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| Czech Raiffeisenbank buys Citi's Personal Loan Portfolio |
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Prague-based Citibank Europe plc and Raiffeisenbank a.s., the Czech subsidiary of Raiffeisen International Bank-Holding AG, have come to an agreement on the sale of Citibank’s portfolio of personal installment loans. Customers of the portfolio, which has an approximate value of 750 million Czech crowns (around € 29.2 million), have thus become new Raiffeisenbank clients as of 1 May 2010, while the conditions of their loans will remain unchanged. Both banks agreed to keep the transaction details confidential.
"We are continuously looking for opportunities to accelerate our growth. We want to restart our lending during the economy's current phase of slow revitalization. The acquisition of this portfolio fits perfectly with this strategy," said Mario Drosc, Deputy CEO of Raiffeisenbank.
"As a part of the regular evaluation of our business strategy, product proposition and customer segments, we have decided to sell a selected part of our loan portfolio to Raiffeisenbank," said George Denisenko, Consumer Lending Head at Citibank in the Czech Republic. "The personal loan portfolio that is being sold is part of Citibank business acquired from 2006 through 2008 and constitutes less than 1 per cent of our total assets in the Czech Republic."
The loan portfolio's sale does not bring about any significant changes for its customers: the amount of their monthly installment remains the same, as does the interest rate and the repayment period. The only change involves the new account number to which the instalments should be credited. "Jointly with Citibank, we inform every client about this change," Mario Drosc added. For these new clients, Raiffeisenbank has also prepared a special offer that provides them with an "eKonto" account free of charge for six months.
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Raiffeisen International operates one of the largest banking networks in CEE, covering 17 markets across the region through subsidiary banks, leasing companies and a range of other financial service providers. The group's 56,500 employees service more than 15 million customers through around 3,000 business outlets. Raiffeisen International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Österreich AG (RZB), which owns about 70 per cent of the common stock. The remainder is in free float, with the shares listed on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria and the central institution of the Austrian Raiffeisen Banking Group, the country's largest banking group.
http://www.ri.co.at, http://www.rzb.at
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