10 June 2013

Vienna-based RBI opens branch office in Hong Kong

10 June 2013 - Vienna-based Raiffeisen Bank International AG (RBI) opened its Hong Kong branch today. RBI intends to capitalise on the city’s position as a global financial centre to enhance its Asian operations and to match the increasing demand from clients in Austria and Central and Eastern Europe (CEE) for institutional banking and financing services. Special focus is laid on customers planning to increase their presence or set up operations in Hong Kong as part of their Greater China strategy. 

Until now, RBI has been present in Hong Kong with a representative office set up in 1980, the first of currently five representative offices in Asia (two in China, one each in Ho Chi Minh City, Mumbai and Seoul). The representative office was now converted to a branch. RBI is the only Austrian bank with an operative presence in Greater China (branches in Beijing, Xiamen and now Hong Kong). It also has been operating a branch in Singapore since 1998.

Karl Sevelda, RBI CEO and in charge of corporate business, said, "Due to its strong economic ties with and geographical proximity to Mainland China, which is a prime target market for many of our customers, Hong Kong has an enormous business potential for RBI. Making use of the trade flows between CEE and China, we will especially focus on trade finance products as well as structured and syndicated loans for our corporate customers."

Peter Lennkh, RBI Managing Board member in charge of RBI's international business units, added, "Hong Kong is one of the most important financial centres in the world with a well-established regulatory and legal infrastructure, as well as world-class financial and corporate institutions. Through our presence there, we will build a new local customer base and improve services for our customers from around the globe."

The branch office has a full banking license and is headed by Edmond Wong, who has been Chief Representative in Hong Kong since 1999. The branch has currently twelve employees.

Source: RBI