Arab investor of Belarus's Priorbank intends to buy out state-owned shares

MINSK. May 29 (Interfax) - Soven 1 Holding (UAE), the majority shareholder of Belarus's Priorbank, plans to buy out Priorbank's shares from the state, the Belarusian bank's press service told Interfax.

The corresponding decision was made at Priorbank's shareholder meeting on May 28. The bank did not disclose details of the upcoming transaction. The State Property Committee owns 6.31% of the bank's shares.

"Other questions regarding the details of the transaction do not fall within the competence of the bank's management. If necessary, we will provide additional information about the progress of the deal," the press service said.

As reported, in November 2024, Raiffeisen Bank International AG (RBI) completed the sale of its 87.74% stake in Priorbank to Soven 1 Holding. With the completion of the deal, RBI exited the Belarusian market.

Priorbank has been operating in Belarus since late 1989 and was part of RBI Group from 2003. It is one of Belarus's largest banks by asset size.