Raiffeisen to carve out FX loan portfolio from Polish subsidiary

RBI intends to carve out the FX retail mortgage loan portfolio held by Raiffeisen Bank Polska S.A. (RBPL) and eventually transfer this portfolio to RBI.

Unlike in Hungary, the conversion of CHF-denominated mortgage loans was not a uniform, state-conducted scheme therefore Raiffeisen has one of the largest exposures in Poland, which made it impossible to either sell or float the Polish arm acquired in 2012.

According to the current understanding with the Polish Financial Supervision Authority (KNF) the carve-out is expected to be completed prior to the listing of the shares in RBPL on the Warsaw Stock Exchange, the deadline for which is 15 May 2018.

As an alternative option RBI is also considering the sale of a majority stake in RBPL’s core banking operations (without FX Portfolio).

“RBI’s commitment to the KNF to list the shares in RBPL on the Warsaw Stock Exchange may be fulfilled by an initial public offering of at least 15" of RBPL shares to free float investors or through a sale of a majority stake in RBPL’s core banking operations," RBI said in a statement.

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