Raiffeisen International and its parent company Raiffeisen Zentralbank announced Tuesday that it will move forward with its planned merger, according to Associated Press.
Once the transaction is completed, it is expected to be reduced from 27.2 percent to between 21.2 and 22 percent.
The new bank would be called Raiffeisen International AG, have an Austrian banking license and continue to be listed on the stock exchange. Herbert Stepic, currently the CEO of Raiffeisen International Bank-Holding AG, will head the new entity, according to a statement issued late Monday.
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Raiffeisen International Bank-Holding AG is a fully consolidated subsidiary of Raiffeisen Zentralbank Oesterreich AG (RZB), which owns about 70 per cent of the common stock. It operates in 17 countries in Central and Eastern Europe and was among other financial institutions that offered euro or Swiss-franc loans at low rates in the region as growth increased.
Last year, however, Raiffeisen International's consolidated profit after minorities dropped to euro212 million ($286 million) from euro982 million a year earlier as its provisioning for bad loans soared to euro1.7 billion in 2009 from euro780 million in 2008.
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