Raiffeisen bank connects Chinese firms to overseas opportunities

As Austrian President Alexander van der Bellen is visiting China, Vienna-based Raiffeisen Bank International AG said it hopes for the complete success of this state visit with many fruitful results, benefiting the further development of both countries.

The Austrian president's visit, accompanied by Austrian Chancellor Sebastian Kurz and several ministers, will lead to a further deepening of the Sino-Austrian relationship and create many opportunities between the two countries, the company said.

During the state visit, large Chinese telecom corporation Huawei Technologies and a large Chinese policy bank will sign financing cooperation agreements with RBI in relation to business in Central and Eastern Europe and to further deepen their relationship, an RBI source said.

"With consolidated profit of 1.1 billion euros ($1.35 billion) - more than double the previous year's - 2017 was a very good year for RBI," said Helmut Breit, the bank's senior managing director and a member of the Austrian delegation to China. "There was also a positive trend in our rating development, with a Moody's long-term rating of A3."

Moody's provides credit ratings in nine-levels ranging from Aaa, the highest credit quality and lowest credit risk, to C. Level A is the third-highest in the Moody's rating system.

"Chinese corporations investing in Austria and Central and Eastern Europe can certainly trust RBI for granting the best services, especially in the fields of leasing finance, cash management and trade financing, as well as mergers and acquisitions advisory and financing.

"With the support of the RBI Beijing team, we established financing for or account relationships with subsidiaries of about 50 Chinese groups in our home market Austria and CEE," Breit said.

"Our network units in Hungary, the Czech Republic and Serbia financed several large investment projects by leading Chinese groups, and they are looking forward to growing further in that region under the Belt and Road Initiative," he said.

RBI has been listed on the Vienna Stock Exchange since 2005. Its balance sheet total was 135 billion euros at the end of 2017. The bank said it regards Austria, where it is a leading corporation and investment bank, as well as CEE as its home market.