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Herbet Stepic: confident of the strength of the business model |
After one of the most challenging years for the Austrian banking sector news that Raiffeisen Zentralbank (RZB) is merging with its central and eastern European banking arm, Raiffeisen International, has set off alarm bells.
Shares in Raiffeisen International, which is 70% owned by RZB and was spun out of the group in 2005, fell by as much as 20% in the space of a few days in late March on the back of fevered speculation about the underlying reasons for the merger and a marked deterioration in Raiffeisen International’s financial results in 2009.
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