Raiffeisen announced the search for options for the "daughter" after the requirements of the ECB

Raiffeisen Bank International (RBI) continues to explore various options for the future of its Russian "daughter" after reports of demands from the European Central Bank to leave RUSSIA. The bank reported this to RIA Novosti.

"RBI is exploring all strategic options for the future of Raiffeisenbank Russia, up to and including an elaborate exit from the bank," the bank said. The organization added that this process is complicated, among other things, by the restrictions imposed by Russia.

The fact that the European banking regulator is putting pressure on Raiffeisen was reported by REUTERS, citing sources.

According to the agency, the pressure began after a visit to Vienna by a senior US official involved in sanctions. He expressed concern about the company's business in Russia. While the ECB does not require Raiffeisen to exit the Russian market immediately, it does need an action plan to wind down the business, two sources told Reuters. One of them said the plan could include the sale or closure of the Russian subsidiary.

In January, US sanctions officials launched an investigation into RBI and its Russian businesses. The bank then told Reuters it had received a request from the US Treasury Department's Office of Foreign Assets Control to "clarify the payments business and related processes supported by the RBI in light of recent developments related to Russia and Ukraine."

Raiffeisen Bank International is the largest Austrian bank. Austrian Foreign Minister Alexander Schallenberg said that the company itself should decide on its withdrawal from Russia. He clarified that “so far the bank has acted prudently, waiting for how the situation will develop further until all scenarios are considered.”

2022 proved to be the most profitable year for RBI due to the Russian market. Raiffeisenbank's net income more than quadrupled to €2 billion from €474 million in 2021. The profit of the entire group after taxes in 2022 amounted to €3.8 billion. Thus, the Russian business brought RBI more than half of net profit (54%).