The new subsidiary shall underline the Group’s strong position in the CIS Raiffeisen International Bank-Holding AG, a member of the RZB Group headed by Raiffeisen Zentralbank Цsterreich AG, intends to establish a subsidiary bank in Kazakhstan. The application process is already under preparation. «Due to its economic potential and politically stable environment, Kazakhstan is an attractive market», said Herbert Stepic, CEO of Raiffeisen International. «We have been observing this market for a long time and we believe that now is a good time to make this step.»
Raiffeisen International runs a leasing unit in Kazakhstan, established in 2005. By establishing a subsidiary bank, Raiffeisen's operation in Kazakhstan will be extended to banking business. Raiffeisen International previously was a minority shareholder in Bank TuranAlem, the second largest bank of the country. Since the planned increase of its 7.7 per cent share to majority shareholding was not feasible, the Group sold its equity stake in August 2006.
The new subsidiary bank will be based in Almaty and will start operations in 2009. Raiffeisen Bank will predominantly focus on servicing local and foreign corporate customers. Selective retail business will be extended hand in hand with the development of the branch network. The bank in Kazakhstan will be the Group’s fourth subsidiary bank in the Commonwealth of Independent States (CIS). Raiffeisen is the largest Western banking group in Russia, Ukraine and Belarus. The new bank will strengthen the Group’s leading position in the region.
For further information please contact:
Susanne Langer Vice
President Investor Relations
Raiffeisen International Bank-Holding AG
Am Stadtpark 9