RZB opens sales office in Jersey and expands its UK business activities

Raiffeisen Zentralbank Österreich AG (RZB) has opened a sales office in Jersey, the largest of the British Channel Islands. For RZB this is a further step into the UK market now adding investment business to RZB’s business portfolio in the UK.

Bridging East and West

In 1989 Austria’s leading commercial bank entered the UK market and established a branch in the city of London focused on treasury and forex trading business. Only a few days ago RZB’s London Branch has obtained permits from the Jersey regulator to distribute seven of its Vienna-based investment funds out of Jersey. “It is a logical step for RZB to establish a sales office in Jersey to complement our product range for institutional investors”, says Patrick Butler, CFO of RZB. “Our unique banking network in Central and Eastern Europe, a region where we have unrivalled expertise, provides us with an outstanding knowledge of the investment opportunities available in the region. British investors can now benefit from this advantage.”

RZB’s Jersey office is located in St. Helier, the capital of the British Channel Island, and is managed by Richard Buchanan. He has more than 30 years experience in the offshore financial services industry, and has held senior Jersey-based sales and marketing roles with Abbey International, R A Rossborough (Life and Pensions) and the Royal Bank of Scotland Group.

The British Crown Dependency Jersey is one of Europe’s most important financial centres. In 2006 the Net Asset Value of funds under management in Jersey amounted to more than 170 billion British Pounds (more than 255 billion euros).

* * * * *

Raiffeisen Zentralbank Österreich AG (RZB) is the central institution of the Austrian Raiffeisen Banking Group, the country’s largest banking group. It is a leading corporate and investment bank in Austria and also considers Central and Eastern Europe (CEE) as its home market. Via listed subsidiary Raiffeisen International Bank-Holding AG, it operates one of the leading banking networks in CEE with subsidiary banks and finance leasing companies in 16 markets. More than 11.7 million customers are attended to through more than 2,775 business outlets. Representative offices in Lithuania and Moldova complement the group’s presence in the region.