RBI wants to buy Addiko Bank, exit from Russia remains an issue

The RBI wants to strengthen its market position in this way Croatia strengthen and also the re-entry into the Slovenian market create. The business in Serbia, Bosnia Herzegovina and Montenegro is to be passed on to the Serbian Alta Group.

“Complex transaction”

RBI-Chef Johann Strobl spoke of a “complex transaction”. Because ownership is unclear, the bank is bound to a number of conditions. This will make further development more difficult, said Strobl.

The planned transaction caused a stir among shareholder representatives Skepticism. In principle, the purchase makes sense because it will strengthen the presence in the Southeast European markets, he said Florian Beckermann from the Investors’ Association (IVA). But he wanted to know why the resale of the business in Serbia was playing into the hands of the competition. Shareholder representatives doubt that the purchase will actually go ahead. The RBI is offering Addiko shareholders almost three euros less than their shares were last worth on the stock exchange.

Part of the strategy to strengthen the market position in core markets is the purchase of the Romanian company announced in March Garanti-Bank. Strobl spoke of an opportunity to acquire customers in addition to organic growth.

Russia question open

The RBI continues to keep the Russian team on its toes AO Raiffeisenbank. Although the bank has significantly reduced its business, the sale of the unwanted subsidiary has not been successful. In this context, the RBI is involved in legal disputes between the Rasperia Tradingthe Russian oligarch Oleg Deripaska was attributed and Strabag was implicated.

RBI supervisory board chairman Erwin Hameseder spoke of a “Sisyphean task”. Strobl once again referred to the permits required for the sale. Not only in Russia, but also by the ECB, the financial market regulator and the US agency OFAC, which enforces sanctions.

Raiffeisen Holding Lower Austria Vienna General Director Michael Höllererwho will replace Strobl at the helm of RBI on July 1, announced that he wanted to push ahead with the exit. The bank also wants to play a leading role in the reconstruction of Ukraine.

Questions and interjections

There were some critical questions and heckling on the topic. Max Hammer from the research organization Banktrackpointed out that the RBI in Russia was also co-financing the country’s war machine with its business. The organization also demonstrated not far from the town hall Attac against the bank’s involvement in Russia.