Raiffeisen CEO: Hungary higher priority for bank

Analysis

Raiffeisen Bank International AG (RBI) CEO Karl Sevelda reiterated his bank’s intention to scale down business in Slovenia, Ukraine and Hungary, but stated that effort would be made to keep its operations open in Hungary. 

We want to stay in Hungary, you shouldn’t forget we went there in 1987 as the first eastern European market,” Sevelda said at a press conference on Friday. “There’s a lot of heart and soul in that. Hungary as a neighboring country certainly has a higher priority.”

RBI will be announcing results of a European Central Bank (ECB) assessment of RBI’s balance sheet on November 25. Raiffeisen has fallen 14% on the Vienna Stock Exchange in 2013, dropping this year in Vienna trading, cutting RBI’s market value to €5.3 billion.

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