Bank Austria Ends Business on Crimea

Politics ♦ Published: April 16, 2014; 19:22 ♦ (Vindobona)

One day after Ukrainian affiliate of Raiffeisen Bank International (RBI), Bank Aval, has terminated business on the peninsula Crimea, UniCredit’s Bank Austria announced closing down its affiliates permanently.

After RBI, Bank Austria is leaving Crimea. / Picture: © Uni Credit Group Bank Austria

At the beginning of the year Bank Austria operated 20 affiliates of which six have already been closed. However, now the Austrian lender found itself constrained to shut down all remaining branch shops. The reason for this measure is considered the uncertain legal situation, therefore the lack of any legal basis, according to internationally not accepted annexion of the territory to…