Raiffeisen Bank Joint Stock Company Mandatory Cash Reserves Coverage (MIGA-14988)

Countries
  • Ukraine
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • Multilateral Investment Guarantee Agency (MIGA)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
FI
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Dec 20, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Raiffeisen Bank International AG
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Guarantee
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 107.26 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Currency conversion note:
Bank reported 100
Converted using 2022-12-30 exchange rate.
Primary Source

Original disclosure @ MIGA website

Updated in EWS Feb 20, 2023

Disclosed by Bank Nov 17, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

On December 30, 2022,the Multilateral Investment Guarantee Agency (MIGA), a member of the World Bank Group issued a guarantee totaling EUR100 million toRaiffeisen Bank International AG (RBI) for their equity investments (including retained earnings) into its subsidiaryRaiffeisen Bank Joint Stock Company (RBUA) in Ukraine. The MIGA guarantee will cover Expropriation of Funds for mandatory cash reserves in RBUA for a period of up to one year and one day.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

RBUA is one of the leading banks in Ukraine, the largest private bank and the largest bank with foreign capital, measured both in total assets and in volume of performing loans.RBI is a major banking and financial services group in Austria with operations across central, eastern, and southeastern Europe. RBI is a repeat client and has a longstanding business relationship with MIGA. RBUA is one of the 12 RBI's subsidiaries outside of Austria which holds mandatory cash reserves with the central bank, based on the volume of customer deposits.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Raiffeisen Bank International AG Client Finance
- - - - Raiffeisen Bank Joint Stock Company Subsidiary Finance

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Client - Raffeisen Bank International AG:

Phone: +431717070
Address: Am Stadtpark 9, 1030 Vienna
Website: www.rbinternational.com/en/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://www.miga.org/contact/access_to_information

You can also request general information about MIGA and for information on guarantees by emailing: migainquiry@worldbank.org

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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