In addition to the cooperation with Leonteq, Raiffeisen will probably issue, hedge and sell some of its structured products itself via a new platform in the second half of 2022, according to the statement on Wednesday. Meanwhile, Leonteq will ensure the connection of the new to the existing platform.
Due to the adjustment of the cooperation, Leonteq expects a reduction of around 1 percent in annual commission and service income and thus “no material financial impact”. Meanwhile, the premature termination of the credit facility provided by Raiffeisen to Leonteq led to a slight improvement in net interest income.
The cooperation between Raiffeisen and Leonteq has existed since 2013 and was extended by ten years in 2016. In addition, Raiffeisen is a major shareholder in Leonteq.