Describing Raiffeisen Bank International’s new strategy for its extensive network in emerging Europe, incoming CEO Karl Sevelda uses a phrase that neatly captures the prevailing ethos among the leading regional players: “continuity, but selective continuity”.
Of course, in some respects this is nothing new. Since the financial and eurozone crises, both of which hit central and eastern Europe hard, the western European houses that dominate banking in the region have been quietly reducing their exposure to its most difficult markets.
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