RZB Group To Acquire Russian Retail Bank For $550 Million

Pending regulatory approval, RZB Group member Raiffeisen International Bank Holding AG plans to acquire retail bank Russian JSC Impexbank for $550 million, making Raiffeisen the largest foreign owned banking group in Russia. Impexbank was founded in 1993 and is owned

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Pending regulatory approval, RZB Group member Raiffeisen International Bank-Holding AG plans to acquire retail bank Russian JSC Impexbank for $550 million, making Raiffeisen the largest foreign-owned banking group in Russia.

Impexbank was founded in 1993 and is owned by seven Russian companies. As of June 30, 2005, the bank’s total assets totalled EUR 1.2 billion, a net income of EUR 9 million and employed 4,320 people.

“With the strong regional presence of Impexbank in Russia we will stop our own ambitious branch expansion programme,” said Herbert Stepic, CEO of Raiffeisen International. “We can now fully focus on attracting new retail and SME customers in the entire country.”

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