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Raiffeisen International in CEE


25 July 2006

Raiffeisen International in CEE

At noon today Raiffeisen International was informed that it had not made it on to the shortlist of candidates to purchase the Romanian CEC (Casa de Economii si Consemnatiuni SA). The reason for this, given by the Romanian privatisation committee, was that Raiffeisen International’s offer was more than 10 per cent below that of the competing bids.

In the past Raiffeisen International has always stressed that, while it is interested in CEC it is not willing to overpay for the asset. The current price level reflects the enormous appetite of Western banks for market share in CEE.

In the future Raiffeisen International will concentrate on organic growth and plans to increase its Romanian network by 40-50 branches per year.

Raiffeisenbank Romania has a market share of 8 per cent based on total assets. Currently it has 227 branches which serve over 2 million customers.