Raiffeisenbank Russia stops opening new brokerage accounts for retail investors

MOSCOW. Aug 5 (Interfax) - Raiffeisenbank Russia is gradually scaling down operations, suspending the opening of new brokerage accounts for retail investors from July 26.

"In connection with the ECB's request to RBI Group, Raiffeisenbank is having to gradually scale down operations on the Russian market. At this stage, we have decided to temporarily suspend the opening of brokerage accounts for retail investors from July 26, 2024," the bank's press service told Interfax.

Existing brokerage accounts are being serviced as usual, the bank said. It said Raiffeisenbank continued to work with all categories of clients.

The European Central Bank in April sent RBI a request to accelerate the process of winding down its business in Russia. Current recommendations indicate that the loan portfolio must decrease substantially by 65% by 2026 from 6.3 billion euros in the third quarter of 2023. International payments originating in Russia must also decline.