No need to establish family foundations abroad - Raiffeisenbank

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18 Νοε 2013 (πριν από 3 χρόνια και 4 μήνες)

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Prague, 13 September 2011


N
O NEED TO ESTABLISH
FAMILY FOUNDATIONS A
BROAD
;

WITH
R
AIFFEISEN
,

PRIVATE CLIENTS CAN
PASS THEIR ASSETS ON
TO THE NEXT GENERATI
ONS
EASILY

Friedrich Wilhelm Raiffeisen
private banking now offers a unique service of opening private accounts
for offshore legal entities, which also allows affluent people to pass their assets onto their next
generations easily through family foundations or trust
s.
Friedrich Wilhelm Raiffeisen
also signed an
agreement with the first independent asset manager
-

Glisco.


Friedrich Wilhelm Raiffeisen (FWR),
Raiffeisenbank’s private banking brand, launches a unique
service in the Czech Republic: rendering of private s
ervices to legal entities having their registered
office offshore.

Our primary focus is on creating family foundations and trusts that will allow affluent
people to pass on their assets to the next generations in a simple manner
,“
said FWR private banking’s
director
Nicolas Fitaire. „
To this day, Czechs needed to open such accounts for example in
Switzerland; now we are offering the same opportunity with the same quality of service
,“
he added
.


For truly affluent people, passing on
the family’s estate is far more complicated than in common life.
Their property combines various types of assets located in various parts of the world. Thus, protection
of such an estate requires certain preparations, and establishing a family foundation o
r trust facilitates
the process to a notable extent. Clients vest all their assets into the family foundation and then specify
the future purpose of each part of the property in detail. It takes approximately one week to form a
trust, but the trust will se
cure lives of the next generations
,“ Nicolas Fitaire

explained
.

The fundamental principle of private banking is confidence; thus, the bank, when opening an account
for a tax haven based entity, must know the account owner and origin of the deposited money.

All
such opened accounts then must serve solely for managing assets, not for commercial purposes. If
satisfying these conditions, accounts can be opened for legal entities seated in any country; most often,
they are seated for example in Bahamas, Cyprus,
Liechtenstein, British Virgin Islands or the islands of
Jersey and Gibraltar.


P
RESS RELEASE






Friedrich Wilhelm Raiffeisen
also expands its offer of services by entering into an agreement with the
first independent asset manager, Glisco. Glisco’s clients will thus enjoy

all benefits and the full range
of products of the Raiffeisen group and its private banking.

We want to offer these services to other
asset managers in the Czech Republic as well. The management companies will thus acquire a partner
with the same quality

of service as in Switzerland, for example, and their clients will then have an
opportunity to pass on their assets without interrupting cooperation with the people who take care of
the property
,“ Nicolas Fitaire

explained
.

Raiffeisenbank
launched the new concept of private banking under the brand of
Friedrich Wilhelm
Raiffeisen
this spring. Reasons build on the fact that in the upcoming years, wealthy clients will
account for the fastest growing group in the market. Also, the current range

and quality of services is
insufficient for these clients.
FWR
aims at being one of the three strongest banks operating in private
banking in five years from now
.


The private banking market in the Czech Republic shows great potential. According to
Raiffe
isenbank’s estimates, Czech private banks currently serve about only 20% of all assets that
could have been under management of private bankers. The remaining part is either deposited with
Czech banks, off the private segment, or abroad. Thus, the Czech pr
ivate market could be growing in
the upcoming years at more than 10% pace; Raiffeisenbank plans to grow at least twice as fast.


Tomáš Kofroň

Raiffeisenbank a.s.










B
ASIC INFORMATION ABO
UT
R
AIFFEISENBANK A
.
S
.


Raiffeisenbank a.s. (RBCZ) has been providi
ng a wide range of banking services in the Czech
Republic to individuals as well as corporate clients since 1993. Raiffeisenbank renders services to its
clients via a network of more than 100 branch offices and client centres. The bank also provides
servic
es of specialized mortgage centres, personal, corporate and business advisors.

Last year,
Raiffeisenbank
reported profit of CZK 1.82 billion; in the first six months of this year, the
bank’s profit rose 30% to CZK 1.2 billion. Total assets of the bank reached CZK 199 billion.
According to this particular figure, Raiffeisenbank is the fifth largest bank operat
ing in the Czech
market.

Various local and international awards serve a proof to the quality of offered services. In the
Fincentrum Bank of the Year 2010 competition, Raiffeisenbank was awarded the Most Dynamic Bank
of the Year for the fourth time in the
recent five years. The eKonto account was named the best
account for the third consecutive time and Raiffeisenbank ended third in the main category. Moreover,
Raiffeisenbank was awarded the title of the Best Bank in the Czech Republic by the Global Finance

magazine. In the recent Zlatá koruna competition, the bank has won the first place in the categories of
direct banking, mortgage loans and business accounts.


The majority shareholder of the bank is Austria’s financial institution
Raiffeisen Bank Interna
tional
AG (RBI), established in October 2010 by merger of Raiffeisen International and a part of RZB. RBI
renders services to corporate and investment clients in Austria and clients in many countries of Central
and Eastern Europe.
Since 2005, the group’s s
hares have been listed at the Vienna Stock Exchange.
The majority owner of Raiffeisen Bank International is RZB with 78.5 per

cent; the remaining part is
traded on free float on the stock exchange.

The group of Raiffeisen has been obtaining titles of the “
Best Bank in Central and Eastern Europe”
from prestigious magazines, such as Euromoney, Global Finance or The Banker, regularly. Moreover,
network banks are awarded best banks in the respective countries of the region
.