Today's Edition
A.SREENIVASA REDDY (ABU DHABI)
SOVEN 1, an Abu Dhabi-based investment company, has acquired 87.74 percent stake in Priorbank, a Belarusian bank, from Raiffeisen Bank International AG (RBI), an Austrian banking giant.
In a statement to Aletihad, the investment company confirmed it had acquired 100 percent shares of Raiffeisen CIS Region Holding GmbH in the Belarusian bank.
“SOVEN 1 and RBI have signed the share purchase agreement and will work together with Priorbank to complete the deal by Q4 of 2024,” the investment company said.
Stating that Priorbank will continue to serve its clients, the company said: “As the acquirer, SOVEN 1 is fully committed to ensuring that the transition is seamless for Priorbank’s customers and that they continue to enjoy the banking experience throughout the process.”
Commenting on the deal, Suhail Al Otaiba, Chairman of SOVEN 1, said, “I am pleased to announce the acquisition of Priorbank, a highly valued Belarussian bank with exceptional management and employee commitment while focused on its clients.”
Noting that Priorbank has been a well-performing bank, Otaiba said: “My team and I look forward to assisting the bank and its management in achieving higher accomplishments in the future. In line with SOVEN 1’s strategy, this deal means that the bank remains positioned to expand its footprint in Belarus and beyond.”
Earlier international media reports said an Emirati investor acquired the Belarus arm of the RBI and estimated the value of the deal to be around $330 million. The Belarusian bank, which is one of the largest banks in the country by assets, is said to have around €2 billion in deposits and more than 1,600 staff.
