RAEF out of Raiffeisen Bank

Austria-based Raiffeisen Zentralbank Oesterreich (RZB – Austria) bought Romanian American Enterprise Fund (RAEF)’s 4.99% stake in Raiffeisen Bank Romania. RZB therefore has come to hold 99.2% in the bank in Romania. The exact value of the deal was not disclosed. The transfer was conducted through a subsidiary, Raiffeisen International Beteiligung AG (RIB), fully owned by RZB, which is the main shareholder of the network in the Central and Eastern Europe. RZB – through RIB, is now controlling 99.2% in Raiffeisen Bank, with the remaining 0.8% still held by several thousand small shareholders. RAEF and RZB bought Banca Agricola from the Romanian State in 2001. Banca Agricola merged with Raiffeisenbank (Romania) in 2002 and formed Raiffeisen Bank. “We are glad to say that the efforts RAEF made in view of shaping the privatisation transaction of Banca Agricola as a successful investment throughout 2000-2001 are confirmed by the financial situation, as well as by the position and role Raiffeisen Bank now has in the Romanian banking system (…)” Horia Manda, RAEF’s Senior Vice President said. ZF