Priorbank

Priorbank OJSC (a member of the Raiffeisen Bank International (RBI) banking group) is one of the largest banks in the Republic of Belarus, has existed since 1989 and has an extensive network of branches in many cities. The bank is the largest private universal bank providing a wide range of financial services of the highest quality to both individuals and legal entities, as well as individual entrepreneurs: deposits, loans, bank plastic cards, money transfers, guarantees, guarantees, factoring, leasing, treasury and investment banking operations, cash and settlement services, etc.

Aktivs

The largest banks in Belarus in terms of assets for August 2020

History

2024: Soven 1 Holding Limited buys Priorbank

On February 14, 2024, the Austrian financial holding Raiffeisen Bank International AG (RBI) announced the sale of the Belarusian Priorbank to the company from the United Arab Emirates (UAE) Soven 1 Holding Limited. Financial and other parameters of the agreement are not disclosed. It is only known that we are talking about the transfer of an 87.74% stake in Priorbank, which was owned by RBI.

It follows from the press release of the Austrian group that as a result of the transaction with Soven 1 Holding Limited, RBI will actually leave the Belarusian market. As part of this procedure, the subsidiary structure of Priorbank will be sold, including Raiffeisen-Leasing, which is mainly engaged in leasing cars and real estate.

source = Priorbank

At the same time, the message indicates that the conclusion of this transaction will also lead to losses for the group in the amount of 225 million euros due to the difference between the acquisition price and the book value of Priorbank's capital. Also, at the time of closing the transaction, the negative impact on the consolidated profit of the RBI group may be at the level of 450 million euros. This may be a result of reclassification of losses, noted in the RBI message. According to Belarusian media, Priorbank employees have already been informed about the upcoming sale of the company.

Data on the impending sale of a stake in Raiffeisen in Priorbank has repeatedly appeared in the press. Thus, Der Standart reported on a possible deal in which Russian and Belarusian assets could be transferred to Sberbank. However, Raiffeisen denied these rumors and called them "theoretical fabrications."

In addition to subsidiaries in Russia and Belarus, Raiffeisen has banking divisions in various European countries by early February 2024, including Albania, Bosnia and Herzegovina, Croatia, Czech Republic, Hungary, Serbia and others.^[1]

2022: KGB detains Sergei Kostyuchenko's bank board

In Belarus, in March 2022, the KGB detained the board of Priorbank. The reason was called "ongoing proceedings."