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Raiffeisen unaffected by capital outflow from Russia-CEO
May 22, 2014 / 11:08 AM / 4 years ago

Raiffeisen unaffected by capital outflow from Russia-CEO

VIENNA, May 22 (Reuters) - Raiffeisen Bank International has barely been affected by massive capital outflows from Russia amid Moscow’s political confrontation with the West, Chief Executive Karl Sevelda told Austrian radio in an interview on Thursday.

“That hardly affects us. We assume that lots of this money is Russian money that has flowed abroad. So far we are observing none to little of this outflow,” he said.

Sevelda said RBI had closed 14 of its 84 branches in eastern Ukraine - hotbed of a pro-Russian separatist movement - and had massively curtailed new lending at the rest although they were still conducting business. He said RBI had no plans at this stage to sell branches there, as it had done with branches in the Russian-annexed Crimean peninsula. (Reporting by Michael Shields, editing by William Hardy)

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