Raiffeisen invests 6m euros in 40 branches

Raiffeisen Bank, the third largest bank on the market, plans to make investments worth about 6 million euros to expand the 40-branch network to a total 255. In the first half of 2006, the bank opened 12 branches in Bucharest, Brasov, Sibiu, Timisoara, Craiova, Cluj-Napoca, Deva, Braila, Ploiesti, Pitesti, Iasi, and a further six are scheduled for opening in July. Most of them are small-sized branches, specialising in retail operations. At the end of June, Raiffeisen also inaugurated a new type of branch dedicated to top clients – Raiffeisen Exclusive, which provides private banking services. At the same time, the bank continued to invest in its card infrastructure, reaching an 800 ATM and 6,500 POS network. The parent bank is involved in the competition to take over the CEC (the Romanian Savings Bank), but Raiffeisen, just like Bancpost, cannot afford to not make progress, not even in terms of its network.