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Raiffeisen International's AGM approves merger

The shareholders at the annual general meeting of Raiffeisen International Bank-Holding AG approved the merger of Raiffeisen International and Cembra Beteiligungs AG with a clear majority.

The transferring company Cembra consists essentially of the corporate customer business, together with the associated shareholdings, spun off from Raiffeisen Zentralbank Österreich AG (RZB). The merged company will operate as Raiffeisen Bank International AG as of the merger's entry in the commercial register, which is expected to take place in the fourth quarter of 2010.

"By granting their approval, our shareholders have clearly voiced their belief that this merger provides the best means of maintaining and even further expanding Raiffeisen's strong positioning in CEE and in the Austrian corporate customer segment," said Herbert Stepic, CEO of Raiffeisen International and future CEO of Raiffeisen Bank International.

At their respective general meetings on 7 July, the shareholders of RZB and Cembra approved the spin-off of RZB's corporate customer business and the associated shareholdings, and their transfer to and absorption by Cembra. Those business segments and shareholdings associated with RZB's role as the central institution of the Austrian Raiffeisen Banking Group are not impacted by these steps and will remain in their entirety in RZB.