Banks Striving to Leave Ukraine

PeopleOther ♦ Published: March 5, 2014; 10:13 ♦ (Vindobona)

While Austrian insurance companies intend to stay on the Ukrainian market banks are facing write-offs running in the billions.

Disappointment in the Ukrainian financial sector is increasing. / Picture: © Ukrainian and Austrian crossed flags by

The turmoils in the past week have increased the disappointment of the financial sector in Ukraine which had seemed like a good investments and business opportunity for Austrian banks. Banks like Erste Group, UniCredit Bank Austria and Raiffeisen Bank International (RBI) engaged in business in Ukraine as well as insurance companies like Vienna Insurance Group (VIG), Uniqa and Grazer…