Raiffeisen International is the largest foreign bank in RussiaPublish date: 19-03-2007
Raiffeisen International Bank-Holding AG, part of RZB Group, is the largest foreign banking group in Russia according to Interfax's Centre for Economic Analysis (Interfax-CEA). Raiffeisen International, represented in Russia by Raiffeisenbank Austria and Impexbank, is the seventh-largest bank in Russia in terms of total assets, Interfax-CEA reported, citing data from 1 January 2007, based on Russian Accounting Standards. Total assets of both banks amounted to over 287.5 billion rubles (7.8 billion euros)*.
Raiffeisen International announced the purchase of Impexbank in January 2006. The formal decision to start the legal merger of Raiffeisenbank Austria and Impexbank was made by Raiffeisen International last Thursday, 15 March. The legal merger process will continue until the end of 2007.
Johann Jonach, Chairman of the Board of Raiffeisenbank Austria, said, "During the past year, we have been working intensely on preparing the launch of our legal merger, increasing the charter capital of both Raiffeisenbank and Impexbank. The legal merger will take place by the end of 2007. The combined banks will work under the name of Raiffeisenbank."
Strong position on Russian consumer banking market
Together, Raiffeisenbank and Impexbank are ranked 3rd in Russia in terms of consumer deposit volumes (79.5 billion rubles, approximately 2.2 billion euros)* and 4th in consumer lending (48.6 billion rubles, approximately 1.3 billion euros)*, Interfax-CEA reported. The most significant factor in the business development of Raiffeisen International in Russia is the constant expansion of the sales network, which is spread across the country, providing access to more than 140 million people.
According to Pavel Lysenko, Chairman of the Board of Impexbank, "the joint progress of Raiffeisenbank and Impexbank is an excellent achievement and once again demonstrates Raiffeisen International's leading positions on the Russian market. We have proven that together we can react to changing market conditions quickly and efficiently, and render the widest range of services to our clients at the highest level."
Raiffeisenbank Austria is a universal bank, focussing in equal measure on commercial, retail and investment banking activities. It started operations in 1996 and is ranked 10th in Russia in terms of assets, based on 2006 results (Interfax-CEA). In February 2007, top business magazine Global Finance named the Raiffeisen Group Russia's Best Overseas Bank.
Established in 1993, Impexbank is also a universal bank, and is ranked among the top 30 Russian banks in terms of assets and equity and among the top 10 retail banks. The bank's customers are serviced through 203 business outlets, and about 400 points of consumer lending.
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