Awards for Excellence 2009: Austria
Best Bank: RZB
RZB navigated its way through the credit crisis in part because of its solid domestic franchise. RZB’s Vienna-based business conducted with Austrian and international corporations was a major driver of income. Operating income from this segment of its business rose by 19.1% in 2008, to €314 million.
The other pillar of its domestic activities was its retail customer base. Over the course of the year it increased the number of private individuals and SMEs by 1 million to 14.7 million. As the central bank for Austria’s Raiffeisen cooperative banking sector, RZB was able to call on its owners for additional capital.
Bank of America Merrill Lynch dominated investment banking activity in Austria. It was Merrill Lynch’s financial institutions franchise that led the way.