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Legal Merger of Raiffeisenbank and Impexbank completed

The legal merger of ZAO Raiffeisenbank Austria and JSC IMPEXBANK is completed. The entry to the Unified State Register of Legal Entities was made on November 23, 2007. Following the completion of the legal merger, all branches of the joint bank shall operate under the brand name of ZAO Raiffeisenbank.

Herbert Stepic, CEO of Raiffeisen International Bank-Holding AG, commented: This merger is a decisive step towards continuing our successful track record in Russia. With the integrated IMPEXBANK I am confident that we will prolong our dynamic growth. Our Russian subsidiary is not only the largest in the group, this merger was also the largest in our groups history. The fact that the merger was completed in time is again proof that we deliver what we promise.

The history of Raiffeisenbank in Russia has many landmark dates, but the legal merger is probably the most important event since the Raiffeisen Group entered the Russian market in 1996. We are glad to present to the Russian and international community a new bank  Raiffeisenbank, combining the best traditions of Raiffeisenbank Austria and the extensive branch network of IMPEXBANK. We congratulate all of our colleagues in the joint bank, who have worked very hard for us to reach this point together. We congratulate all of our clients, who shall now have access to an even wider range of products and services. ZAO Raiffeisenbank aims to be the best universal bank at federal level in Russia. ZAO Raiffeisenbank's top priority in Russia remains the same: to provide first-rate service and to constantly extend the range of products we offer, said Johann Jonach, CEO of ZAO Raiffeisenbank.

ZAO Raiffeisenbank  Largest Russian bank with foreign capital

Together, ZAO Raiffeisenbank Austria and JSC IMPEXBANK, are the largest foreign capital banking group in Russia. According to Interfax-CEA, based on Q3 2007 results, the combined bank is ranked 7th on total assets, 7th on the volume of corporate loan portfolio, 4th on the volume of private deposits and 6th on the volume of retail loan portfolio.

At the end of Q3 2007 the total assets of the combined bank amounted to 393.9 billion roubles, net profit  10.3 billion roubles*. Total capital of the bank was at 48.9 billion roubles *.

The volume of deposits of the two banks at the end of the third quarter 2007 came to 247.2 billion roubles, and the component of private clients in it exceeded 66 billion roubles. The loan portfolio of the two banks exceeded 296.7 billion roubles.* The corporate loan portfolio (except interbank loans) amounted to 203.4 billion roubles. The retail loan portfolio rose to 60 billion roubles.*

ZAO Raiffeisenbank is present in 44 regions of Russia. Over 8,500 employees in 250 offices of the bank serve 1.4 million clients.

The change of the name does not imply any changes to the rights and obligations of the clients of ZAO Raiffeisenbank Austria and JSC IMPEXBANK**.

Management of the combined Bank

The strategy of ZAO Raiffeisenbank is determined by the Supervisory Board of the Bank, which consists of representatives of Raiffeisen International.

Chairman of the Supervisory Board: Herbert Stepic, CEO of Raiffeisen International

Members of the Supervisory Board:

Heinz Wiedner, Member of the Managing Board, Raiffeisen Internatioal

Martin Gruell, Member of the Managing Board, Raiffeisen Internatioal

Aris Bogdaneris, Member of the Managing Board, Raiffeisen Internatioal

Peter Lennkh, Member of the Managing Board, Raiffeisen Internatioal

The Chairman of the Management Board of ZAO Raiffeisenbank is Mr. Johann Jonach. Other members of the Management Board are:

Pavel Gurin, Deputy Chairman of the Managing Board, Head of Corporate Directorate;

Sergey Monin, Member of the Managing Board, Head of Treasury Directorate;

Alexandre Ouchakov, Member of the Managing Board, Head of Economic Security, Assets Recovery and Compliance Control;

Roman Vorobiev, Member of the Managing Board, Head of Retail Private Individuals Directorate;

Christoph Schoefboeck, Member of the Managing Board, Head of Operations and IT Directorate;

Andrey Stepanenko, Member of the Managing Board, Head of Risk Management Directorate;

Dirk Hinze, Member of the Managing Board on Retail Sales and Distribution Channels Directorate.

One of the leading corporate banks in Russia

Raiffeisenbank holds and intends to retain the position of one of the most successful corporate finance banks in Russia. Raiffeisenbank shall continue to work both with large Russian companies and with small and medium enterprises.

The banks share of corporate business in the small and medium enterprise sector shall continue to grow. Raiffeisenbank intends to achieve this by offering special terms and programs to medium-sized enterprises with an annual turnover of RUR 280  900 million, and likewise to enterprises with an annual turnover of up to RUR 30 million (micro enterprises), and to enterprises in the small business category with an annual turn-over between RUR 30 million and RUR 280 million. The Bank's business with these segments is facilitated by having a large and manageable branch network.

The bank intends to strengthen its position with large Russian companies, partly by developing the range of services provided in the area of investment banking.

Pavel Gurin, Deputy Chairman of the Management Board remarked: No matter the size of the company or the stage it is at, we always strive to meet its needs, not only now but at every stage of its development, by offering a full range of products  from working capital financing to international capital market financing.

A retail leader in the Russian market

Raiffeisenbank shall continue to set itself ambitious goals for its retail business. The bank intends to become not only a leader but the best in this sector.

The combined network gives the bank the necessary scope to implement far-reaching programmes to attract retail customers. Raiffeisenbank intends to develop and perfect its range of retail products. The main retail banking products shall remain mortgages (based on the existing Raiffeisenbank product), car loans (Raiffeisen offers loans for cars by both foreign and Russian manufacturers), and non-purpose uncollateralized loans (which combine the features of IMPEXBANK's Narodniy Kredit and Raiffeisenbank's uncollateralized loan), as well as credit cards.

The bank is heavily focused on enhancing its service standards, and on applying state-of-the-art technologies to achieve customer satisfaction. Currently, the Bank is working to upgrade the service levels and quality standards to comply with Raiffeisen standards. The successful mixture of highly marketable products, trained staff and advanced technologies are key to market leadership.

Roman Vorobiev, Head of Retail Private Individual's Directorate and Member of the Management Board of ZAO Raiffeisenbank, commented: Our constant priority in consumer banking is to improve our products and service standards. Advanced technologies help us improve customer service. Our combination of competitive products, highly trained staff and cutting-edge technology is the basis for success in the banking industry. Today, thanks to the acquisition of a wide network across the country, we are in a position to realise various retail projects, and to ensure continued customer growth.

Expanding branch network of the combined bank

Raiffeisenbank expects a dramatic boost in the retail segment, as well as in SME lending. Here, rates of growth depend primarily on the banks distribution channels. This is why 2008 shall be a year of intensive network expansion, opening new sales points both in large and smaller cities, in order to meet its network expansion target and achieving nation-wide representation.

According to the Q3 2007 results, the combined branch network comprises 250 offices with a presence in 44 Russian regions.

Johann Jonach commented: ZAO Raiffeisenbank has set up seven regional directorates to effectively manage its extensive network. The directorates coordinate the Bank's development activities in different geographical areas in the country: Centre, North-West, South, Southern Volga, Volga, Ural and Siberia (including Far Eastern Russia). So we are now truly able to service customers on the whole territory of the Russian Federation.

Plans of the combined Bank. Re-branding

An important integration-related project concerns the upgrading and refurbishment of former IMPEXBANK branches to ensure their compliance with Group's standards. The branch refurbishment plan is complete, and the work is in full swing. Over a 2-3 week period after the legal merger, all notices and in/outdoor signs of former IMPEXBANK branches will be replaced, first in Moscow and Saint-Petersburg, and then in other regions as well.

The joint bank will offer a unified range of products, which shall be introduced gradually, in step with the technological unification process.

*  ZAO Raiffeisenbank's 3rd quarter results according to RAS (Russian Accounting Standards). Please note that these can differ from IFRS.

**Following the reorganisation of JSC IMPEXBANK, ZAO Raiffeisenbank will become its legal successor regarding all liabilities to creditors, and rights relating to debtors, as per Articles 58 and 59 of the Russian Civil Code, and Federal Law 15 of 26 December, 1995 On Joint-Stock Companies. The scope of rights and liabilities, as well as their contents, remain the same as defined by respective documents. All services will be provided based on the conditions established by the contract, and as long as the contract remains valid.

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