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Raiffeisen and Intesa lose 300 million euros in Radiant World scandal
2026-08-11 15:07:00 / EKONOMI&SOCIALE
Raiffeisen Bank International AG and Zuercher Kantonalbank are among the lenders that have offered loans to iron ore trader Radiant World, according to people familiar with the matter.
The first, an Austrian lender with a strong presence in the trade finance business, and the second, a Zurich-based bank — each had a credit line of about $100 million for Radiant World, said the people, who asked not to be identified because they were discussing banking matters.
Representatives of Raiffeisen and ZKB declined to comment, while a Radiant World spokesperson said the company would not comment on individual contracting parties.
Some of the largest commodity trading firms have stopped working with Radiant World amid concerns that it provided banks with falsified documents about iron ore trades, Bloomberg News reported, adding that two of its major lenders — Deutsche Bank AG and KBC Group NV — have frozen some of its funds.
Among other banks, Intesa Sanpaolo SpA said it had set aside a provision for part of its exposure to Radiant World, which it said amounted to around 200 million euros in total. Radiant World had previously denied any wrongdoing and said it “conducts its business according to the highest commercial and legal standards.”
Official documents in Singapore also detail a number of firms that have had claims (financial/collateral encumbrances) against a Radiant World entity at various times, although the documents do not indicate whether these firms still have exposure.
Raiffeisen has traditionally been an important player in trade finance due to its presence in the Russian and Ukrainian markets, as well as its roots in the Austrian agricultural cooperative sector.
It was among the first Western financial institutions to do business in communist Eastern Europe, before the fall of the Iron Curtain. The IFC had 667 million Swiss francs ($826 million) of unsecured loans for financing trade in goods in 2025, its largest exposure among climate-sensitive industries.
Commodity traders like Radiant World rely on credit from a vast network of suppliers, customers and financiers to manage large quantities of goods, the value of which often completely dwarfs their net worth.
The privately held company has grown rapidly in recent years to become one of the world's largest iron ore traders, with annual revenues of about $12 billion. Now, uncertainty about Radiant World's business is already being felt in the iron ore market, where prices last week fell to their lowest level in more than a year.
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