Due to the sharp devaluation and ongoing high volatility of the Russian Ruble, as well as the revised growth expectations for Russia, a review of the mid-term planning for the Russian unit of Raiffeisen Bank International (RBI) has become necessary, said the bank in a statement.

The changed economic environment could lead to a reduction in the future results of the Russian unit and potentially to a review of the
goodwill valuation.

The goodwill arose through the acquisition of Impexbank in 2006 and would, subject to adjustment, amount to EUR 148 million as of 31 December 2014.

An adjustment of the goodwill valuation would not affect the regulatory capital ratios.

While the audit of the Russian unit for the financial year 2014 is not yet final, the profit after tax for the Russian segment will be significantly above EUR 300 million.