{"id":96046,"date":"2024-09-23T00:00:00","date_gmt":"2024-09-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/uae-investor-soven-1-holding-to-acquire-belarusian-lender-from-austrias-rbi\/"},"modified":"2024-09-23T00:00:00","modified_gmt":"2024-09-23T00:00:00","slug":"uae-investor-soven-1-holding-to-acquire-belarusian-lender-from-austrias-rbi","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/09\/23\/uae-investor-soven-1-holding-to-acquire-belarusian-lender-from-austrias-rbi\/","title":{"rendered":"UAE investor Soven 1 Holding to acquire Belarusian lender from Austria\u2019s RBI"},"content":{"rendered":"

UAE-based investor Soven 1 Holding to acquire Priorbank: <\/strong>Austria\u2019s Raiffeisen Bank International (RBI<\/a>) finalized an agreement to sell its 87.7% stake in Belarusian unit Priorbank to Suhail Al Otaiba\u2019s Soven 1 Holding at a loss, after months of pressure for it to exit its operations in Russia and surrounding countries, according to a statement<\/a>. The transaction is expected to close sometime in 4Q 2024, subject to regulatory approvals, the statement said. <\/p>\n

RBI will lose some EUR 300 mn on the sale<\/strong>, with the sale price at roughly half of the bank\u2019s EUR 600 mn equity value, Reuters<\/a> reports. <\/p>\n

Background: <\/strong>Soven 1 Holding has been in talks<\/a> with RBI on the transaction since February. Al Otaiba is the CEO of Abu Dhabi investor Talc Investment<\/a>. <\/p>\n

The details: <\/strong>The bank employs over 1.6k staff and holds some EUR 2 bn in deposits, and is known to have played a big role for Russians wanting to send funds abroad before it halted transfers in August. Soven 1 Holding will take full control of Priorbank, which will operate independently under its new ownership.<\/p>\n

The story also got ink in <\/strong>Bloomberg<\/a><\/strong>. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The transaction is expected to close sometime in 4Q 2024<\/p>\n","protected":false},"author":1,"featured_media":96047,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2392],"tags":[159,7,1344,60],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-96046","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch-2","tag-banking","tag-enterpriseam-uae","tag-ma","tag-ma-watch","wpautop","entry"],"acf":{"mongo_id":"449cb2b4-c9a4-4f66-8e5a-f6238421e5e0","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/1256.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Soven 1 Holding to acquire Belarusian lender from Austria\u2019s Raiffeisen Bank International","related_issue":[96041],"teaser":"The transaction is expected to close sometime in 4Q 2024","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.b0e7368d-8d63-4fc3-be72-cc6e9d037fc4.mp3"},"yoast_head":"\nUAE investor Soven 1 Holding to acquire Belarusian lender from Austria\u2019s RBI - 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