August 1, 2014 / 12:47 PM / 3 years ago

Raiffeisen says no big changes to Russia strategy

VIENNA, Aug 1 (Reuters) - Austria’s Raiffeisen Bank International will not make big changes in Russia in response to Western sanctions over Moscow’s role in Ukraine’s political crisis, it said on Friday.

“We are not making any dramatic changes to our corporate strategy and want to keep our corporate business in Russia at the current level,” emerging Europe’s second-biggest lender said in response to a Reuters inquiry.

“Due to the slow growth of the Russian economy we are proceeding cautiously and are following a policy of selective underwriting, with a focus on relationship customers and market leaders,” it said.

“This lending policy is not linked to the sanctions. RBI complies with all applicable sanctions. However, we consider the mechanism of sanctions and counteractions harmful, as they have counter-productive effects to all parties involved,” it said. (Reporting by Michael Shields; Editing by Georgina Prodhan)

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