Priorbank

Priorbank is a Belarusian commercial bank that as of 2022 was one of the largest commercial banks in Belarus and the largest private bank in the country.[1] In 2022 the bank had a market share of 6.6%.[2]

History

The bank was established on January 20, 1989 as Minsk Innovation Bank, a joint venture of several large industrial concerns, Minsk Tractor Works, Minsk Automobile Plant, MZH, MZVT and "Gorizont". In 1991 it changed its name to Priorbank.[3][4]

In 1997, one of the main shareholders became the European Bank for Reconstruction and Development, which sold its shareholding in 2008.[5]

In 2003, 50% of the shares were acquired by the Austrian banking group Raiffeisen Bank International, later its share increased to 87.7%.[6]

Since April 2023, the bank has been under Canadian sanctions in response to the Russian invasion of Ukraine and support provided by the bank to Russia.[7][8]

In 2024, Priorbank's assets increased by 6.2% to 8.67 billion Belarusian rubles. The bank's equity increased by 30.2% to 2.13 billion Belarusian rubles. Return on capital was 22.8%, and return on assets was 5.6%. The bank received 484.1 million Belarusian rubles in net profit, which is almost a sixth of the total profit of commercial banks in Belarus (excluding the Development Bank).[9]

In September 2024, Raiffeisen Bank International sold its stake in Priorbank to an unknown company from the UAE as part of a deal to get out of its investments due to the banks links to supporting the Russian invasion of Ukraine.[10]