12 November, 2013 14:10 ▪
European Banks Look to Leave Ukraine amid Growing Political Tensions
According to a report by the global information company IHS, a number of major European banks were looking to pull out of the country, IBTimes reports
Ukraine has been in the news with its high-profile energy dispute about gas supplies with Russia.
"With Ukraine on the brink of decisive and far-reaching political movements, three of central and eastern Europe's largest lenders are investigating exiting the country.
"Italy's UniCredit and Intesa Sanpaolo are officially seeking a buyer for their Ukrainian units, while Austria's Raiffeisen said it is keeping its options open regarding Ukraine," said the IHS report.
"In October, the IHS Banking Risk team downgraded the outlook on Ukraine's risk rating to Negative from Stable on the back of a deterioration of Ukraine's macroeconomic imbalances, combined with recent political pressures that could have severe implications for financial stability," it added