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Raiffeisen Group boosts exposure by 11% in Romania in Q1

Raiffeisen Zentralbank Österreich's receivables in Romania climbed by 11% in first quarter this year, up to 8.26 billion euros, which represents roughly 4.5% of the group's overall exposure, according to own statements. At the end of last year, Raiffeisen's receivables in Romania amounted to 7.46 billion euros, holding a 4% share.

In contrast with other regions, RZB's exposure shrank in first quarter. Its receivables in Bulgaria dropped 8% to 5.05 billion euros, by 12% in Hungary down to 10.3 billion euros, by 22% to 9.7 billion euros in Slovakia, by 4% to 8.7 billion euros in Czech, and by 12% to 7.4 billion euros in Poland.

Raiffeisen Zentralbank's exposure in Romania was the sixth largest of all the EU members. RZB's biggest receivables remain in Austria, at 36.4 billion euros. Austrian banks' foreign receivables came to 359 billion euros or 126 per cent of GDP at the end of 2008, puttingAustria in the middle of the European range.

In Central and Eastern European countries, Austrian bank's receivables in Romania stood at 15% of overall receivables in the region, where the bank's exposure is the second largest in the region, after Czech Republic (20%), ahead of Slovenia and Hungary with around 13% each.

Austrian banks are among the CEE region's biggest creditors, with a total exposure of 198 billion euros outstanding. In Romania, RZB added 105 business outlets in the twelve months to March this year, its biggest network in the region. In first quarter this year, RZB's total network shrank by 22 units, down to 3,229 business outlets.Moldova is included as a part of Romania because of its economic ties to that country and the way it is controlled within the Group as a result.

RZB is operating in Romanian banking market through its subsidiary Raiffeisen International that holds Raiffeisen Bank Romania. Raiffeisen's net profit in Romania and Moldova dropped 55% to 17 million euros year-on-year, while the group's total assets climbed 3.4% in January-March 2009, the Austrian group said.

 

Sursa: http://www.actmedia.eu

Tags: euros billion romania group exposure receivables raiffeisen

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