(Bloomberg) -- Raiffeisen Bank International AG said it is considering an exit from the Russian market in response to the country’s attack on Ukraine and the ensuing sanctions.

The “unprecedented situation leads Raiffeisen to consider its position in Russia,” Chief Executive Officer Johann Strobl said in a statement on Thursday. “We are therefore assessing all strategic options for the future of Raiffeisenbank Russia, up to and including a carefully managed exit.” 

The Austrian lender operates the largest foreign-owned retail bank in Russia, with about 4 million clients. The unit generated about a third of the bank’s total net income last year. Strobl said just over two weeks ago that the lender had no plans to walk away from Russia. 

Read More: Raiffeisen Halts Dividend; Says It Won’t Ditch Russia Unit 

Raiffeisen shares pared gains of as much as 4.2% in Vienna after the announcement, trading up 1.7% as of 10:03 a.m. The company has lost 43% of its market value this year.

Italy’s UniCredit SpA, which also has a sizeable exposure, indicated on Tuesday that it’s considering a complete exit from the country, while Deutsche Bank AG and Commerzbank AG are also reducing their business there.

Read More: JPMorgan and Goldman Lead Wall Street’s Retreat From Russia

Societe Generale SA Chief Executive Officer Frederic Oudea on Wednesday signaled the bank plans to stay flexible in Russia, while stopping short of joining European rivals that are pledging to review or exit their business in the country after the Ukraine invasion. 

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