Non-controlling interests which confer ownership rights and grant the right to the owner to receive a proportionate share of the net assets of the entity in the event of liquidation, are measured either at fair value or at the non-controlling interest’s proportionate share of net assets of the acquiree at the acquisition date. This accounting policy choice can be newly made for every business combination. Other components of non-controlling interests are measured at fair value or with measurement values derived from other standards.
Recognition of changes in the fair value of the contingent consideration which do not represent corrections within the measurement period is dependent on how the contingent consideration is to be classified. If the contingent consideration is classified as equity, it is not re-measured on the following reporting date. Its settlement is recognized within equity. A contingent consideration classi-
Expected useful lives, residual values and depreciation methods are reviewed annually. Any necessary future change of estimates is taken into account. Any anticipated permanent impairment is reported in the income statement and shown under the item general administrative expenses. In the event that the reason for the write-down no longer applies, a write-up will take place up to a maximum of the amount of the amortized cost of the asset.
Details on assets held for sale pursuant to IFRS 5 are included in the notes under (24) Other assets.
 The minimum requirements applicable to RBI AG under local legislation for the allocation or payment of variable remuneration are fulfilled.
 The legally required CET 1 ratio of RBI is achieved, the capital and buffer requirements of the CRR and CRD IV for RBI are complied with in full and additionally neither the allocation, payment or transfer of the variable remuneration is detrimental to the maintenance of a sound capital base for RBI.
All expenses related to the share incentive program are recognized in staff expenses in accordance with IFRS 2 (share-based payment) and charged to equity. They are described in greater detail in the notes under (33) Equity.
General administrative expenses include staff and other administrative expenses as well as amortization/depreciation and impairment losses on tangible and intangible fixed assets.
The IASB published the final version of IFRS 9 in the course of completion of the various phases on 24 July 2014 and it was ultimately incorporated into EU law through the EU Commission’s adoption of Regulation (EU) No. 2016/2067 of 22 November 2016. With regard to measurement as financial liabilities designated at fair value through profit or loss, IFRS 9 allows the option of early adoption for recognizing fair value changes arising from changes in the credit risk of the reporting entity in other comprehensive income.
RBI has elected to adopt on an early basis the requirements of IFRS 9.7.1.2 regarding the presentation of gains and losses on financial liabilities designated at fair value through profit or loss. IFRS 9 requires changes in the fair value of these designated liabilities caused by a change in the default risk of RBI to be booked in other comprehensive income whereas previously, under IAS 39, they were booked in the income statement.
guarantee, the initial fair value corresponds under market conditions to the premium at the date of signature of the contract. For subsequent measurement the credit commitment has to be presented as a provision according to IAS 37.
The cash flow statement reports the change in the cash and cash equivalents of the Group through the net cash from operating activities, investing and financing activities. Cash flows for investing activities mainly include proceeds from the sale, or payments for the acquisition of, financial investments and tangible fixed assets. The net cash from financing activities shows all cash flows from equity capital, subordinated capital, and participation capital. All other cash flows are – according to international practices for financial institutions – assigned to operating activities.
The amendments in Disclosure Initiative (Amendments to IAS 7) come with the objective that entities shall provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities. This includes both cash- and non-cash transactions. The application of these amendments did not give rise to any significant new disclosures that the financing activities in the cash flow statement of RBI relate essentially only to equity and not to financial liabilities. Details on the cash flow statement are disclosed under the section cash flow statement.
Amendments to IAS 12 Deferred taxes (entry into force January 1, 2017)
The amendments clarify that unrealized losses related to debt instruments measured at fair value but at cost for tax purposes can give rise to deductible temporary differences. This applies irrespective of whether the holder expects to recover the carrying amount by holding the debt instrument until maturity and collecting all contractual payments or by selling the debt instrument. In addition, the carrying amount of an asset does not represent the upper limit for the estimation of probable future taxable profits. When estimating future taxable profits tax deductions resulting from the reversal of deductible temporary differences must be excluded and a company must assess a deferred tax asset in combination with other deferred tax assets. If tax law restricts the realization of tax losses, a company must assess a deferred tax asset in combination with other deferred tax assets of the same (admissible) type. The application of these amendments did not have an impact on the on the consolidated financial statements of RBI.
Standards and interpretations that are not yet applicable (already endorsed by the EU)
The European Parliament has issued a regulation (2017/2395) on transition requirements for the implementation of IFRS 9 as at 27 December 2017. The regulation allows a choice of two approaches to the recognition of the impact of adoption of the standard on regulatory capital: 1. Phasing in the full impact on a straight-line basis over a five-year period; or 2. Recognizing the full impact on the day of adoption.
RBI has decided to adopt the second approach. Including all effects, the CET 1 will fall by around 15 basis points.
 The new standard will require the entity to revise its accounting processes and internal controls, and these changes are not yet complete.
 The new accounting policies, assumptions, judgements and estimation techniques employed are subject to change until the Group finalizes its first financial statements that include the date of initial application.
A financial asset is classified as subsequently measured at FVOCI if it is held within a business model whose objective is both collecting contractual cash flows and selling financial assets; and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
 RBI has not finalized the testing and assessment of controls over its new IT systems. Consequently, the related impacts presented below may change when implementation is finalized.
For RBI four classification categories for financial assets:  Financial assets measured at amortized cost (AC)  Financial assets measured at fair value through OCI (FVOCI) and  Financial assets mandatory measured at fair value through profit or loss (FVTPL) and  Financial assets designated at fair value through profit or loss (FVTPL)
A financial asset shall be measured at amortized cost if both of the following conditions are met:  The asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows  The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
A business model’s objective can be to hold financial assets to collect contractual cash flows even when some sales of financial assets have occurred or are expected to occur. For RBI the following sales may be consistent with the hold-to-collect business model.
On initial recognition of an equity instrument that is not held for trading, RBI may irrevocably elect to present subsequent changes in fair value in OCI. This election is made on an investment-by-investment basis for each investment and essentially covers strategic interests that are not fully consolidated.
 whether sales activity and the collection of contractual cash flows are each integral or incidental to the business model (holdto -collect versus hold and sell business model); Financial assets that are held for trading and those that are managed and whose performance is evaluated on a fair value basis will be measured at FVTPL.
In some cases, the time value of money element may be modified (imperfect). That would be the case, for example, if a financial asset’s interest rate is periodically reset but the frequency of that reset does not match the tenor of the interest rate. In this case units must assess the modification as to whether the contractual cash flows still represent solely payments of principal and interest, i.e. the modification term does not significantly alter the cash flows from a perfect benchmark instrument. This assessment is not an accounting policy choice and cannot be avoided simply by concluding that an instrument, in the absence of such an assessment, will be measured at fair value. For the following main contractual features that can potentially modify the time value of money a benchmark test will be applied
 Reset rate frequency does not match interest tenor  Lagging indicator  Smoothing clause  Grace period  Secondary market yield reference
IFRS 9 will affect the classification and measurement of financial assets held as at 1 January 2018 of RBI as follows: Loans and advances to banks and to customers that are classified as loans and receivables measured at amortized cost under IAS 39 will in general also be measured at amortized cost under IFRS 9. Only an insignificant portfolio has to be measured mandatory at FVTPL due to failing the SPPI or benchmark test.
RBI does not expect a significant impact of these changes in RBI Group equity.
The measurement of expected credit losses reflects an unbiased and probability-weighted amount that is determined by evaluating a range of possible outcomes, the time value of money and reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions.
IFRS 9 prescribes a three-stage model for impairment based on changes in credit quality since initial recognition. This model requires that a financial instrument that is not credit-impaired on initial recognition is classified in Stage 1 and has its credit risk continuously monitored. If a significant increase in credit risk since initial recognition is identified, the financial instrument is moved to Stage 2 but is not yet deemed to be credit-impaired. If the financial instrument is credit-impaired, the financial instrument is then moved to Stage 3.
Financial instruments in Stage 1 have their expected credit loss measured at an amount equal to the portion of lifetime expected credit losses that result from default events possible within the next twelve months. Instruments in Stages 2 or 3 have their expected credit losses measured based on expected credit losses on a lifetime basis. According to IFRS 9 when measuring expected credit losses it is necessary to consider forward-looking information. Purchased or originated credit-impaired financial assets are those financial assets that are credit-impaired on initial recognition. Their expected credit loss is always measured on a lifetime basis (Stage 3).
RBI uses quantitative criteria as the primary indicator of significant increase in credit risk for all material portfolios. For quantitative staging RBI Group compares the lifetime PD curve at measurement data with the forward lifetime PD curve at the date of initial recognition. For the estimation of the lifetime PD curve at the date of initial recognition assumptions are made about the structure of the PD curve. On the one hand in the case of highly rated financial instruments it is assumed that the PD curve will deteriorate over time. On the other hand for low rated financial instruments it is assumed that the PD curve will improve over time. The degree of improvement or deterioration will depend on the level of the initial rating. In order to make the two curves comparable the PDs are scaled down to annualized PDs. In general a significant increase in credit risk is considered to have occurred with a relative increase in the PD of up to 250 per cent although this amount can be lower due to several limiting factors such as closeness to maturity and portfolios of products.
A backstop is applied and the financial instrument considered to have experienced a significant increase in credit risk if the borrower is more than 30 days past due on its contractual payments. In some limited cases the presumption that financial assets which are more than 30 days past due are to be shown in Stage 2 is rebutted.
The borrower meets unlikeliness to pay criteria, which indicates the borrower is in significant financial difficulty. These are instances where:  The borrower is in long-term forbearance  The borrower is deceased  The borrower is insolvent  The borrower is in breach of financial covenants  An active market for that financial asset has disappeared because of financial difficulties  Concessions have been made by the lender relating to the borrower’s financial difficulty  It is becoming probable that the borrower will enter bankruptcy  Financial assets are purchased or originated at a deep discount that reflects the incurred credit losses
An instrument is considered to no longer be in default (i.e. to have cured) when it no longer meets any of the default criteria for a consecutive period of a minimum of three months or longer for distressed restructured exposures. This period of three months has been determined based on an analysis which considers the likelihood of a financial instrument returning to default status after cure using different possible cure definitions.
The expected credit loss is measured on either a twelve-month or lifetime basis depending on whether a significant increase in credit risk has occurred since initial recognition or whether an asset is considered to be credit-impaired. Forward-looking economic information is also included in determining the twelve-month and lifetime PD, EAD and LGD. These assumptions vary by product type. Expected credit losses are the discounted product of the probability of default (PD), loss given default (LGD), exposure at default (EAD) and discount factor (D)
For revolving products, the exposure at default is predicted by taking current drawn balance and adding a credit conversion factor which allows for the expected drawdown of the remaining limit by the time of default. The prudential regulatory margins are removed from the credit conversion factor. In the limited circumstances where some inputs are not fully available benchmarking of inputs is used for the calculation.
Different models have been used to estimate the Stage 3 provisions of outstanding lending amounts and these can be grouped into the following categories:  Sovereign, corporate customers, project finance, financial institutions, local and regional governments, insurance companies and collective investment undertakings the Stage 3 provisions are calculated by workout managers who discount expected cash flows by the appropriate effective interest rate.
Loss given default represents RBI Group’s expectation of the extent of loss on a defaulted exposure. Loss given default varies by type of counterparty and product. Loss given default is expressed as a percentage loss per unit of exposure at the time of default. Loss given default is calculated on a twelve-month or lifetime basis, where twelve-month loss given default is the percentage of loss expected to be made if the default occurs in the next twelve months and lifetime loss given default is the percentage of loss expected to be made if the default occurs over the remaining expected lifetime of the loan.
Different models have been used to estimate the loss given default of outstanding lending amounts and these can be grouped into the following categories:  Sovereign the loss given default is found by using market implied sources.  Corporate customers, project finance, financial institutions, local and regional governments, insurance companies the loss given default is generated by discounting cash flows collected during the workout process. Forward looking information is incorporated into the loss given default using the Vasicek model.
In addition to the base economic scenario, Raiffeisen Research also provides a best case and worst case scenario along with scenario weightings to ensure non-linearities are captured. RBI Group has concluded that three scenarios or less appropriately captured non-linearity. The scenario weightings are determined by a combination of statistical analysis and expert credit judgement, taking account of the range of possible outcomes each chosen scenario is representative of. The probability-weighted expected credit losses are determined by running each scenario through the relevant expected credit loss model and multiplying it by the appropriate scenario weighting.
 Gross domestic product  Unemployment rate  Long term government bond rate  Inflation rate
 Gross domestic product  Unemployment rate  Real estate prices
 The following assessments must be made on the basis of the facts and circumstances that exist at the date of initial application:  The determination of the business model in which a financial asset is held.  The designation and revocation of previous designations of certain financial assets and financial liabilities measured at
Amendments to IFRS 4 Insurance contracts (entry into force January 1, 2018)
Amendments to IFRS 2 Share-based payment (entry into force January 1, 2018)
 IFRS 12 Disclosure of interests in other entities: Clarification that with the exception of IFRS 12.B10-B16, the standard’s disclosure requirements also apply to interests which fall under the scope of IFRS 5.
The amendments to IFRS 12 are applicable from January 1, 2017, the amendments to IFRS 1 and IAS 28 from January 1, 2018. Earlier application is permitted. The application of these amendments is not expected to have any impact on the consolidated financial statements of RBI.
This interpretation clarifies the accounting for transactions that include the receipt or payment of considerations in a foreign currency. The application of these amendments is not expected to have any impact on the consolidated financial statements of RBI.
IFRIC 23 Uncertainty over Income tax treatments (entry into force January 1, 2019)
This interpretation clarifies the accounting for uncertainties in income taxes. The application of these amendments is not expected to have any impact on the consolidated financial statements of RBI.
Annual improvements to IFRS – 2015–2017 cycle (entry into force January 1, 2019)
 IAS 12 Income Taxes: The amendments clarify that all income tax consequences of dividends (i.e. distribution of profits) should be recognised in profit or loss, regardless of how the tax arises.
IFRS 14 Regulatory deferral accounts (entry into force January 1, 2016)
On 7 December 2017, the Supervisory Board appointed Andrii Stepanenko to the Management Board, subject to approval by the supervisory authority. Upon receiving approval, Andrii Stepanenko is expected to take over the Retail Banking area from Peter Lennkh in March 2018, who has been provisionally holding the position since the departure of Klemens Breuer.
On 15 January 2018, the Supervisory Board appointed Lukasz Januszweski to the Management Board, subject to approval by the supervisory authority. Upon receiving approval, Lukasz Januszweski is expected to take over the Capital Markets area from Johann Strobl in March 2018, who has been provisionally holding the position since the departure of Klemens Breuer.
Loans and advances to customers as at the Balance Sheet date amount to EUR 81.2 billion. This is made up of EUR 46.9 billion in loans to corporates, EUR 33.5 billion in loans to retail customers and EUR 0.8 billion in loans to the public sector.
For these assets, individual as well as portfolio loan loss provisions amounting to a total of EUR 3.1 billion have been recognized, comprising EUR 1.7 billion for loans to corporates and EUR 1.4 billion for loans to retail customers.The Board describes the process of monitoring the credit risk and the procedures for determining the loan loss provisions within the Risk Report and Recognition and Measurement Principles chapters within the notes of the Financial Statements.
Where there is an indication of impairment on loans to corporates, provisions are formed in the amount of the expected loss according to homogeneous Group-wide standards. This occurs when the discounted projected future repayment amounts, including interest and any amounts realizable from collateral, are below the carrying value of the loan. This assessment is significantly influenced by the estimate of the client’s economic situation and development, the estimate of collateral values and the amount and timing of future cash flows.
The calculation of loan loss provisions is significantly influenced by management’s assumptions and estimates. These assumption and estimate uncertainties lead to a risk of misstatement in the Financial Statements.
For portfolio loan loss provision, we reviewed whether the models and relevant parameters used were adequate for calculating loan loss provisions. For corporate clients, we used sampling to test whether the applied probability of default rates per rating class had been correctly determined. Our internal valuation specialists assessed the appropriateness of the models and parameters used in the calculation. We further assesseded whether the models and parameters used, taking into account backtesting results, are appropriate for calculating loan loss provisions.
The Board describes its derivative financial instruments, the designation of derivatives to a hedging relationship as well as the calculation of fair value of financial instruments within the Recognition and Measurement Principles chapter in the notes of the Financial Statements.
We have analyzed the allocation of derivatives and their presentation in the Statement of Financial Position using a sampling approach. We have analyzed the process documentation regarding derivative closing, settlement, valuation, risk and limit monitoring, clearing and internal data management. The design and implementation of essential controls in the processes were critically assessed and the effectiveness of these controls was tested.
We involved valuation specialists to evaluate the fair values determined by the Group. We have examined the appropriateness of the valuation models used and the underlying valuation parameters by comparing the parameters used with available market data. Additionally, we have sample tested the calculation and the assumptions used.
As at the Balance Sheet date, liabilities measured at fair value amount to EUR 2.5 billion, of which EUR 0.8 billion are subordinated. In addition to the general market risk factors, their fair value is significantly influenced by the own credit risk of the issuing entity (credit spread).
The Board describes the process of calculating the fair value of these liabilities that are measured at fair value within note 40 and the Recognition and Measurement Principles chapter in the notes of the Financial Statements.
The credit spread curve is a significant input to the fair value calculation and due to the indicative nature of the price quotations leads to a risk of misstatement in the Financial Statements.
We have examined the existence of hedging relationships by reviewing the hedge accounting documentation using a sampling approach and in particular whether the hedging intention and documentation were in place at inception of the hedging relationship. We also reviewed the effectiveness tests provided by the Group to ensure they have been calculated appropriately. In addition, we have reconciled the hedge accounting adjustments to the Statement of Financial Position and Statement of Comprehensive Income.
The fair value calculation of own debt security issued for which no market price is available is based on an internal valuation model. The fair value is determined using a Discounted Cash Flow model applying estimated credit spreads. The credit spreads used in the model are derived from available market data.
We have analyzsed the documentation that describes the process of issuance, valuation and risk and limit monitoring of liabilites measured at fair value. The design and implementation of essential controls in the processes were critically assessed and the effectiveness of these controls was tested on a sample basis.
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU, and the additional requirements pursuant to Sections 245a UGB (Austrian Commercial Code) and 59a BWG and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement – whether due to fraud or error – and to issue an auditor’s report that includes our audit opinion. Reasonable assurance represents a high level of assurance, but provides no guarantee that an audit conducted in accordance with the EU Regulation and Austrian Standards on Auditing (and therefore ISAs), will always detect a material misstatement, if any. Misstatements may result from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
As part of an audit in accordance with the EU Regulation and Austrian Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit.
 We evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
 We communicate with the audit committee regarding, amongst other matters, the planned scope and timing of our audit as well as significant findings, including any significant deficiencies in internal control that we identify during our audit.
 We communicate to the audit committee that we have complied with the relevant professional requirements in respect of our independence, that we will report any relationships and other events that could reasonably affect our independence and, where appropriate, the related safeguards.
In accordance with Austrian Generally Accepted Accounting Principles, the group management report is to be audited as to whether it is consistent with the consolidated financial statements andprepared with legal requirements.
The consolidated financial statements together with our auditor's opinion may only be published if the consolidated financial statements and the group management report are identical with the audited version attached to this report. Section 281 Paragraph 2 UGB (Austrian Commercial Code) applies.”
Management, Trade Finance & Transaction Banking, International Consumer & Small Business Banking3,
Statement of all legal representatives We confirm to the best of our knowledge that the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group as required by the applicable accounting standards and that the Group management report gives a true and fair view of the development and performance of the business and the position of the Group, together with a description of the principal risks and uncertainties the Group faces.
Chief Executive Officer responsible for Chairman’s Office, Group Communications, Group Compliance1, Group Digital Banking, Group Executive Office, Group Human Resources, Group Internal Audit1, Group Marketing, Group Participations, Group
Regulatory Affairs, Group Strategy, Group Sustainability Management, International Banking Units, Legal Services, Group Asset Management (via RCM)2, Group Business Management & Development2, Group Capital Markets2, Group Investment
Member of the Management Board responsible for Active Credit Management, Group Investor Relations, Group Planning & Finance, Group Treasury and Tax Management
Member of the Management Board responsible for COO Strategy, Governance and Change, Group Efficiency Management, Group IT, Group Procurement, Cost & Real Estate Management, Group Project Portfolio & Security and Head
Management, Group Corporate Credit Management, Group Risk Controlling, Group Special Exposures
Glossary 258 Alternative Performance Measures (APM) 258 Addresses 260 Publication details 262
Glossary Common equity tier 1 ratio (fully loaded) – Common equity tier 1 as a percentage of risk-weighted assets (total RWA) according to CRR/CRD IV, without application of the transitional provisions set out in Part Ten of CRR and the accompanying CRR regulation of the FMA, respectively (425th regulation issued on 11 December 2013).
Tier 1 ratio (transitional) – Tier 1 capital to risk-weighted assets (total RWA).
Cost/income ratio –ratio is an economic metric and shows the company’s costs in relation to its income. The ratio gives a clear view of operational efficiency. Banks use the cost/income ratio as an efficiency measure for steering the bank and for easily comparing its efficiency with other financial institutions. General administrative expenses in relation to operating income are calculated for the cost/income ratio. General administrative expenses comprise staff expenses, other administrative expenses and depreciation/amortization of intangible and tangible fixed assets. Operating income comprises net interest income, net fee and commission income, net trading income and recurring other net operating income (i.e. other net operating income less bank levies, impairments of goodwill, releases of negative goodwill, and profit/loss from banking business due to governmental measures).
Loan/deposit ratio – indicates a bank's ability to refinance its loans by deposits rather than wholesale funding. It is calculated with loans and advances to customers less impairment losses, in relation to deposits from customers (in each case less claims and obligations from (reverse) repurchase agreements and securities lending).
NPE coverage ratio – describes to which extent, non-defaulted and defaulted non-performing loans have been covered by impairments (Individual loan loss provisions) thus expressing also the ability of a bank to absorb losses from its NPE. It is calculated with impairment losses on loans and advances to customers and banks set in relation to non-defaulted and defaulted non-performing loans to customers and banks.
Other results – consists of net income from derivatives and liabilities, net income from financial investments, expenses for bank levies, impairment of goodwill, releases of negative goodwill, net income from disposal of Group assets and profit/loss from banking business due to governmental measures reported under other net operating income.
Provisioning ratio – is an indicator for development of risk costs and provisioning policy of an enterprise. It is computed by dividing net provisioning for impairment losses by average loans and advances to customers.
Austria Am Stadtpark 9 1030 Vienna Phone: +43-1-71 707-0 Fax: +43-1-71 707-1715 SWIFT/ BIC: RZBATWW www.rbinternational.com ir@rbinternational.com communications@rbinternational.com
Bosnia and Herzegovina Raiffeisen Bank d.d. Bosna i Hercegovina Zmaja od Bosne bb 71000 Sarajevo Phone: +387-33-287 100 Fax: +387-33-21 385 1 SWIFT/BIC: RZBABA2S www.raiffeisenbank.ba
Hungary Raiffeisen Bank Zrt. Akadémia utca 6 1054 Budapest Phone: +36-1-48 444-00 Fax: +36-1-48 444-44 SWIFT/BIC: UBRTHUHB www.raiffeisen.hu
Serbia Raiffeisen banka a.d. Djordja Stanojevica 16 11070 Novi Beograd Phone: +381-11-32 021 00 Fax: +381-11-22 070 80 SWIFT/BIC: RZBSRSBG www.raiffeisenbank.rs
Slovakia Tatra banka, a.s. Hodžovo námestie 3 81106 Bratislava 1 Phone: +421-2-59 19-1000 SWIFT/BIC: TATRSKBX www.tatrabanka.sk
Bulgaria Raiffeisen Leasing Bulgaria OOD 32A Cherni Vrah Blvd. Fl.6 1407 Sofia www.rlbg.bg
Hungary Raiffeisen Corporate Lízing Zrt. Akadémia utca 6 1012 Budapest Phone: +36-1-477 8709 Fax: +36-1-477 8702 www.raiffeisenlizing.hu
Russia OOO Raiffeisen-Leasing Smolenskaya-Sennaya sq. 28 119121 Moscow Phone: +7-495-72 1-9980 Fax: +7-495-72 1-9901 www.raiffeisen-leasing.ru
Slovenia Raiffeisen Leasing d.o.o. Letališka cesta 29a 1000 Ljubljana Phone: +386-1-241-6250 Fax: +386-1-241-6268 www.rl-sl.si
China RBI Beijing Branch Beijing International Club Suite 200 2nd floor Jianguomenwai Dajie 21 100020 Beijing Phone: +86-10-65 32-3388 Fax: +86-10-65 32-5926
Korea RBI Representative Office Korea #1809 Le Meilleur Jongno Town 24 Jongno 1 ga Seoul 110-888 Republic of Korea Phone: +82-2-72 5-7951 Fax: +82-2-72 5-7988
USA RB International Finance (USA) LLC 1177 Avenue of the Americas 5th Floor 10036 New York Phone: +1-929-432-1846