Raiffeisen Bank Russia Spent an Additional $220M in 1H Staff Costs

• Raiffeisen Bank spent $220 million more in staff costs for the Russian market in the first half of 2023.
• The bump was due to higher salaries and social security costs, one-off payments, and increased headcount.
• The Austrian bank is the largest Western bank still operating in Russia. It’s working on a spin-off.

Companies are exiting Russia in hordes — but one major Western bank just…