Illustration: Kevin February
Three years ago, Raiffeisen Bank International (RBI) was teetering on the brink of disaster. Crisis in Russia had put a severe dent in the Austrian group’s revenues, while problems in other key markets such as Ukraine and Hungary had pushed it to its first-ever full-year loss.
Bad debts were piling up across its central and eastern Europe network. Capital was in short supply, and regulators were getting restive, but the complex ownership structure of the Raiffeisen sector made equity-raising all but impossible.
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