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The Secret Asset Swap Deal between Raiffeisen and Sberbank Revealed
Raiffeisen Bank International (RBI) is reportedly pursuing a strategic deal, codenamed “Project Red Bird,” involving the acquisition of the remaining assets of state-owned Russian bank, Sberbank Europe. This comes in response to sanctions against Russia, which have prevented Sberbank Russia from receiving proceeds from the orderly wind-up of Sberbank Europe’s Vienna-based subsidiary, Sberbank Europe AG. The deal would entail a hidden exchange transaction, whereby Sberbank Russia would receive dividend claims and/or subordinated loans from RBI or its Belarusian subsidiary, Raiffeisen Bank Belarus, while RBI would acquire Sberbank Europe’s assets in Vienna. The transaction is subject to approval from relevant authorities and would enable Raiffeisen Bank International to reduce its Russia exposure. However, the revelations related to Sberbank could further damage Raiffeisen Bank International’s already tarnished image, given the bank generates the majority of its profits in Russia and has been considering a withdrawal from Moscow for a year. This is where the secret bank deal, codenamed “Project Red Bird,” comes in. According to documents from the Raiffeisen Bank International board meeting last Tuesday, which are marked “strictly confidential,” the Raiffeisen Bank International is working on the acquisition of the remaining assets of Sberbank Europe. It is said that Raiffeisen Bank International could try to swap assets with the Sberbank deal: those in Russia for those of the liquidation company.
Corporate Scandal: Raiffeisen Bank
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Raiffeisen Bank International (RBI) is a financial institution based in Austria and serves as a key component of the Raiffeisen Banking Group Austria (RBG). It operates as a publicly listed company on the Vienna Stock Exchange, with regional banks under the RBG holding significant ownership stakes. Prior to March 2017, RBI functioned as a subsidiary of Raiffeisen Zentralbank (RZB Group) before being merged into a single entity. Given its substantial size, the bank falls under the regulatory oversight of the European Central Bank as one of the 126 banking groups.
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