(Bloomberg) -- Raiffeisen Bank International said it has accumulated enough capital to pay out a dividend on last year’s result that it withheld while assessing the future of its Russian unit.

The Vienna-based lender called a shareholder meeting for Nov. 21 to vote on the €0.8 ($0.84) per share dividend announced in February. It delayed the payment earlier this year on concern that an eventual sale or spinoff of its Russian unit would lead to a temporary breach of capital requirements.

While Raiffeisen still hasn’t found a solution for the subsidiary, earnings accumulated over the year have strengthened the lender sufficiently to allow for the payout.

“The development of the capital ratios, regulatory requirements and ongoing strategic considerations” make a payment possible, Raiffeisen said in a draft resolution published Friday.

If approved, it would mark a return to dividend payments after a hiatus that started when the bank canceled a shareholder handout on 2021 results following the attack on Ukraine. Raiffeisen has lost more than half of its market value as it struggles to find a solution for the business in heavily sanctioned Russia.

Plans for a sale or spinoff have stalled due to regulatory difficulties, Chief Executive Officer Johann Strobl said in August. Raiffeisen is unable to send earnings back to Austria from its unit in Moscow, which has accumulated more than €3 billion in retained profit.

Raiffeisen rose 3.1% at 10:03 a.m. in Vienna. The lender is set to announce third-quarter earnings on Nov. 3.



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