Austrian lender Raiffeisen Bank International (RBI) has agreed to sell its Slovenian banking unit Raiffeisen Banka to Biser Bidco for an undisclosed sum.

However, the transaction excludes Slovenian Raiffeisen Leasing business.

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Biser Bidco is operated by an affiliate of US investment fund Apollo Global Management.

Following completion of the deal, RBI’s risk-weighted assets are projected to shrink by about EUR270m, which is due by the first half of 2016.

RBI said that the deal will have a minimal negative effect on its CET1 ratio.

RBI in a statement said: "The expected deconsolidation effect on RBI’s consolidated result will amount to minus EUR 49 million. This will be booked in the fourth quarter of 2015 and forms a part of the restructuring costs already communicated in RBI’s official outlook."

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