PM Orbán’s son-in-law, István Tiborcz, may take over Russian Raiffeisen with Putin’s help
The Russian subsidiary of the Austrian Raiffeisen Bank, AO Raiffeisenbank, is an immensely profitable company. However, a Russian court prohibited its purchase even though the parent company had been trying to sell it for years. The solution can be István Tiborcz, Hungarian PM Viktor Orbán’s son-in-law, whose acquisition can be helped by the Russian presidential office. At least that is what Der Standard, an Austrian newspaper, wrote based on insider information.
Russian Raiffeisenbank purchase probably requires Putin’s help
According to 24.hu, the Austrian Der Standard wrote about “wild rumours” circulating in professional circles suggesting that István Tiborcz may be interested in Raiffeisen Bank International’s Russian subsidiary. The paper says that according to gossip, a “serious buyer” has emerged for the AO Raiffeisenbank, the profitable Russian subsidiary of the Austrian Raiffeisen Bank. The buyer is rumoured to be PM Orbán’s son-in-law, István Tiborcz, the husband of Ráhel Orbán, the prime minister’s oldest daughter.
Tiborcz’s career started after he and Ráhel became a couple. Direkt36, an independent Hungarian investigative journalism outlet, made a documentary about the rise of Tiborcz, who became one of the wealthiest Hungarians with the help of favourable state loans and the public procurements he won one after the other in recent years. He now even operates an exclusive luxury club in the Buda Hills, which Direkt36 discovered with the help of Bence Széchenyi, a descendant of István Széchenyi, called the “greatest Hungarian”. The documentary has thus far acquired more than 3.1 million views. Tiborcz owns luxury hotels and real estate in Hungary and in several European countries.
Tiborcz is now rumoured to be preparing to buy the Russian Raiffeisen, but to do so, he needs to overcome at least one serious difficulty for which he will probably need the green light from Russian President Vladimir Putin.
The parent company has been trying to sell the otherwise highly profitable Russian subsidiary for years due to the anti-Russia sanctions. However, a September decision of a Russian court banned such a transaction.
István Tiborcz can be the savior
Der Standard wrote that they had indications about negotiations that began with Mr Tiborcz about the business, which involved not only him but also the Russian central bank’s head and the Russian presidential administration. That means the final decision is in the hands of Putin.
Interestingly, based on Der Standard, the Russian central bank brought up Tiborcz’s name. Before such a transaction is concluded, the Russian court’s sales ban must be lifted.
Tiborcz’s group firmly denied any information regarding his interest in acquiring Raiffeisen’s Russian portfolio. “We deny any interest from István Tiborcz or BDPST Group regarding AO Raiffeisenbank’s acquisition in Russia. BDPST Group is not commercially present in Russia, and Russia has never been in the focus of our investments,” they highlighted. Meanwhile, the Raiffeisen group did not deny Der Standard’s information.
Read also: