Benefits from the institutional protection scheme as a member of the Raiffeisen Banking Group (RBG; or the group). Solid retail and commercial banking market positions in Austria, Central, and Eastern Europe (CEE), Southeastern Europe (SEE), and Russia. Superior funding profile and liquidity management, owing to the group's strong retail deposit franchise in each of its main local markets. Difficult operating conditions amid the coronavirus pandemic, and vulnerability to developments in Russia, CEE, and SEE. RBG's financial transparency and adaptation to market changes appears weaker than many of its main peers because of its complex decentralized group structure. Tight margins in a highly competitive business in Austria and low efficiency of domestic operations. The negative outlook on Austria-based Raiffeisen Bank International
