Polish financial group Getin Holding has reportedly sold its Russian banking unit Idea Bank Rosja, citing Russia’s weak economy and political environment.
Getin has sold 96% of Idea Bank to Russia’s Forus Bank and three private investors. The sale has been closed at an amount just under $1m, according to a Reuters report.
Getin, in an emailed statement to Reuters, said: "The decision to sell the stake in the bank in Russia and the withdrawal of Getin Holding from banking activities in the Russian Federation is an effect of the current macroeconomic and political situation in the country.
"In the opinion of the management board, the projected medium and long-term viability of the bank does not meet with the expectations of the group and its shareholders", it added.
The sale will not affect Leszek Czarnecki’s, who controls Getin, car leasing operation in Russia, Carcade Rosja.