Raiffeisen Bank Network Exceeds 300 Units

Raiffeisen Bank has opened their 300th unit in Romania, in Sinaia and ten other units across the country to get to the round number. At the end of last year, the bank had 265 units and announced plans to open over 100 new units this year. Raiffeisen Bank acquired Banca Agricola in 2001 and thus gained a network of 225 units, of which 40 were later closed because of poor locations.

"Since 2001, the Raiffeisen network has changed completely," said President Steven van Groningen. The bank is currently focusing on expanding the distribution network and building specialized units as close to the customers as possible, said Retail Vice President Razvan Munteanu.

"Raiffeisen completely reorganized the network acquired from Banca Agricola between 2002 and 2005. In addition, we have opened some 120 units and closed approximately 40. In 2006, we entered a new stage in network development," Munteanu added.

The bank has also opened Raiffeisen Casa Ta units in Bucharest, Constanta and Timisoara specially for real estate lending. Further such units will be opened in Pitesti, Cluj, Targu Mures and Brasov. Some 10% of the mortgage loans granted by the banks are retailed through Casa Ta units although these units account for 2% of the bank"s network. Operational Business Centers in Brasov, Craiova, Timisoara and Iasi are focusing on corporate customers. More centers will be opened in Cluj, Constanta and Bucharest.

Raiffeisen Bank has 2.2 million individual customers, 130,000 small enterprise customers and 5,000 corporate customers. Last year ended with a gross profit of 60 million EUR and assets of 4 billion EUR.