- 100,000 customers and over € 90 million in gross assets to be transferred
- Citibank Romania consumer banking staff to become part of Raiffeisen Bank
- Romania is one of the markets with the best business prospects for RBI
Raiffeisen Bank S. A., Bucharest, a subsidiary of Vienna-based Raiffeisen Bank International (RBI), and Citibank Romania (Citi) today signed an agreement whereby Raiffeisen Bank will purchase Citi’s local consumer portfolio. The transaction, subject to customary approvals, is expected to close in the third quarter of 2013. Under the agreement, Raiffeisen Bank will acquire a portfolio consisting of over 100,000 customers and the equivalent of more than € 90 million in gross assets (as of 31 December 2012). As part of the agreement, all Citi consumer banking staff in Romania will become part of Raiffeisen Bank. The terms of the transaction are not public. The impact on RBI’s capital ratios is negligible.
“Romania is one of our markets with the best business prospects, and here we want to grow selectively again in the future. This applies especially to business with first-class companies. The acquisition of this retail portfolio is highly complementary to our existing business,” said Herbert Stepic, CEO of RBI.
Raiffeisen Bank and Citi are committed to working on a seamless transfer of Citi’s consumer customer accounts, ensuring a continuation of the high level of service.
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Raiffeisen Bank S.A. is a top universal bank (no. 3 by customer loans), providing the complete range of superior quality financial products and services to individuals, SMEs and corporations. Raiffeisen Bank services almost two million individuals, 105,000 SMEs and 7,500 large companies. As of 31 December 2012, the bank had 5,361 employees and a network of 525 outlets, 1,100 ATMs and 11,000 EPOS. RBI owns 99.49 per cent of Raiffeisen Bank’s shares. http://www.raiffeisen.ro
Citi has been present in Romania since 1996 and remains committed to serving its corporate and institutional clients in the country, including small and medium enterprises, large corporations, financial institutions, public entities, and subsidiaries of foreign multinational companies. http://www.citigroup.com