Raiffeisenbank clients withdrew more than 120 billion rubles from their accounts in August before the cancellation of foreign currency transfers announced for September 2. This was reported on Thursday, September 26, reports RBC with reference to the bank’s turnover statement.
According to the publication, balances on legal entities’ accounts (account 407) decreased by 56.2 billion rubles over the month, to 531 billion (a drop of 9.6%), the amount of funds in the accounts of individuals and individual entrepreneurs (account 408) decreased by 64.9 billion rubles to 490.5 billion (a drop of 11.7%) over the same period. The outflow in absolute terms was the highest since May 2023 and amounted to a total of 121.1 billion rubles.
Thus, in August, Raiffeisenbank faced a change in the behavior of key client groups – non-state companies and individuals (balances on account 408 were formed mainly through savings of citizens) – and entered the top 3 in terms of outflow of client funds (only Alfa-Bank and MKB showed a more noticeable reduction in balances on account 407).
Experts interviewed by the publication agreed that the negative dynamics of client funds at Raiffeisenbank is the result of the policy being implemented “to limit the list of clients accepted for service” and changes in the tariff policy.
RBI is trying to leave Russia from 2022. The possible option discussed was exchange its Russian subsidiary for the European assets of Sber or VTB, but no final decision has been made. RBI’s top management attributed the delays to the difficulties the group faces in discussing options and coordinating them with regulators. Being in limbo and under pressure ECB, Raiffeisen Bank gradually curtails activity in Russia.
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