Austria’s Raiffeisen Bank International, one of Europe’s most exposed banks to Russia, said on Tuesday it would take a nearly 28 percent stake in Austrian construction group Strabag.
The bank said it would acquire the shares through its Russian subsidiary for a cash consideration of 1.510 billion euros ($1.66 billion).
RBI just made a move to decrease its involvement with Russia, according to RBI themselves.
The RBI has been studying a spin-off or sale of its business in the country since Russia’s invasion of Ukraine last year, warning that an exit could take time as the European Central Bank kept up pressure on banks to ease ties with Russia.
The bank said it would continue to work on a sale or spin-off as a standby.
($1 = 0.9112 euros)
Source: Reuters
