Raiffeisen Bank International will sell its 88% stake in Priorbank JSC to UAE-based Soven 1 Holding, with closing expected by the end of the year.

Soven 1 Holding does most of its business in central, Eastern and Southeastern Europe, has 45 sites in Belarus and some €700 million of loans. Raiffeisen said the deal would trigger a loss of roughly 300 million euros.

Raiffeisen is one of Austria's leading corporate and investment banks and operate in 12 Central and Eastern European markets. Company shares were down 0.3% in Friday morning trading in Vienna, extending losses for the year to date to 3.9%.