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    Raiffeisenbank increases its capital base by EUR 15 Mio to support its dynamic development on the Bulgarian market


    Raiffeisenbank (Bulgaria) EAD increases by EUR 10 Mio its paid-up capital with the decision from 11/10/2004 of the sole owner of the bank Raiffeisen International Bank-Holding AG from October 11th 2004. The Supervisory board also decided to increase the supplementary capital of the bank in the form of debt-capital hybrid instrument with RZB by additional EUR 5 Mio.

    The capital increase is to support the dynamic development of Raiffeisenbank on the Bulgarian market. During 2004 Raiffeisenbank significantly improved its market positions in various segments. The bank’s market share in terms of total assets reached 6,54% during October 2004, which has made it the fifth bank in Bulgaria. Regarding the total given loans Raiffeisenbank has a 7.33% of the market share, respectively the total given loans to corporate clients is 9.1%. Compared to the third quarter of 2003, by the end of September 2004 the bank reached a loan portfolio increase of 63.24% and assets growth up to 67.04 %.

    Despite the investment in branch network enlargement, which by the end of November 2004 includes 50 branches, the bank’s profit after tax for the third quarter of 2004 grew by 77.22% up to BGN 20.07 Mio, in relation to September 30th 2003.

    The efficiency ratios of Raiffeisenbank are improving, as for the third quarter of 2004 the results are: return on equity (RoE) after tax of 37.59% compared to 34% in the end of 2003; Return on Assets (RoA) after tax of 2.52% compared to 2% in the end of 2003, as the Cost/Income Ratio 45.85% compared to 53% in the end of 2003.

    During the past year Raiffeisnebank intensified its cooperation with international institutions. In July 2004 Raiffeisenbank successfully utilised the first tranche of EUR 10 Mio. from the credit line of the Council of Europe Development Bank and in August 2004 received the second tranche of EUR 10 Mio. The utilisation of the first tranche was carried out 13 months ahead of schedule. Likewise, the second credit line of the European Investment Bank of EUR 20 Mio. is currently being utilised at a very good pace. In June 2004 the bank signed the largest syndicated Term Loan Facility, given so far for a Bulgarian financial institution of Euro 75 Mio arranged by 18 international bank institutions – the largest up to date for any Bulgarian syndication.


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