The legal conclusion of the merger between ZAO Raiffeisenbank Austria and JSC IMPEXBANK culminating in the formation of the new legal entity, ZAO Raiffeisenbank, has been concluded with the formal entry in Russia's Commercial Register last Friday. Effective immediately, the company will be marketed under the brand name Raiffeisenbank. All IMPEXBANK branch offices in the metropolitan regions of Moscow and St. Petersburg have already been changed over the past weekend. The remaining branch offices will be re-branded during the next two to three weeks to reflect Raiffeisenbank's corporate design.
«This merger is a decisive step towards continuing our successful track record in Russia. With the integrated IMPEXBANK I am confident that we will prolong our dynamic growth. Our Russian subsidiary is not only the largest in the group; this merger was also the largest in our group’s history. The fact that the merger was completed in time is again proof that we deliver what we promise», commented Herbert Stepic, CEO of Raiffeisen International Bank-Holding AG and Chairman of the Supervisory Board of ZAO Raiffeisenbank.
«The history of Raiffeisenbank in Russia is characterised by a series of highlights. However, the merger of the two banks is probably the most significant milestone since Raiffeisenbank started full banking operations in Russia in 1997. We are happy to launch a new bank which combines the best traditions of Raiffeisenbank with the extensive distribution network of IMPEXBANK», says Johann Jonach, CEO of ZAO Raiffeisenbank.
Largest foreign bank in Russia
Raiffeisen International acquired the retail banking specialist IMPEXBANK in January 2006 for a total of USD 563 million. The decisive factor underlying the purchase was the strong nationwide network of bank branch offices operated by IMPEXBANK. The acquisition has catapulted Raiffeisen International to become the largest foreign banking group in Russia. Based on figures as at September 30, 2007, the merged bank had a balance sheet total* of RUR 393.9 billion (approx. EUR 11.4 billion). Total capital* amounted to RUR 48.9 billion (approx. EUR 1.4 billion). According to data gathered by Interfax-CEA, the new Raiffeisenbank is Russia's 7th largest bank in terms of its balance sheet total. The bank is even more favourably positioned in the promising retail banking segment. It ranks 4th in private deposits and 6th for private lending.
The new bank operates a nationwide network of approximately 250 branch offices, serving about 1.4 million customers. A far-reaching expansion programme designed to increase the number of branches will be implemented in 2008.
* All figures are unaudited and based on local financing reporting standards. These figures can vary to a considerable extent from figures according to IFRS.
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Pictures of the re-branding process can be accessed at:
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Raiffeisen International operates one of the largest banking networks in CEE. 18 markets of Europe’s growth region are covered by subsidiary banks, finance leasing companies, two representative offices and a number of other financial service providers. Over 13 million customers are attended to through more than 3,000 business outlets. Raiffeisen International is a fully consolidated subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB), which owns 68.5 per cent of the common stock. The balance is free float, the shares are traded on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria and the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group.