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  Tuesday, October 20, 2020
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Raiffeisenbank Austria said Monday it would decide on its merger with a major Russian bank by the end of the year
Raiffeisenbank Austria, a subsidiary of Austria's banking group Raiffeisen International, said Monday it would decide on its merger with a major Russian bank by the end of the year. Impexbank, one of Russia's top thirty banks whose IFRS total assets increased 35% in 2005 to $1.9 billion, was purchased by Raiffeisen International in May 2006. Raiffeisen International is a major banking group controlling 16 subsidiary banks and leasing companies in central and eastern Europe. The group is a fully consolidated subsidiary structure of Raiffeisen Centralbank Osterreich, which holds 70% of its common shares, with the other 30% of shares in free float. Raiffeisenbank Austria Board Chairman Johann Jonach said the bank would determine the form of its merger with Impexbank and decide on whether to change or keep the brand until the end of the year. According to Jonach, RBA's assets could rise 30% after the merger. Raiffeisen International chief executive Herbert Stepic earlier said once the integration was over, Raiffeisenbank could become the largest foreign group in Russia with 2% of the Russian banking market in terms of assets.
Print Raiffeisenbank Austria said Monday it would decide on its merger with a major Russian bank by the end of the year Bookmark Raiffeisenbank Austria said Monday it would decide on its merger with a major Russian bank by the end of the year

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