Raiffeisen International Bank-Holding AG has come to a decision on abrand for the joint bank. Moreover, it was resolved to reorganize JSC«Impexbank» in form of accession to ZAO «Raiffeisenbank Austria», and the Chairman of the Board and the Management Board Members of the joint bank were appointed. Obviously, all the decisions must go through agreement procedure and get the required registration in the regulatory agencies of the Russian Federation.
Accordingluy, the joint bank will operate in Russia under«Raiffeisen» brand, and the name of the organization will remain as ZAO «Raiffeisenbank Austria». This decision was proposed after thorough and comprehensive analysis of both banks structures and the future strategy of the joint bank. Giving you a notice, practicallyin all countries of Raiffeisen International Bank-Holding presence he banks operate under «Raiffeisen» brand, the only exceptions are the countries where the market share of the acquired bank several times exceeded the one of the previously established financial institution, and, as a general rule, the name of the acquired bank was remained and supplied with «Raiffeisen» brand.
Johann Jonach was appointed the Chairman of the Board of ZAO«Raiffeisenbank Austria», the Management Board of the joint bank comprises the Board Members, who were previously responsible for business areas and entered the Management Board of the respective bank. The Management Board of the joint bank consists of (in alphabetic order):
As noted by Heinz Wiedner, Board Member of Raiffeisen InternationalBank-Holding AG, responsible for integration of both banks,«we are pleased to communicate that the further steps to the banks joining were taken in time, till end 2006, as it was planned: the brand of the future bank is determined and announced as «Raiffeisen». The Management Board of the joint bank includes all the key BoardMembers of both banks – this is a very important aspect for us, since, as we have already emphasized, qualification of Impexbank staff and management is one of the main factors under the bank purchase by Holding».
«Legal merger completion is scheduled for 2007. As of today we have already bridged an important stage, having determined and announced the decision on one of the major issue within the framework of integration processes. This was one of the most frequently asked questions to our banks, therefore we are especially pleased to answer it», - commented Johann Jonach, Chairman of the Board of ZAO «Raiffeisenbank Austria».
Up to this moment the certain steps, primarily aimed at arrangement ofconveniences for the customers, have already been taken: ATM networks ofImpexbank and Raiffeisenbank are joint, some Impexbank offices sell theproducts of Management Company«Raiffeisen Capital» and Non-state Pension Fund «Raiffeisen», Raiffeisenbank customers now have a possibility to perform monthly payments for rouble loans in Impexbank offices. In terms of business conduct, both banks have already joint their efforts in financial market operations, as well as in credit and financial risk management.
ZAO«Raiffeisenbank Austria» and JSC «Impexbank» are subsidiaries of Raiffeisen International Bank-Holding AG (Raiffeisen International) that operates 16 subsidiary banks and leasing companies in Central and Eastern Europe. 11 million customers are attended through more than 2700 business outlets. Raiffeisen International is a fully consolidated subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB), which owns 70 per cent of the common stock, the remaining 30 per cent is free float and the shares are traded on the Vienna Stock Exchange. RZBas the parent bank of Raiffeisen Group is a leading corporate and investment bank and a top bank in Austria, as well as in Central and Eastern Europe.