Raiffeisen International Bank, a member of the RZB Group, plans to introduce a newly-founded direct bank in selected Central and Eastern European markets in 2010. The direct bank will target the retail segment and initially focus on providing deposit products. The direct bank will utilize the internet as its primary sales and service channel.
The Austrian Financial Market Authority granted the relevant banking license for the direct bank, which will be based in Vienna and operate as a subsidiary of Raiffeisen International under an Austrian banking license. The single European passport principle allows the new direct bank to enter the banking market in another EU member state simply by following a notification process with the competent regulatory authorities.
Herbert Stepic, CEO of Raiffeisen International, said: “Our new direct bank will address the unique needs and interests of Internet-focused customers, who represent a fast-growing group in Central and Eastern Europe. By delivering cutting-edge online products and services to this distinct customer segment, the direct bank will ideally complement our traditional ‘brick-and-mortar’ offerings and contribute to the further strengthening of our Group’s liquidity.
“By investing in a new direct bank, we are also underlining our commitment to Central and Eastern Europe and our conviction that the region’s convergence process will continue.”
