AO Raiffeisenban, a Russian subsidiary of Raiffeisen Bank International (RBI), has sold its pension fund business (ZAO NPF Raiffeisen) to the Russian BIN Group for an undisclosed sum.
The sale is part of RBI’s overall strategy of reducing risk-weighted assets (RWA) and focusing on core business, and also in light of the ongoing consolidation in this particular sector.
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Following the deal, AO Raiffeisenbank will continue to service ZAO NPF Raiffeisen clients at its branches and will act as a selling agent for pensions.
The sale will result in a one-off gain before tax of around EUR87m for RBI, which will be booked in the fourth quarter of 2015 as well as reduce risk-weighted assets (RWA) by EUR327m.
RBI said that the transaction will also boost its common equity tier 1 ratio (fully loaded) by approximately 20 basis points.
Founded in 2004, ZAO NPF Raiffeisen is a Russian non-state pension fund that manages nearly EUR550m in assets and its asset base has more than quadrupled over the last three years.
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