Bank Tax Prompts Raiffeisen Bank International To Reevaluate Romanian Operations

Raiffeisen Bank International will reevaluate its operations in Romania following the government's introduction of a tax on banks' financial assets in December 2018, RBI CEO Johann Strobl said in the bank's annual earnings report released Wednesday.

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“Shortly before the end of 2018, a collection of fiscal measures were passed by decree in expedited proceedings in Romania, which included inter alia a new banking tax. These political developments are constantly monitored by the Management Board and the Supervisory Board and on the basis of joint consultation, factored into the Group’s business and risk steering,” the bank noted in its earnings report.

It cannot be ruled out that the draft which was presented at the end of 2018 could still be revised and mitigate the burden on the banking sector. The impact on RBI cannot be quantified at this point in time, the bank also said.

Raiffeisen's Romanian subsidiary has over 5,000 employees and over 2 million customers. Raiffeisen Bank Romania had assets of EUR8.966 billion at the end of 2018, up 10.1% on the year, according to RBI's earnings report.

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