is the first indication of how Raiffeisen and its Russian customers are reacting to the ECB’s order.
Photographer: Milan Jaros/BloombergThis article is for subscribers only.
Raiffeisen Bank International AG slashed the volume of its Russian loans and deposits by about a quarter, after the European Central Bank demanded the lender cut its exposure in the country.
Loans to Russian customers fell by about 23% in the third quarter to less than €4.5 billion ($4.86 billion), the Viennese lender said in a statement Tuesday. Customer deposits fell by 25% to about €11 billion.