Raiffeisen Says Internal Review Refuted Grizzly Allegations

Raiffeisen Bank International AG said an internal review didn’t find evidence to back up allegations made by a short-seller in an attack that had hit the Austrian lender’s share price.

The investigation into the report from Grizzly Research LLC concluded that Raiffeisen “has acted at all times in line with its compliance framework and sanction policies,” it said in a statement Monday. The review “covered nearly 200 specific items mentioned in the short-seller’s report,” which were “cross-checked in forensic detail” against internal records, it added.

Raiffeisen’s stock extended gains on the news, rising as much as 1.9% on Monday. The stock is the biggest gainer this year in the Stoxx Europe 600 Banks index, having increased about 55%.

Read More: Raiffeisen Slumps as Grizzly Research Alleges Russia Trades

Grizzly published a report last month claiming Raiffeisen is exposed to trade involving Russian goods that are subject to import and export restrictions. Shares of the Austrian lender fell 6% that day.

The bank has denied the allegations and said it’s considering legal action against the report’s authors.