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Raiffeisen Bank acquires Citi unit

The Czech unit of Raiffeisen Bank International will be buying the local credit card and retail banking business of Citibank. Raiffeisen is the fifth-biggest bank in the central European country. According to Raiffeisen chief executive Karl Sevelda, while the aim for the time being is to reduce the bank’s risk-weighted assets, the bank wants to grow in selected markets which are in a strong position to generate sustainable returns. The details of the deal were not publicised. Citi had announced plans to pull out of consumer banking in 11 markets, including Japan. It had earlier agreed to sell its Hungarian consumer unit to Austria’s Erste Group Bank. Raiffeisen has 400,000 Czech clients.

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