Raiffeisen Zentralbank Osterreich AG (RZB) marked the 10th anniversary of its branch office in Singapore with a major celebration. RZB started its presence in this market in 1984 with a representative office, and opened the branch in this important South-East Asian financial centre in 1997. «RZB is the leading Austrian bank in Asia. Through this branch office, we act as an important bridgehead for both Austrian companies and our clients in Central and Eastern Europe,» said Walter Rothensteiner, CEO of RZB. «With our branch in Singapore, we can provide our customers with RZB's traditionally high quality products and services in South-East Asia, while at the same time offering our Asian customers a variety of services on the local markets and functioning as an important link to our homemarket in Austria and the CEE region.»
In addition to the branch in Singapore, RZB has now also built up a network of offices in South-East Asia and is present in five major cities: along with the central office in Singapore, there are four representative offices in Hong Kong (China), Mumbai (India), Ho Chi Minh City (Vietnam) and Seoul (South Korea). The customer base consists of corporate clients and financial institutions. «We started off with just over a dozen employees10 years ago, and now employ a staff of 165 to service these markets.»
In addition to Singapore, RZB also has offices in the important Chinese market, with a branch office in Beijing and two representative offices in South China. «Our customer base is broadly diversified and comes from a wide range of sectors. We are a particularly attractive banking partner thanks to our strong network in Eastern Europe,» explained Herbert Stepic, Deputy-CEO of RZB in charge of international business.
RZB offers a range of products tailored specifically to local corporate customers in Asia. «RZB specializes in niche products here. But we have a great advantage in that we can react flexibly and quickly to customers' needs,» noted Stepic, speaking about RZB's positioning in Asia. «Asia is now the second most important region for RZB, after the home market in Austria and Central and Eastern Europe. We are the only Austrian bank with a full banking license in Singapore and in China.» In addition to Austrian and Asian corporate customers, the branch in Singapore and its representative offices provide banking services for financial institutions such as asset managers, insurance companies and central banks. The range of products includes trade financing, export/import financing, and documentary business, as well as financing in local currency and interest-rate and currency-risk management.
Photo: (left to right):
Gerhard Meschke, Austrian trade commissioner to Singapore
Herbert Stepic, Stellvertretender Generaldirektor der RZB
Soo Kok Leng, Singaporean Ambassador to Austria
Klaus Wolfer, Austrian Ambassador to Indonesia
Raiffeisen Zentralbank Osterreich AG (RZB) is the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group. It is a leading corporate and investment bank in Austria and also considers Central and Eastern Europe (CEE) as its home market. RZB is the only Austrian bank with a global network of business units reaching all important finance centres around the globe. It is also present in Asia via its branches and representative offices.
Via listed subsidiary Raiffeisen International Bank-Holding AG, RZB operates one of the largest banking networks in CEE. 17 markets are covered by subsidiary banks, finance leasing companies, a representative office and a number of other financial services providers. Over 13 million customers are attended to through more than 3,000 business outlets.