OREANDA-NEWS. October 18, 2007. In September 2007, there was registered the Asset Management Company Raiffeisen Aval LTD. The company is the 100-percent subsidiary of Raiffeisen Bank Aval with the charter capital sizing EUR 800,000. Gerhard Boesch, Deputy Chairman of the Board of Raiffeisen Bank Aval, takes the post of Chairman of the Supervisory Board of the asset management company, Alexander Kovalyov is Director General of the company and Oksana Movchan is a board member, reported the press-centre of Raiffeisen Aval LTD.

"We plan to increase the company’s charter capital to EUR 2,3 million before 2010, what will allow us to attract over UAH 800 million according to the current capitalization requirements for asset management companies", reports Alexander Kovalyov, Director General of the company.

The asset management company intends to serve retail customers (private individuals) and also institutional investors (pension funds and insurance companies). "Subject to a type of an investor and its needs, the range of funds under management is to include open and interval funds as well as closed funds focusing on investing into shares and bonds of Ukrainian companies, which are publicly traded at Ukraine’s stock exchange", comments Alexander Kovalyov.

Despite the fact that the Asset Management Company Raiffeisen Aval is just entering the Ukrainian market, it will take the advantage of using the advanced European experience while closely cooperating with asset management companies of the Raiffeisen Group in Central and Eastern Europe. Specifically, Raiffeisen Capital Management is the absolute leader in the Austrian market of investment funds with EUR 42 billion assets under management and a market share of 23%. Among Raiffeisen Group’s asset management companies, those located in Slovakia and Croatia also take very strong positions with a 27-percent market share in their countries. "We intend to learn as much as possible from the Group’s experience, so as we consider it the sound basis for our future successful performance", states Alexander Kovalyov.

Raiffeisen Bank Aval, founded in March 1992 as Bank Aval, is the second largest bank in Ukraine in terms of assets. Headquartered in Kyiv, Raiffeisen Bank Aval reported total assets of UAH 35,1 billion as of 30 June, 2007. It is a subsidiary of Raiffeisen International Bank-Holding AG, the holding company of the subsidiaries of Raiffeisen Zentralbank Osterreich AG (RZB) in Central and Eastern Europe.

The country-wide branch network of Raiffeisen Bank Aval comprises about 1,300 business outlets, located in large cities, region and rayon centers, towns of regional subordination and individual villages in all regions of Ukraine. A major part of them are full-function branches, which provide private and corporate clients with a full range of standard and advanced banking services.