ABH Holdings, the Luxembourg-based parent of the Alfa Banking Group, has called off the purchase of Raiffeisen Bank International’s (RBI) direct banking subsidiary ZUNO BANK.

RBI in a statement said that reason for pulling out is unrelated to the entity for sale.

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The sale, aimed at minimising complexity and overlap within the group, was announced by RBI in September 2015.

RBI added that it is currently exploring other options for Zuno, which could include full sale of the direct bank, full integration of Zuno into other RBI group entities, or partial sale.

Zuno manages total deposits of about EUR775m and a customer loan portfolio of about EUR75m. As of 31 December 2015, the bank operated with about 200 employees and had a customer base of around 255,000 in the Czech Republic and in Slovakia.

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