Austrian bank Raiffeisen to stop issuing payroll cards in Russia

Already issued payroll cards will continue to be serviced until their expiration date.

The bank told the publication that this decision "was made based on an analysis of customer preferences and market conditions."

Read also: Investors demand Raiffeisen Bank decide on further work in Russia

"Previously (issued) payroll cards will be serviced as usual until the card expires," the bank said.

“Customers who receive their salaries on the bank's card as part of their employer's payroll (card program) will not lose their privileges even if the payroll service package is discontinued.”

Read also: Ukraine’s central bank slams Raiffeisen’s proposed Russia exit strategy

According to Russian specialized media, Raiffeisenbank accounts for 2% of payroll card programs in Russia.

Earlier, news agency Reuters reported, citing its own sources, that the European Central Bank insisted that RBI close its business in Russia.

According to Austrian media, Raiffeisen Bank International plans to exchange its assets in Russia for the Austrian assets of Russia’s state savings bank, Sberbank.

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Read the original article on The New Voice of Ukraine