As a long-standing customer of Misys and a consistent innovator, Raiffeisenbank was keen to gain the benefits from the latest available core banking technology as soon as it was available.

Raiffeisenbank is the Russian subsidiary of Raiffeisen International Bank-Holding AG, which is part of RZB Group, the central institution of Austria's largest banking Group. Raiffeisen has been operating in Russia since 1996. With its constantly expanding network in Central and Eastern Europe, Raiffeisen has developed into one of the region's leading banking groups. It was awarded the title "Bank of the Year" in Central and Eastern Europe (CEE) by The Banker magazine in autumn 2008, Global Finance magazine in spring 2009 and Euromoney magazine at the beginning of this month. The banking group has been a Misys customer for over a decade and during that time has regularly worked with the dedicated team to make use of the most modern technology.

Raiffeisenbank has expanded continuously since it first opened its offices in Russia and Misys has always worked in partnership by underpinning the growth with market-leading solutions keeping pace with the increase in volumes and customer demands from the region's retail banking sector. Raiffeisenbank is today the 9th largest bank in Russia in terms of assets and runs more than 230 branches across the country. Because of the scale of the operations in the region, Raiffeisenbank has witnessed particularly high lending and funds transfer volumes and has seen a significant increase in retail account activity.

Building on the recognised strengths of Midas, the latest version - Midas Plus 1.4 - supports a wide range of business areas and uses the latest tools and development environments to introduce significant new capabilities, making it more robust and improving its ability to scale as the bank grows its operations and increases volumes of transactions.

Mr. Schoefboeck, COO of Raiffeisenbank Russia comments: "The bank had a strong business need to migrate to Midas Plus as quickly as possible. We were looking for a new system platform to support our future growth. The bank and Misys formed a strong experienced team to ensure the rapid implementation of the latest version of Midas Plus. Thanks to the strong team and partnership between Raiffeisenbank and Misys the migration went very smoothly and successful."

"Russia and CEE has seen rapid development over the last decade and Misys has been able to work alongside Raiffeisen to support the bank's growth in that market," adds Richard Watrasiewicz, Director Professional Services Europe, Misys. "Misys Midas Plus 1.4 is the latest core banking solution which will enable Raiffeisen International Bank to manage its growth smoothly, whilst continuing to innovate its services and maintain the high levels of customer satisfaction it attains."