Banks.am, Armenia

Raiffeisen International confirmed that it is considering the
possibility of acquisitions in Armenia

Yerevan, September 20 /Mediamax/. Head of Raiffeisen International
Herbert Stepic confirmed that the bank is considering the possibility
of acquisitions in Russia, Kazakhstan and Armenia, however, he refused
to name the possible objects of the purchase.

Reuters reports that Raiffeisen International explained its intention
to emit new shares at the sum of 1,2bln euro aiming at gaining free
financial means for purchasing attractive assets in Eastern Europe and
the former USSR.

`We will get the necessary resource, which will allow us giving quick
reaction to the appearance of opportunities in the market. I can say
that we fill our tanks in a way so that the highly efficient engine is
capable of continuing working on high speeds’, Herbert Stepic stated.

Mediamax recalls that in May 2007 Herbert Stepic already stated the
intention of Raiffeisen International to acquire banks in Kazakhstan
and Armenia.

`When we have a worthwhile target it’s possible that we will go ahead
with an acquisition. The most important condition for us is the
political situation in the country. We will go to places where the
government and the president like us’, Stepic said then.

Raiffeisen is already strongly represented in the former Soviet Union
and Eastern Europe and is the biggest foreign credit institution in
Russia, where it owns and is merging `Raiffeisenbank Austria’ and
`Impexbank’.

Mediamax notes that `Impexbank’ is the owner of 19,91% shares of the
Armenian `Areximbank’.

From: Emil Lazarian | Ararat NewsPress