AUSTRIA / YUGOSLAVIA – Vienna based international banking group, Raiffeisen, has established a new subsidiary in Yugoslavia, Belgrade-based Raiffeisen Jugoslavia A.D.

The new subsidiary will begin by concentrating on corporate business but extend its activities to incorporate private customer services by September. Institutional asset management is a feature of its activities, though no details are available yet.

The new bank, which received its banking licence from the National Bank of Yugoslavia in March, has 50 employees at the moment but this is expected to grow in line with the bank’s planned expansion.

The move is part of Raiffeisen’s long term strategy to expand and develop its operations in Central and Eastern Europe, where its network posted a balance sheet total of €6.9bn last year.

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