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24.04.08

Raiffeisen closes securitisation warehousing transaction in Bulgaria



  • EUR 200 million unsecured consumer loan portfolio successfully placed in the market
  • The deal underlines Raiffeisens strong origination position in the region

Raiffeisenbank (Bulgaria) EAD, the Bulgarian subsidiary of Raiffeisen International, has successfully closed the placement of warehousing notes in the amount of 200 million euros. Under the transaction which has been arranged by ABN AMRO and Raiffeisen Zentralbank Osterreich AG, Raiffeisenbank (Bulgaria) EAD has sold a portfolio of unsecured consumer loans to ROOF Consumer Bulgaria 2007-1 B.V. an entity specifically established for the purpose of this transaction. ROOF Consumer Bulgaria will refinance the purchase through the issuance of asset-backed warehousing notes in form of an international private placement.

The transaction marks Raiffeisens continuation of its strategy to tap international markets through securitisation instruments under its ROOF securitisation programme and will support the further expansion of Raiffeisenbank (Bulgaria) EAD's activities in the Bulgarian market. We pursue a diversification strategy using various funding channels to support our growth in the region. The securitisation markets nicely complement our funding programme which is primarily based on primary client deposits, said Martin Grull, CFO of Raiffeisen International. The swift execution of the transaction underscores the solid quality of the underlying portfolio, he mentioned further.

This deal marks the largest ABS transaction in Bulgaria to date, said Patrick Butler, Member of the Board responsible for Treasury and Global Markets at Raiffeisen Zentralbank Osterreich AG. It underlines our ability to successfully complete large scale transactions despite a difficult market environment, he added.

Strong position on the Bulgarian consumer banking market

Raiffeisenbank (Bulgaria) EAD, a subsidiary of Raiffeisen International Bank-Holding AG, is Bulgaria's fourth largest bank in terms of total assets. It started business in 1994 as the first wholly owned subsidiary of a foreign bank in the country. As of 31 December 2007 its balance sheet total amounted to BGN 5,996.4 million, thus reaching a market share of 10.12 per cent in terms of total assets. Raiffeisenbank (Bulgaria) has been on the forefront of retail banking activities in the Bulgarian banking market achieving an increase of its consumer loans portfolio by 61.72 per cent in 2007 to BGN 581.3 million, while the number of individual clients increased by 54 per cent.


Raiffeisen International operates one of the largest banking networks in CEE. 17 markets of Europes growth region are covered by subsidiary banks, finance leasing companies, a representative office and a number of other financial service providers. About 14 million customers are attended to through more than 3,000 business outlets. Raiffeisen International is a fully consolidated subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB), which owns 68.5 per cent of the common stock. The balance is free float, the shares are traded 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 countrys largest banking group.

For further information please contact Michael Palzer (+43-1-717 07-1504, michael.palzer@ri.co.at) or Lars D. Hofer (+43-1-71 707-1930, lars.hofer@ri.co.at).

www.ri.co.at, www.rzb.at

 

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