Mar 25, 2013
- 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
March 21st 2013 - 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.
Re-disseminated by The Asian Banker