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02.08.05

Quicker and cheaper Euro-payments between Austria and CEE.

The Intragroup Payment (IGP) of RZB Group celebrates its secondanniversary this summer. Since the introduction of IGP, payments betweennetwork banks of RZB Group are handled as quickly as domestic banktransfers.

„With the invention of IGP RZB Group plays again a role as a pioneer and makes a contribution to the economic unity of Europe”, says Guenther Gall, Head of Transaction Services of Raiffeisen Zentralbank Oesterreich AG (RZB). The success of IGP is also shown by the fact thatother banks have adopted the system.

“Due to our region-wide presence in Central and Eastern Europe (CEE) our customers can profit most of our product“, Mr. Gall said. “IGP allows quick and cheap Euro-payments not only between Austria and CEE, but also between CEE-countries.”

The challenge two years ago was to create a quick, easy and costeffective transaction service between RZB in Vienna and its 15 networkbanks in CEE. IGP is a system, which allows multinational customers tohandle Euro-payments as quickly as domestic bank transfers. AlongsideIGP costs less than common foreign bank transfers. The only conditionis, that principal and agent both have a current account with Raiffeisen.

ZAO Raiffeisenbank Austria is a subsidiary of Raiffeisen InternationalBank-Holding AG (Raiffeisen International). Raiffeisen International isa fully consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG(RZB), which owns 70 per cent of the common stock. The remaining 30 percent is free float including the shares of the International FinanceCorporation (IFC) and the European Bank for Reconstruction andDevelopment (EBRD), which own about 3 per cent each of the capitalstock. Raiffeisen International''s shares are traded on the Vienna StockExchange. Raiffeisen International is the steering company for 15subsidiary banks and 14 leasing units with more than 900 outlets inCentral and Eastern Europe (CEE). RZB-Austria is the central institutionof the Austrian Raiffeisen Banking Group, the country''s most powerfulbanking group.

 

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