Raiffeisen Bank International (RBI) will merge with its parent company, Raffeisen Zentralbank (RZB) in order to increase the firms' combined buffer. Shareholders of the banks approved the merger by 99.4% to 0.6%, with 73.5% of the capital represented at the meeting. Initially, the merger was proposed by RZB after the banks together came third-last in a stress test of 51 major European lenders last year. (Reporting by Francois Murphy; Editing by Ruth Pitchford) The new entity is expected to be called Raiffeisenbanken AG and will have €1.05 billion ($2 billion) under management.
Raiffeisen Bank International (RBI) will merge with its parent company, Raffeisen Zentralbank (RZB) in order to increase the firms' combined buffer. Shareholders of the banks approved the merger by 99.4% to 0.6%, with 73.5% of the capital represented at the meeting. Initially, the merger was proposed by RZB after the banks together came third-last in a stress test of 51 major European lenders last year. The new entity is expected to be called Raiffeisenbanken AG and will have €1.05 billion ($2 billion) under management.