Austria's RBI: realized extra 150 million euros of property sector risk provisions
Reuters
Published Nov 21, 2023 14:02
VIENNA (Reuters) - Raiffeisen Bank International (RBI) has realized additional forward-looking risk provisions of around 150 million euros ($163 million) for the real estate sector, the Austrian bank's risk chief, Hannes Moesenbacher, said on Tuesday.
Chief Executive Johann Strobl added that these provisions are "on top" and therefore go beyond what can be modelled.
Moesenbacher declined to answer shareholders' questions at an extraordinary general meeting on Tuesday about the bank's exposure to the troubled Signa Group of Austrian real estate investor Rene Benko, instead referring to banking secrecy.
"In total, our top five commitments in the real estate sector amount to 2.2 billion euros," said Moesenbacher, who added that number one position amounted to 755 million euros.
Shareholders had convened the meeting, among other reasons, to resolve the distribution of a 2022 dividend of 80 cents per share. At its general meeting in March, RBI had decided not to distribute a dividend for the time being due to uncertainties.
Strobl also told shareholders that RBI was working on variations on how to get capital out of Russia but said a significant discount to the nominal value would be assumed.
($1 = 0.9168 euros)
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.