The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

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.

Herbert Stepic, Raiffeisen International

"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"

Herbert Stepic, Raiffeisen International

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 labour costs, high educational standards and rising productivity gains. What’s more, he adds, the investment case for central and eastern European has been further bolstered by attractive, low tax regimes for both corporates and private individuals.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree