Victor Orban's son-in-law may acquire Raiffeisenbank in Russia.

It is reported that the buyer may have been proposed to an Austrian bank by the Russian side. Sources from the newspaper indicate that Hungarian "OTP Bank" might also be involved in the deal, although they deny it.

38-year-old Tiborcz is one of the wealthiest individuals in Hungary, with Forbes estimating his net worth at $370 million. He is married to Rachel, the daughter of Viktor Orban, and his business interests span construction, banking services, and the hotel industry. He has been suspected several times of having corrupt connections, but prosecutor investigations in Hungary have found no violations, according to Der Standard.

Raiffeisenbank stated to the publication that the shares of its Russian subsidiary are under arrest and cannot be sold. In the business group of Orban's son-in-law, the newspaper was told that Russia "has never been a focus of its investments." Orban himself, who has been in power since 2010, is known for his close ties to the Kremlin, being one of the EU leaders most aligned with Russia. After the start of the Russian invasion of Ukraine, he met with Vladimir Putin several times.

The Raiffeisen Bank group faces ongoing criticism within the EU for maintaining its subsidiary bank in Russia. The European regulator, the ECB, is demanding that the bank exit the market. The Austrian bank is the largest foreign entity still operating in the Russian market following the onset of the war against Ukraine.

In the first three quarters of 2024, the Russian subsidiary became the most profitable within the entire banking group, but in the fourth quarter, it recorded a loss for the first time in many years. Additionally, the bank is unable to withdraw profits from the market, as Russian authorities have prohibited money transfers.

According to Russian laws, selling the subsidiary can only occur with governmental approval. The sale price must be 60 percent lower than the market value, and 35 percent of the proceeds will go to the Russian budget as a non-repayable contribution.