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Raiffeisen to close 15 branches in Hungary this fall

Telco

Raiffeisen will close 15 of its branches in Hungary in September, Raiffeisen chief Heinz Wiedner said on Wednesday at a press conference in Budapest, according to news agency MTI. 

Raiffeisen will have 67 branches in Hungary and employee numbers will drop from 2,200 in January to slightly below 2,000. The bank plans to conclude its austerity program in Hungary by the end of the year

Starting in 2016, similar steps should not be expected, and Raiffeisen will focus on increasing revenue, Wiedner said. Raiffeisen Bank International (RBI) booked a €16 mln profit at its Hungarian business in the second quarter, compared to a €67 mln loss in the same period last year, an earnings report published earlier on Wednesday showed.

Barring unwelcome surprises from Hungarian politicians, Raiffeisen could make a profit in 2016 in Hungary, Karl Sevelda, CEO of RBI said in Vienna following the earnings release.

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