Raiffeisen Bank has definitely found its place

Priorbank’s major shareholder — Raiffeisen Bank International AG – highly praises measures undertaken by Belarusian Government to stabilise and stimulate economy

By Yekaterina Anikeeva

According to Sergei Kostyuchenko, the Chairman of Priorbank’s Board of Directors, Raiffeisen Bank recognises Belarus’ efforts to stimulate its economy while maintaining employment. Working in various countries worldwide, it can comment with authority. Mr. Kostyuchenko notes that, from the beginning of the crisis, in 2008, to its end, Belarus took measures to counteract its problems. “Of course, levels of devaluation and inflation were of concern but we monitored the situation closely. Two or three times, Raiffeisen Bank analysed events, assessing their development in each quarter. Each time, we agreed that nothing terrible had occurred,” he emphasises.

Mr. Kostyuchenko tells us that Raiffeisen Bank arrived in Belarus a decade ago, as a conscious investor, taking definite steps to help develop society and private business. He is certain that this has reaped results and asserts that Raiffeisen Bank will never leave Belarus. “The country has potential, so we need to be here; the issue of leaving isn’t even discussed,” he adds.

Speaking of enhancing Priorbank’s finances in 2012, Mr. Kostyuchenko notes, “We’re fully provided with financing as part of the budget.” In 2011, Priorbank attracted resources from Raiffeisen Bank and international financial organisations to finance credit projects by large state enterprises, as well as small and medium-sized businesses. Last year, $645m of foreign resources was attracted into the Belarusian economy from various sources.

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