Austria's Raiffeisen to launch new international Internet bank

Austria's Raiffeisen to launch new international Internet bank

Austria's Raiffeisen International Bank has announced 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 will initially focus on providing deposit products using the Internet as its primary sales and service channel.

Herbert Stepic, Raiffeisen International's CEO says: "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."

The new bank will be based in Vienna and operate as a subsidiary of Raiffeisen International under an Austrian banking license.

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