Awards for Excellence 2009: Serbia

In spite of strong competitive pressures at home and the challenge of the global financial crisis, Raiffeisen banka managed to maintain its number one spot in Serbia thanks to a strong across-the-board outperformance of its rivals in asset growth and profitability. At the end of 2008, the bank boasted more than 100 outlets serving almost 600,000 customers and covered all business segments including corporate, retail, small and medium-sized enterprise, and treasury and investment banking. Key financial highlights in 2008 included a 52% increase in operating income and 38% rise in net income. At the same time, the bank slashed its cost-income ratio by 15 percentage points to 49.1%.