• Offering to target Internet-focused customers
• Complement to Raiffeisen's existing product offer
• Initial focus on deposit products
• Austrian banking license as "Single European Passport" for operations in selected CEE markets Raiffeisen International Bank-Holding AG, a member of the RZB Group, plans to introduce a newly-founded direct bank in selected Central and Eastern European markets in 2010. The direct bank will target the retail segment and initially focus on providing deposit products. Its customers will benefit from attractive offers made possible by the cost advantages linked to the self-service model, which fully utilizes the Internet as its primary sales and service channel. "Our new direct bank will address the unique needs and interests of Internet-focused customers, who represent a fast-growing group in Central and Eastern Europe. By delivering cutting-edge online products and services to this distinct customer segment, the direct bank will ideally complement our traditional 'brick-and-mortar' offerings and contribute to the further strengthening of our Group's liquidity," said Herbert Stepic, Raiffeisen International's CEO. "By investing in a new direct bank, we are also underlining our commitment to Central and Eastern Europe and our conviction that the region's convergence process will continue," Stepic added. The Austrian Financial Market Authority granted the relevant banking license for the direct bank, which will be based in Vienna and operate as a subsidiary of Raiffeisen International under an Austrian banking license. The "Single European Passport" principle allows the new direct bank to enter the banking market in another EU member state simply by following a notification process with the competent regulatory authorities.
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