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RBI: US Asking Questions Over Russian Asset Swap

FINANCIALS

Raiffeisen (RBI AV) still awaiting approval for Russian asset swap.


  • RBI announced on 20-Dec-23 that it was undertaking an asset swap with Oleg Deripaska to exit Russia in exchange for his (27.78%) stake in Strabag (STR AV). Need clearance from Kremlin as well as Euro regulators and US OFAC has submitted a request for information.
  • RBI results this morning missed expectations (net profit EUR272m vs. est: 321m) which looks to be tax-based. RBI beat at pre-tax level, but the group ex-Russia/Belarus was unprofitable.
  • CEO indicated the bank is awaiting approval for the deal which would improve CET1 by as much as 120bp but still a “high probability” it will happen.

The equity is 7% lower this morning; we assume fears of OFAC and wider non-approval of the deal. RBI’s cash curve is relatively illiquid (for a bank, at least) but what moves we can see have all been tighter YTD and over the last week (up to -9bp) which does not correlate well with this equity move, we feel.

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