Priorbank
| Company type | Privately held company |
|---|---|
| Industry | Financial services |
| Founded | January 20, 1989 |
| Headquarters | , |
Area served | Belarus |
| Products | Banking services, finance, insurance, mortgage loans, private banking, and wealth management |
| 184,323,000 Belarusian ruble (2021) | |
| Total assets | 6,228,597,000 Belarusian ruble (2021) |
Number of employees | 1,744 (2021) |
| Parent | Soven 1 Holding Limited The State Committee on Property of the Republic of Belarus |
| Website | priorbank |
Priorbank (Belarusian: Адкрытае акцыянернае таварыства «Пріорбанк») 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]
References
- ^ "Belarussian first for private bank". Global Trade Review. 25 September 2003. Retrieved 2025-09-05.
- ^ "Обміняти гривні: два чеські банки відправляють їх на рахунок, конвертуючи у крони" (in Ukrainian). Proukrainu. 2022-06-02. Retrieved 2025-09-04.
- ^ "Приорбанк" (in Russian). office24.by. Retrieved 2025-09-04.
- ^ "Утверждено приобретение контрольного пакета акций банка «Приорбанк» (Беларусь)" (in Russian). Райффайзен Банк. 2003-01-17.
- ^ "EBRD to take 25 percent stake in Belarus private bank". Belarus News and Analysis. 2008-10-13. Retrieved 2025-09-04.
- ^ "RI Österreich" (in Austrian German). 2024-11-07. Retrieved 2025-04-11.
- ^ "Канада ввела санкции против Нацбанка Беларуси и ряда крупнейших банков | СмартПресс". smartpress.by (in Russian). Retrieved 2025-04-11.
- ^ "Canada Sanctions Belarusian National Bank, Eight Others Over Minsk's Support Of Russia's Invasion Of Ukraine". Radio Free Europe. April 12, 2023.
- ^ "В 2024 году Приорбанк получил почти шестую часть прибыли белорусской банковской системы". Select.by (in Russian). 2025-04-10. Retrieved 2025-04-11.
- ^ "Buy a Billion for €230 Million. RBI`s Sale of Priorbank Enriches Businessmen of Fortune under Lukashenko". Nasa Niva. October 6, 2024.