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RI's Croat subsidiary gets �30mn credit

Raiffeisen International�s (RI) Croatian subsidiary Raiffeisenbank Austria d.d. received a 30-million-Euro credit by the German Investment and Development Society (DEG), it was announced.

RI said today (Fri) the money would be used to support small and medium-sized enterprises (SME) in the country.

Raiffeisenbank Austria d.d. had a net profit of 56.2 million Euros last year, down 18.5 per cent compared to 2008 figures.

Its 85 branches in Croatia make the bank house the fourth-biggest in the CEE country.

Speculation had it recently that RI�s parental company Raiffeisen Zentralbank (RZB) was considering merging with RI, which handles its operations in Central and Eastern Europe (CEE).

RZB chief Walter Rothensteiner and RI boss Herbert Stepic dismissed reports about such a plan, but admitted they have been in talks over how to successfully tackle future challenges.

The institutes� intense investment in CEE has been a success story for many years, but suffered a serious setback over the past two and a half years due to the effects of the global economic downturn.

Austrian Times

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Europe Croatian downturn Stepic Euro effects Raiffeisen handles Central Austria merging global credit tackle success Investment Walter Rothensteiner talks setback

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