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The truth about Asian investment banking

May 2009

Banking: Stepic accentuates positives

Herbert Stepic, chief executive of Raiffeisen International, the second-biggest lender in central and eastern Europe, remains confident that despite the short-term effects of the global credit crunch and the associated economic slowdown, central and eastern Europe will continue to offer profitable opportunities for those institutions that display a long-term commitment to the region.


Stepic says: "I personally believe that central and eastern Europe will stay the most attractive growth market in the whole of Europe and that in a couple of years’ time, we will look back at this crisis as a spot in history." While acknowledging that economic growth levels in the region will be lower than in the pre-credit crunch era – no bad thing, he argues, given the dangers of economic overheating – he still believes that so-called New Europe will continue to outperform the soi-disant Old Europe by some margin. "Central and eastern Europe still offers a number of key advantages versus the EU15 economies," says Stepic, citing such features as low...


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