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Austria’s RBI aims for Russian spin-off by end-2023

By Alexandra Schwarz-Goerlich, Alexander Marrow and Tom Sims

Austria’s Raiffeisen Bank International, the largest Western lender still operating in Russia after its invasion of Ukraine, is aiming for a spin-off of its business there by the end of 2023, its chief executive Johann Strobl said.

The European Central Bank has been pressing RBI to unwind its highly profitable Russian business. And while the Austrian bank has long said it is working on a solution, it has delayed plans to leave Russia, Reuters reported previously.

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