OREANDA-NEWS. On March 19, 2007 The Austrian Raiffeisen Group is the largest foreign banking group in Russia according to Interfax's Centre for Economic Analysis (Interfax-CEA), reported the press-centre of  Raiffeisenbank. Raiffeisen, represented in Russia by Raiffeisenbank Austria and IMPEXBANK, forms the seventh-largest bank in Russia in terms of total assets, Interfax-CEA reported, citing data from January 1, 2007, based on Russian Accounting Standards. Total assets of both banks amount to more than 287.455 billion rubles (7.833 billion euros). Johann Jonach Chairman of the Board of Raiffeisenbank Austria said, “During the past year we have been working intensely on preparing the launch of our legal merger, increasing the charter capital of both Raiffeisenbank and IMPEXBANK. The legal merger will take place by the end of 2007; the combined banks will work under the name of Raiffeisenbank".

Together, Raiffeisenbank and IMPEXBANK are ranked 3rd in Russia in terms of consumer deposit volumes (79,515 billion rubles (2,167 billion euros) and 4th for consumer lending (48,6 billion rubles (1,324 billion euros), Interfax-CEA reported. The most significant factor in the business development of the Raiffeisen Group in Russia is the constant expansion of the sales network, which is spread across the country, providing access to more than 140 million people.  According to Pavel Lysenko, Chairman of the Board of IMPEXBANK, "the joint progress of Raiffeisenbank and IMPEXBANK is an excellent achievement and once again demonstrates the Raiffeisen Group’s leading positions on the Russian market. We have proven that together we can quickly and efficiently react to changing market conditions, and render the widest range of services to our clients at the highest level".

Raiffeisenbank Austria is a universal bank, focussing in equal measure on commercial, retail and investment banking activities. It started operations in Russia in 1996, offering a wide range of services to both companies and individual customers. Raiffeisenbank is ranked 10th in Russia in terms of assets, based on 2006 results (Interfax-CEA). In February 2007, top business magazine Global Finance named the Raiffeisen Group Russia's Best Overseas Bank.  Established in 1993, IMPEXBANK is also a universal bank, and is ranked 28th in Russia in terms of assets and equity. The bank is ranked 4th in terms of small and micro enterprises lending. The bank’s customers are serviced through 203 business outlets and about 400 points of consumer lending.

Raiffeisenbank Austria and IMPEXBANK are subsidiaries of Raiffeisen International Bank-Holding AG, which operates one of the leading banking networks in CEE, with subsidiary banks and leasing companies in 16 markets. Appoximately 12 million customers are serviced through more than 2,800 business outlets. In eight markets, the respective network bank is one of the three largest local banks. Representative offices in Lithuania and Moldova complement the Group’s presence in the region. Raiffeisen International is a fully consolidated subsidiary of Raiffeisen Zentralbank Osterreich AG (RZB), which owns 70 per cent of the share capital. The remaining 30 per cent of the shares is traded on the Vienna Stock Exchange. RZB is a leading corporate and investment bank in Austria, and the central institution of Austria’s Raiffeisen Banking Group, the country’s largest banking group.