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Raifffeisen Czech subsidiary to acquire Citibank’s Czech retail business

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2015-09-14 14:22

RBI’s Czech subsidiary to acquire Citibank’s Czech retail business (RBI statement):

Raiffeisen Bank International AG’s (RBI) Czech subsidiary, Raiffeisenbank a.s., has signed an agreement with Citibank Europe plc (Citi) today to purchase Citibank’s retail banking business and card businesses in the Czech Republic. As agreed between both contracting parties, the selling price and transaction details will not be disclosed. The transaction, which is still subject to customary and regulatory approval, is expected to close in the first quarter of 2016 and will have an insignificant effect on RBI’s capital ratio.

“The acquisition of Citibank’s retail portfolio by Raiffeisenbank is fully in line with RBI’s new strategic measures which we announced at the beginning of February. Although for the time being, our aim is to reduce our risk-weighted assets, we want to grow in selected markets which are in a strong position to generate sustainable returns. The Czech market is one of those, as it offers a stable economic and legal framework, there’s still catch-up and growth potential in the banking market, and our expectations regarding profitability and risk are positive,” Karl Sevelda, CEO of RBI, underlines.

“Raiffeisenbank is in very good financial shape. It is a solid, strong and stable financial institution with ambitions for future growth, both organically and through select acquisitions,” says Igor Vida, CEO of Raiffeisenbank. He further explains: “Our focus lies on affluent clients who are interested in high quality services, active finance management, and professional advisory services.”

RBI has been present on the Czech market since 1993. Raiffeisenbank is the Czech Republic’s fifth-largest bank by total assets and offers a full range of banking services to private and corporate customers. Other specialist companies provide services in the areas of building society, insurance and leasing. As of the end of the first half of 2015, Raiffeisen served around 397,000 customers through 125 business outlets in the Czech Republic and has about 2,700 employees. The bank’s range of outstanding services and their quality are regularly awarded.

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