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Raiffeisen International formally starts legal merger of its Russiansubsidiaries Raiffeisenbank Austria and IMPEXBANK.

Today, Raiffeisen International Bank-Holding AG, the sole shareholder ofIMPEXBANK, formally decided to merge its Russian subsidiariesRaiffeisenbank Austria and IMPEXBANK. The legal merger process willstart immediately and the process is expected to continue until the endof 2007.

2006 marked the beginning of a new period in the development of Raiffeisen in Russia with Raiffeisen Internationals purchase of 100 per cent of the shares of IMPEXBANK, said Johann Jonach, Chairman of the Managing Board of Raiffeisenbank Austria. We spent 2006 actively preparing for the start of the legal merger, which we plan to complete by the end of this year. One of our major objectives is to continue to develop and consolidate our position in Russia. We strive to become the best private full-service bank with representation on the national level. And on top of that, superior customer service quality and further expansion of banking products will remain our priority.

IMPEXBANK CEO Pavel Lysenko emphasised thatthe legal and actual integrations are equally important processes for us. The legal merger does not mean the full technological integration of the banks, though many products and services will be available for customers in all the branches of the combined bank.

Raiffeisen International Bank-Holding AG operates one of the leadingbanking networks in CEE, with subsidiary banks and leasing companies in16 markets. Approximately 12 million customers are serviced through morethan 2,800 business outlets. In eight markets, the respective networkbank is one of the three largest local banks. Representative offices inLithuania and Moldova complement the Groups presence in the region. Raiffeisen International is a fully consolidated subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB), which owns 70 percent of the share capital. The remaining 30 per cent of the shares are traded on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria, and the central institution of Austrias Raiffeisen Banking Group, the countrys largest banking group.


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