ALBANIA

Following the acquisition of Banka e Kursimeve (Savings Bank of Albania) by RZB/RZB International in April 2004, the bank was rebranded Raiffeisen Bank in October 2004 and has undergone significant restructuring. Along with a sizeable reduction in staff and reducing the branch network from 140 to 84, the core banking system has been replaced in less than four months along with a major review and restructuring of key processes, operations and procedures. The bank also launched the biggest automated teller machine (ATM) network in the country with almost 50 machines installed by end-2004 and almost 10,000 Visa debit cards issued. The bank also started lending for the first time in almost eight years and offering overdrafts.

“Raiffeisen Bank is proud to win this award,” says CEO Steven Grunerud. “It demonstrates the continuing strength of the former Savings Bank in the Albanian market and the recognition of Raiffeisen's efforts to date. After seven years of not being able to lend in the market, 2004 ended with Raiffeisen Albania lending in all three main segments: corporate, small and medium-sized enterprises (SME) and consumer. The past year has seen the bank halfway through its ambitious restructuring programme to transform into a full service commercial bank. Some notable achievements in 2004 include the installation of 100 ATMs, changing of the core banking system, rebranding into Raiffeisen and extensive training and recruitment of new staff.”