In March 2007"Yuzhny Ural" Branch of ZAO Raiffeisenbank Austria signedan agreement on cooperation with Avtopunkt Company, BMW official dealerin Magnitogorsk. Under the agreement the customers of car showrooms canuse Raiffeisenbank and BMW Group joint programme– BMW Financial Services.
Retail lending program BMW Financial Services was developed in April2004 to provide loans for acquisition of new BMW cars and motorcycles aswell as new MINI cars in BMW dealer showrooms in Moscow and SaintPetersburg. Since then, the program has been applied virtually to allRaiffeisenbank branches and BMW dealer showrooms.
Under BMW Financial Services program the loan arranged withRaiffeisenbank is provided for 1 to 3 years with a min downpayment of25% of the car price. The important advantage of this program is theavailability of favorable interest rates. For BMW series 1 it is 2.9%pa, for BMW series 3 it is 4.9% pa, and for BMW series 5 the interestrate is 4.9% pa. BMW Financial Services covers the difference betweenthe interest rate in the loan agreement and the advertised interest rate.
Shukhrat Sobirov, Director of"Yuzhny Ural" Branch, underlined:"Carloan is one of the leading credit products of Raiffeisenbank offered toindividual customers. It is to a large extent due to the attractiveprogramme terms and the extensive sales network. Cooperation withAvtopunkt Company allowed us to expand our geographic presence and offerRaiffeisenbank''s car loan services to the citizens of Magnitogorsk."
ZAO"Raiffeisenbank Austria" is ranked 10th in terms of assets amongRussian largest banks based on 2006 results (Interfax-CEA). At present,the Bank has 24 branches in Moscow, 5 branches in Saint Petersburg andregional branches in Yekaterinburg, Samara, Novosibirsk, Chelyabinsk,Nizhny Novgorod, Krasnodar, Krasnoyarsk and Perm. Among the leadingretail banks of Russia, Raiffeisenbank ranks 8th both in terms ofprivate lending and private deposits based on 2006 results(Interfax-CEA).
ZAO Raiffeisenbank Austria is an affiliate of RaiffeisenInternazional Bank Holding AG (Raiffeisen Internazional), withsubsidiary banks and leasing companies in 16 CEE markets. The Bankserves 11.7 million customers at more than 2,775 business outlets, andalso has representative offices in Lithuania and Moldova. RaiffeisenInternational is a fully consolidated subsidiary of RaiffeisenZentralbank Osterreich AG (RZB), which owns 70 per cent of the commonstock. The remaining 30 per cent is free float; the shares are traded onthe Vienna Stock Exchange. RZB is a leading corporate and investmentbank in Austria and the central institution of the Austrian RaiffeisenBanking Group, the country''s largest banking organization.