Further Press Releases in German, French or Italian can be found under Press Releases.
Standard & Poor's confirms very good rating for Raiffeisen
St.Gallen, 1 December 2023. The rating agency Standard & Poor's (S&P) has confirmed its long-term issuer credit rating of AA- for Raiffeisen. S&P also maintains the short-term issuer credit rating of A-1+. The agency continues to assess the outlook as "stable". This very good rating places Raiffeisen among the best rated banks in the world. S&P upgraded Raiffeisen's rating in April 2023 and at the same assigned an AA-/ A-1+ resolution counterparty rating, due to the voluntarily early fulfilment of the 2026 regulatory Total Loss-Absorbing Capacity (TLAC) requirements.
Operationally strong, strategically on track – successful half-year for the Raiffeisen Group
St.Gallen, 23 August 2023. The Raiffeisen Group recorded an excellent result in the first half of 2023, with strong gains both in the operating result and the profit. At CHF 701 million, the half-year profit was up 26.0% on the previous year, driven by all income items. The operating result increased by 271.2 to CHF 894.0 million.
Raiffeisen publishes annual reporting for 2022
St.Gallen, 21 April 2023. Today Raiffeisen published the annual report and the magazine covering the financial year of the Raiffeisen Group as well as the annual report of Raiffeisen Switzerland.
In 2022, the Raiffeisen Group generated a very good result with a Group profit of CHF 1.18 billion, thus continuing the success of recent years. A particular factor in the banking group's success is its proximity to its 3.6 million clients and more than 2 million cooperative members.
The Raiffeisen Group's annual report provides detailed information on the balance sheet and income statement for 2022, as well as on the banking group's corporate governance and sustainability performance. Raiffeisen has also published the GRI content index and a disclosure of Climate-related information according to the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). The magazine covering the financial year shows the people behind the published figures, and their stories. This latest publication focuses on the topic of sustainable pensions and investments, with its many facets.
The annual reporting for 2022 is available online at report.raiffeisen.ch
Raiffeisen Switzerland is a member of the London Bullion Market Association
St.Gallen, 18 April 2023. In recent years, Raiffeisen Switzerland has seen increased demand from clients and significant growth in the precious metals business. With its membership in the London Bullion Market Association (LBMA), Raiffeisen is now strengthening its experience and competence in precious metals trading. As the largest internationally recognised industry association for precious metals, the LBMA sets market standards and also shapes the future alignment of the precious metals industry with regard to environmental, social and governance (ESG) aspects. This includes, in particular, the responsible sourcing and procurement of precious metals. Raiffeisen only sells gold bars from refiners that meet the LBMA Good Delivery Standards.
Pioneer in responsible gold procurement
In the procurement of gold for its own gold bars, Raiffeisen has pursued the new “Responsibly Sourced and Traceable” approach since 2021. This approach permits traceability of the gold’s origin and promotes the environmental and social compatibility of the companies in the supply chain. The origin of each bar as well as all companies involved in the supply chain can be traced via a Raiffeisen website using the bar number. In addition to this, Raiffeisen integrates gold from small-scale mines from developing and emerging countries, provided that they are part of a recognised programme for the improvement of environmental and social compatibility. For instance, with the aim that the mines refrain from using mercury or that they improve the safety of the workforce. At the same time Raiffeisen also provides financial support for such initiatives. In November 2021, Raiffeisen was the first retail bank in Switzerland to launch an exchange-traded gold ETF that invests in responsibly sourced and traceable gold, the "Raiffeisen ETF – Solid Gold Responsibly Sourced & Traceable". Raiffeisen was awarded with the Swiss ETF Awards 2023 in the Newcomer category for this fund.
Raiffeisen emergency plan rated effective
St Gallen, 5 April 2023. As a systemically important banking group, Raiffeisen is legally obliged to draw up an emergency plan with the aim of maintaining systemically important functions in the event of a threat of insolvency. FINMA has rated the emergency plan of the Raiffeisen Group and deemed it effective for the first time.
As of 31 December 2022, Raiffeisen had fully built up the additional loss-absorbing capacity (gone concern capital) required in the event of an emergency without making use of the transitional provisions. As a result, the emergency plan meets the requirements for maintaining systemically important functions without interruption in the event of a threat of insolvency.
Standard & Poor's raises rating of Raiffeisen Switzerland to AA-/A-1+
- Standard & Poor’s raises Issuer Credit Rating to AA-/A-1+ (previously A+/A-1), stable outlook confirmed
- Rating agency underscores excellent capitalisation, strong market position and robust quality of loans
Raiffeisen achieves very strong annual result
Raiffeisen achieves very strong annual result
- The Raiffeisen Group generated a profit of 1.18 billion (+10.6%) in 2022
- Strong Mortgage loans increased 3.7% to over CHF 200 billion
- Client deposits increased 1.5%
- Net new money inflow of 3.9 billion in pension and investment deposits
- Consistently positive development of commission and service business income (+10.3%)
- Operating result rose CHF 85.9 million to 1.4 billion
- Cost/income ratio sees further improvement to 55.9%
- Excellent capital base – Going-and gone-concern capital increased to CHF 23.1 billion
Raiffeisen Switzerland issues a bail-in bond in euro
St.Gallen, 24 October 2022. Raiffeisen Switzerland is the first domestic systemically important Swiss bank (D-SIB) to issue a bail-in bond in euro. The benchmark bond with an issue volume of € 500 million has a maturity until 2027. The bond will be paid on 1 November 2022 and will be traded at the SIX Swiss Exchange under ISIN CH1224575899. The first trading day is 1 November 2022.
Issuing bail-in capital allows Raiffeisen Switzerland to build up additional loss-absorbing funds under the regime governing systemic importance. Furthermore, bail-in bonds are aimed at institutional and professional investors, due to their structure or minimum denomination of € 100,000. An "A" rating is expected from Standard & Poor's (S&P) and an "A+" rating from Fitch for this bond.
Stable and successful – Raiffeisen reports strong half-year result
The Raiffeisen Group achieved a very good result in the first half of 2022. The Group profit of CHF 556 million is up 10.1 % on previous year’s result. Particularly in the commission and service business as well as in interest business the Group recorded pleasing growth. The business volume of the group is also growing continuously.
Raiffeisen publishes its annual reports for 2021
St. Gallen, 22 April 2022. The Raiffeisen Group today published the annual report and yearly report of the Raiffeisen Group as well as the annual report of Raiffeisen Switzerland for the 2021 financial year. The documents can be retrieved at report.raiffeisen.ch.
Raiffeisen reports outstanding year-end results
In 2021 the Raiffeisen Group generated an excellent result, with a Group profit of CHF 1.07 billion, 24.2 % higher than the previous year. Significantly higher income in all business areas contributed to this.
Raiffeisen receives «Prime» status for its ISS ESG sustainability rating
The sustainability rating agency ISS ESG awarded Raiffeisen «Prime» status for its sustainability performance. This places Raiffeisen among the top 10 % of its peer group worldwide when it comes to sustainability.
General Meeting elects Thomas A. Müller as Chairman of the Board of Directors and Sandra Lathion to the Board of Directors
At the extraordinary general meeting of Raiffeisen Switzerland, the representatives of the Raiffeisen banks elected Thomas A. Müller as Chairman of the Board of Directors of Raiffeisen Switzerland with a majority of 76 percent of the votes. In addition, the representatives newly elected Sandra Lathion with a majority of 94 percent to the Board of Directors.
Change in the Executive Board of Raiffeisen Switzerland
Rolf Olmesdahl, since mid-2015 Department Head of IT&Services (COO) and Member of the Executive Board of Raiffeisen Switzerland, and Raiffeisen Switzerland have decided to terminate the employment relationship.
Raiffeisen becomes the first retail bank in Switzerland to launch a responsible gold ETF
Raiffeisen launches an exchange-traded fund that invests in responsibly sourced gold.
Very good rating for Raiffeisen – Fitch rates Group A+
New issuer default rating from Fitch in high investment grade range: Raiffeisen rated«A+» with a «stable» outlook.
Raiffeisen reports excellent half-year result – high client trust, strong client business
The Raiffeisen Group recorded an excellent result in the first half of 2021. The Group profit of CHF 505 million is well above the previous year (+45.9 %).
Chairman of the Board of Directors Guy Lachappelle announces his resignation as per the end of July 2021 – Pascal Gantenbein takes over official duties with immediate effect
Guy Lachappelle, Chairman of the Board of Directors of Raiffeisen Switzerland since 2018, has informed the Board of Directors that he will resign from his position as per the end of July 2021.
Moody's raises the outlook for Raiffeisen Switzerland to «positive»
Moody's has just announced that it has raised the outlook for Raiffeisen Switzerland from «stable» to «positive».
Raiffeisen publishes its annual reports for 2020
St.Gallen, 16 April 2021. The Raiffeisen Group today published the annual report and yearly report of the Raiffeisen Group as well as the annual report of Raiffeisen Switzerland for the 2020 financial year. The documents can be retrieved at https://report.raiffeisen.ch/2020/en/
Raiffeisen Switzerland successfully issued an additional tier 1 bond
St.Gallen, 12 March 2021. Raiffeisen Switzerland successfully issued an additional tier 1 bond (AT1 bond) for nominal CHF 200 million. By doing so Raiffeisen achieves the desired further diversification of different capital instruments and qualities and strengthens its already strong capital base. The AT1 bond was issued with a 2,25 % coupon.
Raiffeisen reports strong year-end results
St. Gallen, 4 March 2021. Raiffeisen operated successfully and prudently in the past year.
- The Raiffeisen Group generated a profit of CHF 861 million in 2020 (+3.1 %)
- Very good operating business – increase in operating result by CHF 37.9 million to CHF 967 million
- 37,000 new customers – growth in all regions of Switzerland
- Client assets increased by CHF 16.8 billion to CHF 224 billion
- Mortgage loans rose by 2.7 % – the targeted growth at market level continues
- Significant progress in pension provision and investments business – doubling of asset management mandates and, more than 20 % growth in fund savings plan and retirement savings deposit accounts
- Cost-income ratio improved from 61.3 to 59.4 %
- Very good capital resources with a TLAC ratio of 20.6 %
Standard & Poor's assigns A+ rating to Raiffeisen Switzerland
St. Gallen, 21 September 2020. The rating agency Standard & Poor's (S&P) published its rating for Raiffeisen Switzerland and assigned a long-term issuer credit rating of «A+» (short-term issuer credit rating «A-1») to the bank. The agency set the outlook to «stable».
Raiffeisen reports good half-yearly results – Core business performed strongly
St. Gallen, 19 August 2020. The Raiffeisen Group closed the first half of 2020 with a good result. Its core business performed well again. Customer deposits rose a rapid 5.7 % to CHF 186.3 billion. Thanks to pleasing income growth and simultaneous cost reductions, the banking group significantly increased its operating result by 15.0 % to CHF 513 million in the first half of 2020. «The Raiffeisen Group has succeeded in pursuing the path it has set for itself despite the challenging environment thanks to its clear business model, solid capital base and the extraordinary dedication of its people. Our earnings performance in the first half-year and excellent cost discipline produced a strong operating result,» said Heinz Huber, Chairman of the Executive Board of Raiffeisen Switzerland.
Raiffeisen publishes Group and Raiffeisen Switzerland annual reports 2019
St.Gallen, 17 April 2020. After the Annual Media Conference on 1 March 2019, Raiffeisen today published the annual report 2018 of the Raiffeisen Group and the annual report of Raiffeisen Switzerland. The documents can be retrieved at report.raiffeisen.ch.
Moody's rates the outlook for Raiffeisen Switzerland as «stable»
Moody's has just announced that it has upgrades the outlook for Raiffeisen Switzerland from «negative» to «stable». The rating agency also confirms the «Long-Term Deposit Rating» at «Aa3» and the «Senior Unsecured Debt Rating» at «A3».
Raiffeisen closes financial year successfully – strong customer confidence, high earnings
The 2019 financial year was a great success for the Raiffeisen Group. Despite a continuously challenging environment, the Group achieved a strong result. Group earnings increased by CHF 294 million to CHF 835 million, with Raiffeisen making particularly strong gains in client business. Client deposits increased by CHF 10.5 billion to CHF 176 billion (+6.3%).
Strong client business, lower profit
St.Gallen, 21 August 2019. Net income from operating activity is essentially on par with the previous year (excluding Notenstein La Roche). The Raiffeisen Group's realignment is reflected in the Group's half-year result. Its profit is CHF 355 million, or 14.7 % lower.
Raiffeisen publishes Group and Raiffeisen Switzerland annual reports 2018
St.Gallen, 4 April 2019. After the Annual Media Conference on 1 March 2019, Raiffeisen today published the annual report 2018 of the Raiffeisen Group and the annual report of Raiffeisen Switzerland.
Raiffeisen records strong operating income – profits down due to exceptional items
St.Gallen, 1 March 2019. Raiffeisen can look back on an intense and operationally successful year. Mortgage loans and client deposits performed well. Raiffeisen was entrusted with net new money of CHF 6.3 billion. The bank also recorded growth in its gross interest operations, which are its main income stream. However, the Group's profit of CHF 541 million was lower this year than the previous year due to exceptional items from Raiffeisen Switzerland.
Successful introduction of Avaloq platform at Raiffeisen
St.Gallen, January 31st, 2019. All Raiffeisen banks at 900 sites in Switzerland are live on the Avaloq platform ꟷ The two companies readjust their long-term collaboration.
Raiffeisen with strong operational business in first half-year
St.Gallen, 22 August 2018. The operational business of the Raiffeisen Group has continued to develop successfully in the first half of 2018. Profit as of 30 June 2018 amounts to CHF 416 million and thus, as last year, exceeded the range of CHF 400 million. The consistently strong result in the core business, as well as below-average cost levels contributed to the excellent half-year performance.
Outstanding financial year for Raiffeisen
St. Gallen, March 2nd, 2018. The profitability of the Raiffeisen Group endures: the banking group has recorded its highest net profit ever. All divisions contributed to this outstanding result. An important milestone was reached with the completion of the new core banking system and its implementation in the first Raiffeisen banks at the beginning of 2018.
Raiffeisen has sold its stake in Helvetia Holding AG
St.Gallen, 15. September 2017. Raiffeisen has sold the entire 4% stake in Helvetia Holding AG in an accelerated book-building process at a price of CHF 513.40. By selling its stake, Raiffeisen has left the shareholders' pool with the Patria Cooperative.
Raiffeisen has decided to sell its stake in Helvetia Holding AG
St.Gallen, 14. September 2017. Raiffeisen has decided to sell its 4% stake in Helvetia Holding AG completely. The position is being sold using an accelerated book-building process for institutional investors. This involves asking investors for bids for desired volumes and prices, following which, the shares are allocated. The sales process commenced today after the close of business. The result will be communicated after completion of the placement..
Profit exceeds the CHF 400 million mark for the first time
St.Gallen, 16 August 2017. The Raiffeisen Group's first six months have been successful in every respect. Profit rose CHF 68 million to CHF 434 million as of 30 June 2017, clearing the CHF 400 million mark for the very first time. This excellent half-year performance was driven by all income items.
Raiffeisen sees growth in all income items
St.Gallen, 24 February 2017. The Raiffeisen Group has once again closed the past business year with pleasing results and registered growth in all income items. Despite special effects, the Group achieved the third-highest profit in its history.
Raiffeisen grows and invests
St. Gallen, 10 August 2016. The Raiffeisen Group's core business performed well despite the challenging environment. Especially in cities and metropolitan areas, Raiffeisen exceeded its growth targets. Total asset growth remains on a high level, and the rates business has improved compared to the previous year. Despite these favourable developments, the Group's half-year profit declined CHF 28 million to CHF 367 million due to investments in Raiffeisen's future and the effects of the volatile market situation on the trading business.
Outstanding results for Raiffeisen
St.Gallen, 26 February 2016. The Raiffeisen Group again delivered record profits: at CHF 808 million, the Group profit was up 6.4% year-on-year. The banking group grew strongly in all income items. Assets under management rose to well over CHF 200 billion.
Raiffeisen publishes excellent figures
St. Gallen/Zurich, 12 August 2015. The Raiffeisen Group has posted a rise in income across the board, increasing its operating income by 7.9% or CHF 110 million to CHF 1.5 billion. Group profit went up by 8.7% or CHF 31 million to CHF 395 million. Raiffeisen's figures for both total assets and assets under management exceeded the CHF 200 billion mark for the very first time.
Patrik Gisel takes over operational management of the Raiffeisen Group as of 1 October 2015
St. Gallen, 6 March 2015. As a result of the nomination of Pierin Vincenz as Chairman of the Board of Directors of Helvetia Holding AG, Patrik Gisel will be taking over the operational management of the Raiffeisen Group as if 1 October 2015, not as originally planned in March 2016. Patrik Gisel will also be proposed by the Board of Directors of Helvetia Holding AG as the new representative of the Raiffeisen Group on the Board.
Raiffeisen Switzerland announces issue of a hybrid bond
St. Gallen, 4 March 2015. The Raiffeisen Switzerland Cooperative is preparing for the issue of a hybrid bond (Additional Tier 1) for March 2015. Raiffeisen intends to give a further boost to the equity capital in order assist the growth of the Group and to fulfil the stricter regulatory provisions even better.
Outstanding result for Raiffeisen
St. Gallen, 27 February 2015. The Raiffeisen Group continued the success of recent years in the 2014 financial year. Operating income rose by 1.3% to CHF 2.827 billion, while Group profit increased by 6.0% to CHF 759 million. Mortgage lending grew by 5.0% to CHF 151 billion, with assets under management up 5.2% to CHF 197 billion.
Merger of business activities of Notenstein Private Bank Ltd and Bank La Roche & Co Ltd
Notenstein Private Bank Ltd is acquiring the client relationships and staff of Bank La Roche & Co Ltd and following the conclusion of the transaction will operate as Notenstein La Roche Private Bank Ltd.
Vontobel and Raiffeisen: Arbitration Judgement Made
St. Gallen, 14 January 2015. Yesterday, the court of arbitration made its judgement in the case of Vontobel against the Raiffeisen Group. According to this ruling, Notenstein Privatbank AG is partly covered by the cooperation agreement that has in the meantime been terminated as of June 2017.
Raiffeisen Selects Category 3 in US Tax Dispute
St. Gallen, 24. November 2014. As a Group, Raiffeisen will send the US Department of Justice a letter of intent to participate in category 3. With it, Raiffeisen confirms the strategy of participating in the US programme, which it decided on in December 2013.
Raiffeisen founds Notenstein Asset Management AG
St. Gallen, 27 October 2014. With the founding of Notenstein Asset Management AG as a new subsidiary, Raiffeisen is strengthening its asset management and investment competence within the Group and is thus continuing its diversification strategy. The business areas of the previous asset management companies in the Raiffeisen Group will be centrally consolidated in this new organisation.
Raiffeisen reports solid growth Swiss National Bank classifies Raiffeisen as systemically important
St. Gallen/Zurich, 13 August 2014. The Raiffeisen Group’s growth remained constant in the first half of 2014. Operating income of almost CHF 1.4 billion exceeded the previous year's result by 1.3%. Gross profit of CHF 533 million and Group profit of CHF 363 million match the previous year's very good result. Raiffeisen also announced that it has been classified as systemically important by the Swiss National Bank.
Moody's rating for Raiffeisen remains Aa3, new outlook negative
The reason for the negative outlook is a general new evaluation of the Swiss banking environment. The new rating thus pertains to several Swiss banks, not only to Raiffeisen. Moody's believes that there is a higher probability that bondholders would also be involved in the bank rescue in the event of a forced bank restructuring ("bail-in"). The Swiss Banking Insolvency Ordinance provides for such a forced conversion of debt capital into equity. Such regulations are also common in other countries (EU: Bank Recovery and Resolution Directive [BRRD]) and have already resulted in a downward correction of the rating and outlook of banks, e.g. in the EU.
Raiffeisen continues to qualify for the highest Moody's rating for banks without government guarantee and is still one of Switzerland's top banks in terms of the rating.
Raiffeisen and Avaloq found technology company
Raiffeisen simultaneously cancels the cooperative agreement with Vontobel with effect from mid-2017
St. Gallen, 20 June 2014. Raiffeisen and Avaloq are founding a new company for the implementation and operation of Raiffeisen's retail banking platform. Raiffeisen will replace its previous front-end system in 2017 and migrate securities processing to a new Avaloq based banking software. Due to the changes in the technological environment and the advanced diversification, Raiffeisen is cancelling its cooperative agreement with Vontobel as of mid-2017 in line with the proper notice period.
Raiffeisen posts record profit
St. Gallen/Zurich, 28 February 2014. The year 2013 was an extremely successful one for Raiffeisen. Gross profit topped the billion mark for the first time ever at CHF 1.068 billion, an increase of 15.2 %. Group profit rose 12.9 % to CHF 717 million, the largest profit the Raiffeisen Group has ever recorded in its history.
Raiffeisen participating in US programme to resolve tax dispute
St. Gallen, 13 December 2013. The Raiffeisen Switzerland Board of Directors has decided to participate in the programme to resolve the US tax dispute. Over the next few months Raiffeisen will conduct further clarifications, and it will make a definite decision between Category 3 and Category 4 in 2014, at the moment aiming towards Category 3. Raiffeisen's decision in favour of one of these two categories is based on Raiffeisen not having aided US clients systematically and actively in evading taxes.
Distinctive rise in half-year profit at Raiffeisen
St. Gallen, 14 August 2013. The Raiffeisen Group has posted a significant rise in income, increasing its operating income by 1.5% or CHF 20 million to CHF 1,381 million. Half-year profit has risen soundly by 11.0% or CHF 37 million to CHF 369 million.
New Moody's rating for Raiffeisen
Moody's has given Raiffeisen a new Aa3 rating: "outlook stable". Moody's thereby confirms Raiffeisen's very good credit rating with stable expectations. It was particularly Switzerland's continuing slowdown in economic growth and Raiffeisen's vigorous growth in the mortgage market that caused Moody's to adjust the rating. Moody’s stresses the following positive points for the banking group:
- Little involvement in real estate "hot spots"
- Solid capitalisation
- Cautious lending policy
- Sufficient profitability
- Broad support in the domestic retail market and stability through the system of cooperative banks.
Raiffeisen has thus achieved Moody's highest rating in Switzerland for banks without a government guarantee and continues to belong to the top three banks in Switzerland with regard to its rating.
Completion of the acquisition of an investment holding in EFG Financial Products Holding AG by Raiffeisen subsidiary Notenstein Privatbank AG
St. Gallen, 24 April 2013 – Through the execution of the share purchase contract announced on 12 March 2013, the Raiffeisen subsidiary Notenstein Privatbank AG is acquiring ownership from EFG International AG of its 20.25% holding in EFG Financial Products Holding AG. Notenstein Privatbank AG is thus, as announced, increasing its holding in EFG Financial Products Holding AG from the previous 2.5% to the current 22.75%.
Raiffeisen subsidiary Notenstein Private Bank Ltd buys stake in EFG Financial Products Holding Ltd
St. Gallen, 12 March 2013. Raiffeisen subsidiary, Notenstein Private Bank Ltd, is increasing its equity stake in EFG Financial Products Holding Ltd to 22.75 per cent. It will also be issuing structured investment products guaranteed by Raiffeisen Switzerland Cooperative for the Swiss home market as part of a white-labeling partnership with EFG Financial Products Ltd, a Swiss structured investment service provider.
Strong inflow of savings and investment funds into Raiffeisen
St. Gallen/Zurich, 1 March 2013. The strengthening of the third largest banking group in Switzerland continued last year. Savings and investment funds increased by 11.4% and now amount to CHF 103.1 billion. Mortgage lending rose by 5.8% to CHF 135.9 billion. Operating income for 2012 is CHF 2.7 billion, up 7.9%, which is predominantly the result of the successful diversification strategy.
High client confidence in Raiffeisen: inflows of client deposits remain strong
St. Gallen, 16 August 2012. Clients continue to show high confidence in the Raiffeisen Group. At CHF 7.2 billion (+5.9%), growth in client deposits was excellent. The acquisition of Notenstein Private Bank Ltd drove significant growth in the trading and securities business and helped to diversify the earnings base. Gross profit rose 3.6% to CHF 521 million..
Raiffeisen furthermore on the road to success
St. Gallen/Zurich, 2 March 2012. The Raiffeisen Group could position itself even further in 2011. Mortgage lending went up 7.5% to CHF 128.5 billion, while savings and investment deposits increased CHF 6.0 billion, or 6.9%. Profitability kept pace with growth; the gross profit of Switzerland's third-largest banking group rose 4.2% to CHF 992.1 million.
Raiffeisen acquires the non-US business of the bank Wegelin & Co.
St. Gallen, 27 January 2012 – Effective 27 January 2012, Raiffeisen is acquiring Notenstein Privatbank AG, which has been assigned the non-US business of the bank Wegelin & Co. In acquiring a traditional private bank, Raiffeisen sees a good opportunity to gain a foothold in business with wealthy clients and diversify its sources of income for the long term. With this acquisition, Raiffeisen is also securing 700 jobs in Switzerland. Confidentiality was agreed regarding the purchase price.