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Raiffeisen International hails Romania's agreement with IMF

Austrian banking group Raiffeisen International Bank Holding-AG on Friday hailed the recent agreement concluded by the Romanian authorities with the International Monetary Fund (IMF), the European Commission, the World Bank and other international institutions on a EUR 20 billion financial package, representing a significant step towards ensuring Romania's economic stability and strengthening confidence in the region of Central and Eastern Europe, reads a release of the Austrian banking group.

'This agreement is an important contribution to the efforts of the Romanian authorities to solve the challenges facing the country in these times of global economic crisis,' said Raiffeisen International CEO Herbert Stepic.

'Raiffeisen came to Romania in 1998 as a long-term strategic investor and therefore we will continue providing enough liquidities and capital for our subsidiary in Romania to meet its targets,' said Herbert Stepic

Raiffeisen International is one of the nine organizations that signed on Thursday an agreement with the IMF, under which the shareholders of the leading nine banks in Romania pledged commitment as strategic investors and key contributors to Romania's transition towards an open market economy. The nine organizations also confirmed trust in Romania's long-term growth and pledged to continue business in Romania.

In 2008, the Romanian subsidiary of Raiffeisen International, Raiffeisen Bank S.A. was holding fourth position in the ranking of the most important local banks, with total assets of EUR 6.56 billion. Its after-tax profit was EUR 161 million, up 60 pct compared to 2007. At the end of 2008, Raiffeisen Bank S.A. employed some 6,900 staff who were servicing two million clients through 557 units in Romania.

Romania is set to receive a nearly 20-billion-euro foreign financial aid package put together by the International Monetary Fund (IMF) and the European Union. The IMF will make 12.95 billion euros available in a two-year standby credit, the European Commission is to raise an additional 5 billion euros from the international financial markets and hand them over in installments to Romania, the World Bank will contribute 1.5 billion euros, and other financial institutions - 1 bln euros.

 

Sursa: http://www.rompress.ro

Tags: international raiffeisen romania billion agreement romanias euro

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