Raiffeisen Bank International (RBI) has agreed to sell its 87.74% ownership in Priorbank JSC and its subsidiaries to Soven 1 Holding Limited, concluding the negotiations that started on 14 February 2024.
The transaction is scheduled to close in Q4 2024, after regulatory approvals. At closing, the transaction is anticipated to have a negative effect on the consolidated earnings of the RBI Group of about €300m ($334m), primarily due to the discrepancy between the cost of buying and Priorbank JSC’s book value.
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Due to the equity purchase price difference and previous bank JSC deconsolidation, the RBI Group’s CET1 ratio excluding Russia of roughly -5 basis points.
Furthermore, the deal is likely to have an adverse result on the RBI Group’s consolidated profit by approximately €500m.
This has no impact on the RBI Group’s regulatory capital or capital ratios and is related to the reclassification of primarily historical FX losses that are currently reported in other comprehensive income.
With the finalisation of this deal, RBI will have effectively left the Belarusian market, which will lower its operational complexity and better align with its de-risking strategy in Eastern Europe.
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By GlobalDataPriorbank JSC will function entirely independently under its new ownership.
Company partnerships
Furthermore, Swedish fintech Savr has gained additional investment from Incore Invest, a European investment firm focusing on growth stage.
The strategic investment from Incore will help Savr and its latest offering to now include equities, alongside mutual funds, and with plans to add ETFs.
Since its launch in 2019, Savr has been dedicated to transparency, personalised insights and leading technology.
Furthermore, alongside its backing of other high-potential fintech companies in the region, such as Brite Payments and Kameo, the funding reflects Incore Invest’s ardent commitment to supporting the most transformative financial firms in the Nordics, such as Savr.
Nicolai Chamizo, founder and CEO of Incore Invest, said: “Savr is leading the charge in reshaping the Nordic investment landscape. With our continued investment, we believe Savr will become the go-to platform for retail investors who want a smarter and more transparent way to manage their portfolios. We are excited to see Savr continue to grow and evolve.”
