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Net bank utilising European convergence

Net bank utilising European convergence

(7 December 2009 – Europe) Raiffeisen International Bank, the third largest bank in Central and Eastern Europe, plans to introduce a newly-founded direct bank, to take advantage of continued market convergence in Europe and growth of internet banking customers in the region. The direct bank, which will be based in Vienna, will introduce online banking service into selected Central and Eastern European markets in 2010; targeting the retail segment and initially focusing on providing deposits products.

It will operate under the ‘Single European Passport’ principal allowing the new direct bank to enter the banking market in other European Union states by simply following a notification process with the regulatory authorities.

Utilising the Internet as its primary sale and service channel, the overall aim is to offer attractive cost advantages to customers by using the ‘self service’ model.

Herbert Stepic, chief executive officer, Raiffeisen International, said that by investing in a new direct bank, Raiffeisen International are also underlining a commitment to Central and Eastern Europe and a conviction that the region's convergence process will continue.

Raiffeisen International’s new direct bank will address the unique needs and interests of the Internet-focused customers, who represent a fast-growing group in Central and Eastern Europe, Mr Stepic added.

Mr Stepic also highlighted that by delivering cutting-edge online products and services to this distinct customer segment, the direct bank will ideally complement the traditional 'brick-and-mortar' offerings and contribute to the further strengthening of the group's liquidity.
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