Jump to content

Raiffeisen Zentralbank

From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by 81.94.56.144 (talk) at 01:40, 26 March 2010 (Corrected homepage, this article is about the Raiffeisen Zentralbank not about the Raiffeisen bank). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

Raiffeisen Zentralbank Österreich AG
Company typePublic
IndustryFinance and Insurance
Founded1927
HeadquartersVienna, Austria
Key people
Angelika Kriks
ProductsCommercial banking, investment banking, private banking, asset management
Increase €1,8 billion (as of 2006)
Increase €1,6 billion (as of 2006)
Number of employees
ca. 55,400
Websitewww.rzb.at

Raiffeisen Zentralbank is a co-operative bank based and founded in Austria and operating throughout central and eastern Europe. The bank has been led by Walter Rothensteiner since 2003.

The term "Raiffeisen" is a reference to Friedrich Wilhelm Raiffeisen, the founder of the co-operative movement of credit unions.

In the year 2006, the RZB Group posted the following results:

  • total assets at ca. €110 billion (up 17% from 2005)
  • before-tax profit ca. €1,8 billion, and after tax at 1,6 billion (up 90% and 130% resp.)
  • consolidated profit €1,15 billion (up 55%), return on equity before taxation 38% (up >1 PP)

Raiffeisen had the equivalent of 55,400 full-time employees distributed in ca. 2,850 outlets, serving over 11.7 million clients.

Austria

Raiffeisen Zentralbank Österreich (RZB), established in 1927, is the central institution of the cooperative banking group. The owners of the Zentralbank are 8 regional banks (named Raiffeisenlandesbank), which in turn are owned by some 550 local Raiffeisenbanks. It is one of the largest banking groups in the country.

There are interlinks between the Raiffeisen financial group and the Raiffeisen rural cooperatives (cooperatives of farmers for agricultural and related products). Raiffeisen members have considerable interests in the Austrian economy (construction, media, insurance etc.)

There are no significant ownership interlinks to Raiffeisen organisations in countries such as Germany or Switzerland, only to those in the east (see Raiffeisen International below).

International

Raiffeisen International, mostly owned by RZB (whose share is 70%), is the company which operates banking subsidiaries in 15 countries of central and eastern Europe.

File:RFBank.Iasi.Romania.JPG
Raiffeisen Bank in city of Iasi - Romania

RZB has subsidiaries in many Central and Eastern European countries, namely Albania, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, Kosovo, Moldova, Poland, Romania, Russia, Serbia, Slovakia, Slovenia and Ukraine. The shares of these so-called network banks are held by RZB's subsidiary Raiffeisen International Bank-Holding AG which is listed on the Vienna Stock Exchange.

Raiffeisen bank has been more successful in Balkan countries mostly, such as in Kosovo, Albania, etc. Raiffeisen bank is one of the biggest banks operating.

For more information on particular Raiffeisen branches, see:

There are many independent Raiffeisen co-operative organizations in other countries, most of these specialising in agribusiness or banking.

Controversy

Money laundering by Russians

RZB and Diskont Bank in Russia have been accused of money laundering. In September 2006, the deputy chairman of the Central bank of Russia, Andrey Kozlov, revoked Diskont's license. Just days later Kozlov was murdered.[1]

To illustrate the scale of money laundering, $1.6 billion was transferred from Diskont Bank's accounts to Raiffeisen on August 29, 2006. According to New York Times, Diskont received a 10% commission from the money transfers.[2]

RosUkrEnergo

Gazprom spokesman has said that Raiffeisen Investment AG is a Gazprom partner in RosUkrEnergo. On 6 August 2004 Interfax reported "100 percent subsidiaries of Russia's Gazprombank and Austria's Raiffeisen Bank created the RosUkrEnergoprom company for the supply of Turkmen gas to the Ukrainian market. The company, shared by the parties 50-50, will be registered in Switzerland."

However, Raiffeisen Investment has said that it only manages RosUkrEnergo for unknown "Ukrainian businessmen".[3]

References

  1. ^ Robert Amsterdam: Raiffeisen's Ties to Murder and Corruption in Russia, Raiffeisen's Russia Scandal - Part I, Raiffeisen's Russia Scandal - Part II, Moscow Times Digs Deeper on Diskont, Raiffeisen, and the Kozlov Murder
  2. ^ Who Whacked Kozlov? An update on last year’s Central Bank murder mystery. The Exile
  3. ^ Ukraine: Criminal Cases Filed Over Gas Schemes. Radio Free Europe. July 05, 2005

See also

External links

Template:Companies portal

Retrieved from "https://en.wikipedia.org/w/index.php?title=Raiffeisen_Zentralbank&oldid=352084504"