Raiffeisen to close some branches in Hungary

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Raiffeisen Bank International (RBI) will close some of its branches in Hungary and instead focus on its corporate and premium clients, however, RBI insists on staying in the country as it is a market “far too important to give up” CEO Karl Sevelda announced at a press conference in Vienna today.

In a conference call this afternoon, Sevelda said RBI will "review our business model to reflect the new environment" in Hungary, national news agency MTI reported, adding that among positive developments in the country, he noted a portfolio improvement and said the Swiss franc problem had been "solved". Sevelda also said that the bank "can see light at the end of the tunnel”.

Earlier today RBI reported that it was planning to “optimize” its business in Hungary.

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