Raiffeisenbank has been included in the list of banks in which idle cash belonging to the Moscow city budget will be allocated over the next three years. Raiffeisenbank is the only bank with no state equity stake that was included in the list.
«Raiffeisenbank fully complies with the requirements made of financial institutions where idle funds belonging to Moscow’s budget can be allocated. The fact of Raiffeisenbank being included in this list testifies to the bank’s reliability to the highest degree,» said Sergey Monin, Chairman of the Management Board of ZAO Raiffeisenbank.
The allocation limit cannot exceed 150 bln rubles, and is to be determined based on the financial institution’s amount of equity and its international long-term credit rating. Idle funds are allocated by the Moscow City Finance Department in the bank offering the highest interest rate.
ZAO Raiffeisenbank is a subsidiary of Raiffeisen Bank International AG. Raiffeisenbank ranks 10th among the Russian banks in terms of assets, based on Q3 2011 results (Interfax-CEA). According to the same Interfax-CEA data, ZAO Raiffeisenbank ranked 5th in terms of private deposits and 6th with regard to consumer lending.
Raiffeisen Bank International AG (RBI) regards both Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. In CEE, RBI operates an extensive network of subsidiary banks, leasing companies and a range of other specialised financial service providers in 17 markets. RBI is the only Austrian bank with a presence in both the world’s financial centres and in Asia, the group’s further geographical area of focus. Around 60,000 employees service about 13.7 million customers through around 2,900 business outlets, the great majority of which are located in CEE. Raiffeisen Bank International is a fully-consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB). RZB indirectly owns around 78.5 per cent of the common stock, the remainder is in free float. RBI’s shares are listed on the Vienna Stock Exchange. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group, and serves as the group head office of the entire RZB Group, including RBI.