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Raiffeisenbank of Russia introduces chips to all plastic cards

Raiffisenbank announces that all its Visa and MasterCard cards will have a chip. They will also keep the magnet stripe, which will allow to use them in any ATMs and POS terminals, including those with no chip readers yet in place.

«Card chips offer our customers a great opportunity to control the safety of their transactions. The chip technology enhances security against card crimes, — said Andrey Stepanenko, member of the management board of ZAO Raiffeisenbank, head of retail private individuals directorate. — In the future, chip cards will help Raiffeisenbank realise various high-tech projects for its customers».

All cards with chips will bear the standard servicing fees of the bank. Cardholders of magnet-stripe-only cards will receive new chip cards when their old ones expire.

ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 9th among the Russian banks in terms of assets, based on 2010 results (Interfax-CEA). According to the same Interfax-CEA data, ZAO Raiffeisenbank ranked 6th in terms of private deposits and 8th with regard to consumer lending.

Raiffeisen Bank International AG regards both Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets. Around 60,000 employees service about 14 million customers through around 3,000 business outlets, the great majority of which are located in CEE. RBI is the only Austrian bank with a presence in both the world’s financial centres and in Asia, the group’s further geographical area of focus. Raiffeisen Bank International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB). RZB indirectly owns around 78.5 per cent of the common stock, which is listed on the Vienna Stock Exchange; the remainder is in free float. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group, and serves as the group head office of the entire RZB Group, including RBI.


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