ZAO Raiffeisenbank will increase the interest rates for its term deposits from November 27, 2008. The decision was taken due to the increase of refinancing rate and other rates set by the Bank of Russia from November 12, 2008.
Currently, Raiffeisenbank product line includes Universal, Ranter and Investment deposits. All deposits are in rubles, US dollars or euros. Interest rates on the Ranter deposit in rubles currently range from 7.2% to 12% p.a. based on the term of deposit, on the Universal deposit — from 5.5% to 10.5% p.a. respectively. The terms for placing the deposit vary from one month to five years dependant on the selected product.
«Change in the refinancing rate of the Bank of Russia influenced our decision to raise the interest rates on deposits. We have substantially increased our rates for all terms on the Ranter and Universal deposits in rubles, as well as rates on the Ranter deposits in euros for a period of 1-9 months. At present, along with high safety of deposits and impeccable quality of servicing, we offer even more attractive and competitive rates on the Russian market», said Pavel Gurin, CEO of ZAO Raiffeisenbank.
Full information on the deposit investment conditions for individuals' funds is available on the official website of ZAO Raiffeisenbank in the «Retail Banking — Deposits» section.
ZAO Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG. Raiffeisenbank is the largest foreign-owned bank in Russia, ranking 8th in terms of assets among top Russian banks based on 3Q 2008 results (Interfax-CEA). According to Interfax-CEA, ZAO Raiffeisenbank ranked 4th in Russia in terms of private deposits and 6th in consumer lending in Russia based on 3Q 2008 results.
On 24th September, Raiffeisenbank completed the placing of its additional share issue with a total nominal value of 14.8 billion rubles. The registered capital of the bank increased by 68% and is now at 36.7 billion rubles. The net profit of Raiffeisenbank according to the results of the third quarter of 2008 was 8.5 billion rubles (according to the RAS).
Raiffeisen International operates one of the largest banking networks in CEE. 17 markets in Europe's growth region are covered by subsidiary banks, leasing companies and a range of other financial service providers. 14.6 million customers are serviced in more than 3,100 business outlets. Raiffeisen International is a fully consolidated subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB), which owns more than two-thirds of the common stock. The remainder is in free float, the shares are listed 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 country's largest banking group.