Raiffeisen buys "Impexbank" for $550 million
Austrian Bank Holding Company холдинг Raiffeisen International has agreed to pay $550 million for Russian "Impexbank". Thus, Austrian bank becomes the largest foreign player on Russian bank market. The press-release says, that the bank is to pay $500 million after publication of "Impexbank" financial results for 2005, and $50 million after publication of results for 2006.
Austrian Bank Holding Company холдинг Raiffeisen International has agreed to pay $550 million for Russian "Impexbank". Thus, Austrian bank becomes the largest foreign player on Russian bank market. The press-release says, that the bank is to pay $500 million after publication of "Impexbank" financial results for 2005, and $50 million after publication of results for 2006.
Austrian bankers are going to freeze their plans on expanding their own branch network after "Impexbank" acquisition. Instead they are going to use well-developed branch-network of "Impaxbank", with the branches in 45 Russian cities and towns. Totally, "Impexbank" network includes 400 offices and 335 cash machines.
Raiffeisen bank, which have operated in Russia already, takes 10th position by their assets volume among the country banks ($3,9 billion). "Impexbank" takes 25th position in this list. After its acquisition Raiffeisen is to take 6th position.
Raiffeisen has already bought banks in the countries of the former USSR. In particular, it has bought one of the largest Ukrainian banks - bank "Aval", having paid for it $1 billion.