Raiffeisenbank is Looking to Buy a Bank in Bulgaria

Business | March 14, 2019, Thursday // 17:42|  views

Austrian Raiffeisenbank plans to expand its operations on the Bulgarian market. This is clear from the bank's annual report and a statement by Chief Executive Officer Johan Strobl.

In the report, Strobl points out that new acquisitions are needed for the bank to strengthen its position on its strategically significant markets. But acquiring a portfolio of assets or small banks is possible "under appropriate conditions and price". In addition, the credit institution looks at the opportunities in the Czech Republic, Slovakia, Serbia. But Strobl states that "this does not mean we do not want to grow in other countries in the region."

The profit of Raiffeisenbank for 2018 is 131 million Leva. "Our results last year were very good. Loan growth of 14.6% to 5 billion. Lev outpaced the market average level of 8%. Profit from our 131.5 million. lev is stable, as we were able to offset the significant decline in margins in all segments. it is indicative of the stability of the bank is that the level of bad loans is below 3%, while the average for the banking system 7.6%, "said CEO Oliver Roeg, quoted by Banker.

Raiffeisenbank's assets amount to BGN 7.8 billion. Corporate lending has reached a market share of 7.3%. The amount of the loan portfolio increased by 16% to BGN 2.2 billion.

In 2018, credit to citizens marks an increase of 15% - the best levels since 2008. The bank serves over 600,000 customers, has 133 offices and 2,722 employees.