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Russia’s Raiffeisenbank reduces its consumer loan rates

Raiffeisenbank has announced changes to its consumer loan rates. The minimum rate for consumer loans was reduced by 0.9  2% depending on the customer profile.

For customers whose salary is transferred to their Raiffeisenbank account, the interest rate on their loans is 16.9%. The rate for employees of Raiffeisenbank corporate partners is 17.9%. For other customer profiles, the interest rate varies from 20.5% to 23.5%. Long-term customers with a good credit history receive better interest rates on loans from Raffeisenbank.

Besides this, the maximum loan amount for payroll customers and for those who have received a preliminary approved customer loan proposal was raised.

Now many banks use the risk-based pricing technique, which means fixing the interest rate for each borrower depending on his profile. Raiffeisenbank was one of the first banks on the Russian market to implement this technique in April 2010, and the system has proved to be effective. Thanks to this technique, we can offer more attractive interest rates on loans to long-term customers. Besides, customer lending is now one of the key types of retail business, and reducing rates is one more step towards meeting our customers needs, said Andrey Stepanenko, CEO of ZAO Raiffeisenbank and Head of the Consumer Banking Directorate.

ZAO Raiffeisenbank
is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 9th among the Russian banks in terms of assets, based on H1 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 worlds financial centres and in Asia, the groups further geographical area of focus. In total, around 61,300 employees service about 14.6 million customers through around 3,100 business outlets, the great majority of which are located in CEE (these figures include Polbank). 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. RBIs shares are listed on the Vienna Stock Exchange. RZB is the central institution of the Austrian Raiffeisen Banking Group, the countrys largest banking group, and serves as the group head office of the entire RZB Group, including RBI.


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