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Russia’s Raiffeisenbank offers overdraft for small business

Raiffeisenbank invites companies with annual revenue of up to RUR 40 million to use overdraft, a new product in the small-business lending programme. Overdraft is a simplified method of short-term lending and is offered automatically when a client’s settlement account has insufficient funds. Previously, this product was available only to companies with annual revenue of more than RUR 40 million, but now small businesses can use it under a simplified procedure.

The overdraft loan limit for existing clients of the Bank is RUR 1.2 million, and RUR 900,000 for clients who do not have an account. Overdraft is available for one year. No collateral is required.

The interest rate for this product is determined on the basis of fixed rates: for existing clients from 17%, and for new clients from 18%.

In order to use overdraft and establish a credit limit, all that clients of the Bank need to do is fill in an application form. Other companies are asked to also provide a statement indicating their account turnover at other banks and to open a settlement account with Raiffeisenbank after receiving authorization. Application decisions are made within 1 working day.

This product is offered under a simplified procedure involving a minimal number of documents. You can receive more detailed information at the Bank’s offices and official site.

ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 10th among the Russian banks in terms of assets, based on Q1 2012 results (Interfax-CEA). According to the same Interfax-CEA data, ZAO Raiffeisenbank ranked 5th in terms of liabilities of individuals and 10th with regard to consumer lending.

Raiffeisen Bank International AG (RBI) 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. 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. Around 59,000 employees service about 13.8 million customers through around 2,900 business outlets, the great majority of which are located in CEE. 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, the remainder is in free float. RBI’s shares are listed on the Vienna Stock Exchange. 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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