Under the agreement signed by Raiffeisen Bank Romania and Citibank Romania at the end of March 2013, Raiffeisen Bank will take over a portfolio consisting of over 100,000 customers, over RON460 million (EUR90 million) in gross assets and over RON770 million (EUR175 million) in deposits. All Citi consumer banking staff in Romania will be transferred to Raiffeisen.
“The fact that Citi’s business model is similar to ours in all segments, both in terms of customer service quality and product offer, mattered in signing the agreement,” Steven van Groningen, President and CEO of Raiffeisen Bank Romania, said at the end of March.
“Furthermore, the quality of the loan portfolio weighed significantly in our decision to close this deal,” van Groningen added at that time, estimating the operational integration will be “very smooth.”
Citi’s Institutional Clients Group advised Citi on this transaction, while Raiffeisen Bank was advised by Raiffeisen Capital & Investment.
In Romania, Raiffeisen Bank has 525 units, nearly 1,100 ATMs and over 11,000 POS (point-of-sale) terminals.