The rumor mill is churning

Is Orban’s son-in-law now buying RBI-Russia?

The Russian business is very complex for Raiffeisen. On the one hand, it is extremely profitable, but on the other hand, it is impossible to access the money in Vienna - because it is stuck in Russia.(Bild: AliaksaB - stock.adobe.com)

Istvan Tiborcz (38), the son-in-law of Hungarian Prime Minister Viktor Orban (61), is one of the richest men in Hungary and is considered highly controversial. An extremely explosive piece of industry gossip is currently doing the rounds: he is said to be interested in the Russian subsidiary of Raiffeisen Bank International (RBI).

There is currently whispering in banking circles: the Hungarian "son-in-law of the nation" of all people is said to want to buy the Russian subsidiary of the Austrian Raiffeisen Bank International (RBI), which is in the crossfire of criticism, reported "Der Standard" online on Friday about the rumor.

When the Russian invasion of Ukraine began three years ago, most Western banks actually withdrew from the world's largest country in terms of territory. The largest of them that has remained is Raiffeisenbank International AG. Research by "Bloomberg" revealed at the beginning of February that some of its customers were probably connected to the Russian army.

However, the economic situation in Moscow is anything but rosy.(Bild: APA/ASSOCIATED PRESS)

Even the Russian presidential administration is said to be involved
According to the "Standard", serious talks are underway between RBI and Tiborcz. The management of the Russian central bank and the Russian presidential administration are also said to be involved. This would mean that Austria would have to relinquish its high status as a bank in Russia to Hungary. However, the bank itself points out that a sale is currently prohibited by court order. Tiborcz also waved the newspaper off.

Among other things, Tiborcz owns the Hungarian online financial institution Gránit Bank and, via the so-called BDPST Group, hotels and real estate in several countries. Tiborcz also recently acquired shares in the logistics company Waberer's; in Austria, he is currently said to be interested in a partial purchase of the private railroad company Raaberbahn in Burgenland, as we reported.

Tiborcz emphasizes: "No interest"
 RBI refers to a Russian court decision from September 5, 2024, according to which RBI cannot currently transfer its shares in the Russian AO Raiffeisenbank. Whether the Supervisory Board has already dealt with the alleged deal remained unanswered.

Tiborcz in turn told Der Standard via his office: "We deny any interest on the part of Istvan Tiborcz or the BDPST Group in the takeover of AO Raiffeisenbank in Russia." It also states: "The BDPST Group has no business presence in Russia, and Russia has never been the focus of our investments."