Throughout the review period in the CEE region, Raiffeisen Bank International (RBI) displayed an FX franchise that combines regional scale, local market expertise and a highly integrated technology infrastructure. Operating across 11 markets, RBI has built an FX business that reaches retail, SME, corporate and institutional clients through a unified model centred on its Vienna hub while maintaining strong local relationships throughout the region.
RBI’s performance stands out not only for its market presence but also because of the strategic direction it has established for future growth. During the review period, the bank approved a group-wide medium-term FX strategy designed to increase active FX customers, expand customer volumes and deliver a stronger client experience. The strategy is built around five pillars: enhancing digital user experience; improving client identification and communication; strengthening pricing capabilities; expanding product excellence and advisory services; and providing better CRM and front-office tools. Together, these initiatives provide a clear roadmap for sustaining growth in an increasingly competitive market.
“This award reflects our team’s commitment to innovation, market expertise and client-centric FX solutions across the region,” says Harald Müller, head of group capital markets. “Our strength lies in combining deep local market knowledge with the scale and efficiency of a centralised trading and pricing platform. This enables our network banks and group head office teams to act as one integrated unit – delivering seamless, transparent and reliable FX services in a highly diverse CEE market.”
Building a regional FX ecosystem
A key differentiator is RBI’s hub-and-spoke operating model. The Vienna headquarters serves as the group’s central pricing, liquidity and risk management hub, creating a single proprietary FX price that can be distributed across the region. Rather than maintaining separate pricing infrastructures in each market, the bank centralises expertise while allowing local teams to retain ownership of customer relationships and client-facing margins. This approach provides clients in markets as diverse as Romania, Croatia, Serbia and Ukraine with access to institutional-quality pricing and execution while preserving local market knowledge.
The model has been supported by significant investment in technology. The bank’s FX Raiffeisen trading platform forms the core of its electronic FX ecosystem. It is augmented by Ingenium’s analytics and risk management tools, which support internalisation, machine learning-based back testing and automated hedging. The bank has also developed R-Flex, its in-house digital FX platform for SMEs, which offers live rates, same-day FX execution, rate alerts and money-market deposits. During the review period, R-Flex was live in Romania, Croatia and Hungary, providing clients with a simple and efficient way to manage their FX needs.
Our strength lies in combining deep local market knowledge with the scale and efficiency of a centralised trading and pricing platform
Harald Müller
Operational quality remains another notable strength. The bank reported a 0% FX settlement failure rate over the last 12 months. It settles a significant share of trades through netting arrangements, including participation in CLS payment-versus-payment settlement. Client onboarding is also efficient, with a reported median of 14 days from approval to first FX trade once internal credit and compliance processes are completed.
RBI’s commitment to risk management reinforces the credibility of its offering. A signatory to the FX Global Code since 2020, the bank embeds the code’s principles across all 11 markets. Centralised risk management, automated controls, advanced scenario testing and sophisticated hedging tools help ensure pricing consistency and disciplined risk taking across the network.
In a region where local knowledge remains critical, RBI has successfully combined regional reach with centralised expertise. Its integrated technology architecture, clear strategic vision and strong client outcomes make it a compelling winner of the award for best FX bank in CEE.
