In March 2007 ZAO Raiffeisenbank Austria and the Pension Fund of Russia(HQ-Pension Fund Division in Moscow and Moscow region) concluded anAgreement on Mutual Authentication of Signatures.
Under the Agreement ZAO Raiffeisenbank Austria is entitled to acceptapplications from insured individuals to choose investment portfolio (ofa management company), to switch from the Pension Fund of Russia to anon-state pension fund, to switch from a non-state pension fund to thePension Fund of Russia, to switch from one non-state pension fund toanother non-state pension fund. The Bank verifies the authenticity ofthe personal signature of the insured individual and submitsapplications to the Pension Fund of Russia.
Applications from individuals shall be accepted from March 16, 2007, atall braches of ZAO Raiffeisenbank Austria in Moscow. The Bank has becomea transfer-agent of the Pension Fund of Russia fourth year in a row.
In 2006 the functions of a transfer-agent of the local branches of thePension Fund of Russia were also performed by regional branches ofRaiffeisenbank in Ekaterinburg, Krasnodar, Nizhny Novgorod, Chelyabinsk,Saint Petersburg, Krasnoyarsk, Samara and Novosibirsk.
As of 2006 ZAO Raiffeisenbank Austria and its regional branches receivedover 4,200 applications from insured individuals, including 3,903applications to transfer the cumulative part of labor pensions toRaiffeisen NPF.
Elena Gorshkova, Executive Director of Raiffeisenbank NPF remarked:"In2006 the number of applications received by our Fund from insuredindividuals willing to implement their rights to form the cumulativepart of labor pension doubled. It is indicative of increasinginvolvement of citizens in the planning of their future pensions as wellas of the increase of confidence in our Fund which has beenparticipating in the implementation of the pension reform since 2004."
Non-State Pension Fund Raiffeisenis among the mostlydynamically developing mutual non-state pension funds in Russia,offering programs of non-state pension provision for corporate andindividual clients. Furthermore, Raiffeisen NPF participates in theformation and payment of the cumulative part of labor pensions undermandatory pension insurance. At present Raiffeisen NPF serves over23,200 individual customers and over 80 corporate clients.
Raiffeisen Pension Fund was set up by ZAO Raiffeisenbank Austria, anaffiliate of Raiffeisen Internazional Bank Holding AG (RaiffeisenInternazional), with subsidiary banks and leasing companies in 16 CEEmarkets. The Bank serves 11.7 million customers at more than 2,775business outlets, and also has representative offices in Lithuania andMoldova. Raiffeisen International is a fully consolidated subsidiary ofRaiffeisen Zentralbank Osterreich AG (RZB), which owns 70 per cent ofthe common stock. The remaining 30 per cent is free float; the sharesare traded on the Vienna Stock Exchange. RZB is a leading corporate andinvestment bank in Austria and the central institution of the AustrianRaiffeisen Banking Group, the country''s largest banking organization.