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Raiffeisen Bank expects a profit in Romania also in 2014

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2014-07-04 19:20

Raiffeisen Bank International press release: Following numerous questions regarding the situation of Raiffeisen Bank International (RBI) in Romania and Hungary, RBI CEO Karl Sevelda (pictured) comments as follows:

“RBI has founded, and not purchased, its Romanian subsidiary in 1998. Therefore, there is no risk of goodwill impairment. Our Romanian management has been enjoying an excellent reputation for many years, not least due to its very prudent risk management. In 2013, Raiffeisen Bank has earned a profit after tax of € 100 million, and we expect a profit there again this year.”

As of year-end 2013, total goodwill within the RBI Group amounted to € 544 million. The majority thereof was accounted for in the focus markets Russia (€ 237 million) and Poland (€ 198 million). There was no goodwill recognized for RBI’s subsidiary banks in Romania and Hungary in the annual report for 2013.

RBI will evaluate the impact of the new Hungarian loan refunding law, which was passed today by the Hungarian parliament, in the next few days. A reliable assessment of resulting costs was not possible in advance, as numerous details such as limitation periods, the scope of loan contracts affected or repayment procedures were unknown right up to the passing of the law. As soon as the analysis is done, RBI will inform about its result.

RBI has a robust position due to its diversified risk structure by customer groups, countries and products. It is one of the leading banks in 15 markets in Central and Eastern Europe and has a strong business basis in Austria as well. The balance sheet total in Hungary amounted to € 6,230 million at year-end 2013, which was only 4.8 per cent of RBI’s total assets.

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