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Raiffeisen says Russian customers repatriate funds
March 19, 2014 / 2:36 PM / in 4 years

Raiffeisen says Russian customers repatriate funds

VIENNA, March 19 (Reuters) - Austrian lender Raiffeisen Bank International, a top-10 bank in Russia, is seeing Russian customers bring lots of money back home ahead of potential asset freezes in the West over the Ukrainian political crisis.

“We are not concerned but of course are observing the situation very closely. After yesterday’s speech by President Putin we do not expect the conflict to escalate,” central and eastern Europe’s second-biggest lender said in a statement.

“Given the current situation we have slight outflows in the retail business because customers are increasing cash holdings and switching into dollars. In the corporate area we are seeing strong inflows because Russian companies are repatriating their money and investing it with us.” (Reporting by Angelika Gruber and Michael Shields, editing by Louise Heavens)

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