Raiffeisen seeks cost cuts, no plans to exit from any region, CEO says

Analysis

Austria’s Raiffeisen Bank International must cut costs “massively” as opportunities to grow dry up in parts of Central and Eastern Europe, its new chief executive said in interviews quoted by Reuters. Karl Sevelda, RBI’s former corporate banking chief, took over as chief executives of CEE’s second-biggest lender two weeks ago after the sudden resignation of Herbert Stepic. “Unfortunately, the economy in Eastern Europe is not as good or recovering as fast as we originally thought”, Sevelda told Kleine Zeitung. In a separate interview to Kurier he also said, that there were no plans to exit any region, adding that in Russia, Poland, Slovakia, the Czech Republic, Romania and Austria the bank wants to grow further, especially in business with private clients.

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