Lentos Museum of Modern Art with Pöstlingberg in the background, Linz, Austria
Corporates & Retail –
Raiffeisenlandesbank Oberösterreich not only wants to fulfill expectations but
even to surpass them; it not only wants to support its customers, but also to
inspire them. A unique level of customer orientation, with competence, charm,
emotion but packing a punch, leadership with regard to the development of new,
targeted products and modern sales instruments are fundamental building blocks
that distinguish us.
Annual Report 07
Corporates & Retail – Customer Services
Erfolg ist Beratung
Success equals advice plus
Successful companies need financ -
ing solutions that are full of ideas
to complement their dynamic development.
As Austria’s strongest
regional bank, Raiffeisenlandesbank
supports its customers with mod -
ern and extensive financial engi -
n eering, which incorporates the har -
monised interplay between various
Corporate customers and groups
Raiffeisenlandesbank Oberösterreich Aktiengesellschaft is firmly anchored in Upper
Austria through the local Raiffeisen banks. This healthy and strong structure for Raiff eisen
Oberösterreich ensures an enormous range in its Customer Services. The Raiffeisen
banks maintain servicing locally while the specialist services provided by Raiffeisen -
landesbank Oberösterreich allow the customers to be assisted at a global level.
More than every other SME and 80 percent of industrial firms take advantage of this
and work with Raiffeisen Oberösterreich. The Corporates and Retail segment comprises
Raiffeisenlandesbank Oberösterreich’s business areas corporate customers,
groups, SME support, major institutional customers, international finance and correspondent
banking, as well as the retail business.
Recognising opportunities, calculating and limiting risks and flexibility are Raiffeisen -
landesbank Oberösterreich’s top priorities in the servicing of its corporate customers.
Raiffeisenlandesbank Oberösterreich services its corporate customers with
cash man agement solutions, factoring, real estate solutions, insurance, assisting
companies through its global network with efficient cooperation partners and correspondent
banks, as well as interest rate and currency hedging combined with
optimal advice on subsidies.
In servicing and assisting corporate customers, it is not just a matter of providing
financing solutions. Above all, we need to provide optimal finance and be on hand
for the opportunities that the companies find on their markets at home and through -
out the world. To this end, Raiffeisenlandesbank Oberösterreich has an enormous
risk-bearing capacity. Its lasting and successful development enables Raiffeisenlandesbank
Oberösterreich to invest equity in various shapes and sizes. It contributes
to the optimisation of its customers’ balance sheets with special financing models,
such as corporate bonds, hybrid bonds, mezzanine capital, direct investments, undis -
closed investments, or by employing participatory capital.
Raiffeisenlandesbank Oberösterreich not only provides modern financing models,
but sees its task as giving optimal support in structuring the many different opportunities
to obtain subsidies from the EU, the government, the province or from local
authorities. Raiffeisen Oberösterreich submitted a total of 2,538 applications for
subsidies in 2007. This represents an investment volume of EUR 558 million.
EUR 37.2 million is the amount of subsidies from which customers of Raiffeisen
20 Annual Report 07
Major institutional customers
Major institutional customers have recourse to a wide range of services at Raiff -
eisenlandesbank Oberösterreich, with structured investments, special funds as tailormade
investment models, cash pooling systems and tailor-made financing solutions.
Close cooperation with Raiffeisenlandesbank Oberösterreich’s Finance Trade Center in
liquidity management and investment round off the main areas of servicing.
Raiffeisenlandesbank Oberösterreich has particular expertise in the field of project
and special finance. In order to ensure that a project runs smoothly, experts not only
make the corresponding individual financing concepts available but also provide
support in implementing them.
In realising significant projects for the future, public-private partnerships have also
proved to be a formula for success. They ease the implementation of major projects.
This generates additional added value and safeguards jobs. A total of 415 projects
with a total investment volume of EUR 2.535 billion are currently under development
or in operation.
In addition, Raiffeisenlandesbank Oberösterreich meets individual cash management
requests to optimise domestic and international payments. To achieve this, the experts
at our subsidiaries, GRZ and RACON, are called in as IT and software service
Austria’s economy has an excellent structure: above all, the broad base of efficient
small and medium-sized enterprises ensures that the economy performs success -
fully. These mature companies are significant innovators and ensure successful
exports and an altogether high level of employment.
With a succession service initiated by Raiffeisenlandesbank Oberösterreich, it helps
to safeguard this strong backbone of the domestic economy. This is because the
safe handover of these companies to the next generation presents a particular
challenge. Research has shown that the succession issue is unresolved at 61 percent
80 percent of industrial
concerns in Upper
Austria work with Raiff -
With its SME succession service, Raiffeisenlandesbank Oberösterreich provides
optimal support by bringing into play a combination of various financing instruments –
from a subsidy recipe through to venture and partner capital. To this end, we have
launched a special succession fund with an initial volume of EUR 30 million.
Annual Report 07
At Raiffeisenlandesbank Oberösterreich, customer orientation does not just mean
flexibility and speed but, above all, an intense personal relationship. Major cornerstones
of such relationships are discussions held with business owners. Here, we not only
analyse with each company key figures based on extensive comparisons with others
in the sector, which we compile and constantly update for 110 sectors of the economy,
but also discuss what the future has to hold and opportunities for positioning.
These discussions are dynamic and held as partners in business: the result is a comprehensive
rating, which not only contains the key financial figures but also soft facts,
such as the staff situation, market environment, degree of innovation, opportunities
for development, etc.
20 branches in the
greater Linz area
ensure local supply
of financial services.
Raiffeisen Oberösterreich’s prime marketing principle is to help its customers maintain
and, if possible, expand their financial leeway. Doing this depends on security,
determination, success, reliability and trust.
With 20 branches in the Linz and Traun area, Raiffeisenlandesbank Oberösterreich
is an important local supplier of financial services to private customers and SMEs in
Upper Austria’s capital.
Looking after customers is the core feature. Our particular form of customer orienta -
tion, involving competence, charm and emotion but packing a punch, aims not only to
meet but to exceed expectations, not only to look after customers but to excite them.
Leadership in developing new, targeted products and modern sales tools are signifi -
cant building blocks distinguishing Raiffeisen’s Customer Services in Upper Austria.
In addition, personal customer relationships are linked to the demands and desires
for mobility. Customers can use our modern bank foyers or the ELBA Internet to trans -
act their banking business simply, securely, easily and flexibly.
The customer foyer of Raiffeisenlandesbank Oberösterreich with its self-service
areas are amongst the most state-of-the-art and the most secure. And customers can
access their safe-deposit boxes seven days a week between the hours of 5 a.m. and
22 Annual Report 07
The latest payment solutions ensure that money can stay working longer in com -
panies. With all the success Austrian companies are having abroad, the need is
growing for up-to-date, globally compatible solutions. Accordingly Raiffeisen -
landesbank Oberösterreich, together with the whole Raiffeisen banking group, offers
its customers a gateway to the SEPA age (Single Euro Payments Area). This ensures
a rapid – within a few hours – and economical processing of payments in all of the
31 countries in the EU and EEA.
With cross currency cash pooling, accounts can be pooled in various currencies
without complicated settlement payments and calculations, group interest rates can
be taken into account and interest optimisation can be achieved for the customers.
Shadow interest calculations and taking current exchange rates into account obviate
the need for currency conversions and related costs. This gives those responsible at
companies for treasury and finance an optimal tool for managing liquidity, interest,
foreign currencies and payments in one go.
Oberösterreich is the
first bank in Austria to
offer its customers
access to German online
Innovative ideas for products and the technical resources of our subsidiaries GRZ
und RACON as IT and software service providers allow individual wishes concerning
domestic and international payments to be fulfilled with tailor-made solutions.
By adding Giropay to its online products, Raiffeisenlandesbank Oberösterreich has
set a new milestone in Austria. It is the first and the only bank in Austria to give its
customers potential access to 17 million German online banking customers. Giropay
is an add-on to the Austrian eps standard.
Online security is very important to us: accordingly more than 40,000 customers are
already in a position to take advantage of mobile TANs and SMS services.
A host of different types of cards rounds off our competence in products, so that
there is the right card for every customer and every area of use.
Annual Report 07
Matrimandir (“Mother Earth”) in Auroville, India
Corporates & Retail –
With 1,621 correspondent banks and 16 partner banks, Raiffeisen -
landesbank Oberösterreich provides a powerful global service
network, which allows its customers to make optimal use of their international
experience. Special desks ensure optimal connections, especially
to the emerging/booming markets, such as Eastern Europe,
India and China.
Annual Report 07
Corporates & Retail – International Market
India? Your bank
is already there.
is the only Austrian bank to
have a cooperation agreement with
ICICI, India’s most dynamic bank.
This enables it to provide optimal assistance
to customers in this booming
market and to offer services
locally: from local financing transactions
and help in setting up companies
to special cash management
Cross-border activities demand careful planning and comprehensive service. With
1,621 correspondent banks and 16 partner banks, Raiffeisenlandesbank Oberösterreich’s
customers have access to a powerful global service network to optimally
process their export projects and international business.
This new division has taken on the newly formed organisational unit Syndication &
Asset Sales in addition to its classic correspondent banking business. The department
acts as the central point of contact for all front office areas in matters of syndi -
cations. It provides support by compiling and checking legal aspects of contracts,
forming syndicates, structuring transactions and precisely monitoring the credit
situation. This gives customers a single point of contact for structuring, processing
and repayments, which ensures a high degree of efficiency.
In addition, Raiffeisenlandesbank Oberösterreich’s continuously expanding network
guarantees optimal usage of international experience and connections. Special desks
ensure optimal connections to emerging/booming markets. This service simplifies and
speeds up, for instance, the procedure for opening accounts. In addition, it arranges
essential contacts with local customer advisers, arranges appointments and clarifies
financing needs in advance with the network banks.
Asia Desk: in China there is a comprehensive co-operation agreement with the
Industrial and Commercial Bank of China (ICBC). A special cash management system
gives corporate customers as much flexibility as possible for projects in the “Central
Kingdom”. This enables companies to see and make transactions over accounts
held by subsidiaries in China via ELBA.
Raiffeisenlandesbank Oberösterreich is the only Austrian bank to have a co-operation
agreement with ICICI, India’s most dynamic bank and can provide optimal assistance
to companies in this booming market. This co-operation agreement covers all ser -
vices – from local financing transactions and support in setting up companies to
special cash management solutions – to be provided locally. The Eastern European
Desk ensures a connection to the 18 markets in Central and Eastern Europe with
more than 3,000 Raiffeisen bank branches and network banks with more than 57,000
employees. This enables opportunities to be optimised that present themselves to
Austrian and Central European customers in Russia, for instance in connection with
the Olympic Games in Sochi.
We already started to build up banking business in the Czech Republic in 1991 when
the Iron Curtain fell. In the meantime, what is now Raiffeisenbank Prague has a
banking network with 56 branches across the country. Raiffeisenbank Prague, in which
Raiffeisenlandesbank Oberösterreich has a 25 percent stake via Raiffeisenbank Prag
26 Annual Report 07
BeteiligungsgesmbH, had total assets as at 31 December 2007 of EUR 4.4 billion
and 1,858 employees; it looks after 28,182 corporate and 186,088 private customers.
Its main strategic focus, besides looking after Western corporate customers and
financing real estate transactions, will be on building up local retail business, including
via the Internet and mobile phones, and business with SMEs. The second Ober Österreich.Haus
is due to be opened in the Old Town in Prague in the autumn of 2008.
Austria has profited more from the opening of European borders and the multifarious
opportunities offered by internationalisation than virtually any other country. Exports
exceeded imports for the first time in 2007.
It is important to be able to provide comprehensive assistance to companies, not
only locally but, for their successful projects, around the globe. Raiffeisenlandesbank
Oberösterreich gives them this scope: the local Raiffeisen banks and the global network
of efficient partner and correspondent banks represent stable anchors for
successful projects. Its close co-operation with strong and established commercial
banks in all parts of the world enable Raiffeisenlandesbank Oberösterreich to keep
the level of its service enormously high but its costs extremely low.
With its International Finance division, Raiffeisenlandesbank Oberösterreich offers
its customers comprehensive advice and covers the whole range of products for
■ Documentary business (import/export letters of credit, guarantees)
■ Export finance (export fund procedures, Kontrollbank funding pool)
■ Financing working capital locally via partner banks with guarantees provided by
Raiffeisenlandesbank Oberösterreich; project finance when hedging risks, processing
documentary transactions, and optimal financing of export transactions
This makes Raiffeisenlandesbank Oberösterreich the most important partner for the
international business of companies in Upper Austria; it expects more high growth
in 2008 in Eastern Europe but also in China and India. Seven out of ten exporters in
Upper Austria rely on assistance from Raiffeisenlandesbank Oberösterreich for the
success of their international projects, making it the most important bank for exports
in Upper Austria. Austria’s most powerful regional bank looks after and assists more
than 4,850 exporters throughout the country.
Over the last three years Raiffeisenlandesbank Oberösterreich’s business volume in
export services has risen massively: it recorded average annual growth in its documentary
business of 38.4 percent and as much as 50 percent in export letters of credit.
Oberösterreich is the
most important bank
for exports in Upper
Annual Report 07
International Submarkets/Business Areas
Seoul Ho-Chi-Minh City Chisinǎu
Number of correspondent banks: 1,621 Western Europe 800 Asia 312
Eastern Europe 295 Africa 71
America 131 Australia 12
Raiffeisen banka d.d., Maribor**
Raiffeisen Bank Zrt., Budapest*
Tatra Banka, Bratislava*
Raiffeisenbank Austria d.d., Zagreb*
Raiffeisen Bank d.d. Bosna i Hercegovina, Sarajevo**
Raiffeisen Banka a.d., Belgrade**
RZB Beijing Branch, Beijing**
RZB Xiamen Branch**
Raiffeisen Bank Sh. A., Tirana**
JSPP Raiffeisen Bank Aval, Kiev**
Raiffeisen Bank Polska S.A., Warsaw**
Raiffeisenbank (Bulgaria) E.A.D., Sofia**
ZAO Raiffeisenbank, Moscow**
Priorbank JSC, Minsk**
Raiffeisen Bank Kosovo JSC, Pris˘tina**
Raiffeisen Bank S.A., Bucharest**
RZB Finance LLC, New York**
Raiffeisen Malta Bank plc, Sliema**
RZB London Branch**
RZB Singapore Branch**
Industrial companies and groups
Venture and partner capital
Ober.Österreich.Haus, Munich, branches in
Heilbronn, Landshut, Nuremberg, Passau,
Regensburg, Ulm, Würzburg
PRIVAT BANK AG der Raiffeisenlandesbank
activ factoring AG
Invest Unternehmensbeteiligungs AG
Real-Treuhand Immobilien Bayern GmbH
Raiffeisen-IMPULS-Leasing GmbH & Co KG
Raiffeisen-IMPULS-Finance & Lease GmbH
CAR-ASS-Impuls Leasing GmbH & Co. KG
CAR-ASS-Impuls Autovermietung GmbH
Optimundus Reisebüro Passau
GO Gaststättenbetriebs GmbH
Assisting corporate customers
M&A advice, subsidies
Raiffeisenbank a.s., Prague and eBanka-Spezialbank
for SMEs and private customers – with a total of 101
branches and a strong presence on the Internet
ACG Prague, Budweis (Mergers & Acquisitions,
IMPULS-Leasing-AUSTRIA s.r.o. –
Prague, Budweis, Brno,
Raiffeisen Versicherungsmakler –
Prague, Budweis, Pilsen, Brno
PRIVAT BANK AG der Raiffeisenlandesbank
Oberösterreich, Prague branch
BTU travel agency – Prague
Real-Treuhand Reality a.s. –
Prague, Budweis, Pilsen, Brno
active factoring AG – Prague
Export and international
Focal points: Eastern Europe South-East Asia
* Minority shareholding ** Indirect shareholding in Raiffeisen Zentralbank Österreich AG
28 Annual Report 07
Number of correspondent banks around the world
Western Europe 800
Eastern Europe 295
Annual Report 07
Skyline of Shanghai with characteristic Oriental Pearl Tower, China
Global trade has more than doubled since the turn of the century. The
fact that Austria has registered the highest growth in exports throughout
Europe is proof of the success of its companies in international business.
Raiffeisenlandesbank Oberösterreich contributes substantially to
this success with its opportunity-oriented foreign currency management
and risk-optimised option strategies.
Annual Report 07
Stable networks and competent
guides are the basis for success in
business. Raiffeisenlandesbank Ober -
österreich takes responsibility for its
customers and supports them in
hedging risks and taking advantage
of opportunities – around the world.
With ongoing globalisation, the role of treasury is becoming increasingly important.
Under Raiffeisenlandesbank Oberösterreich Aktiengesellschaft´s organisational
structure, specialists from treasury, money, foreign exchange, bond and
equity dealing are all united in its Finance Trade Center. This gives it clear and stream -
lined structures for both short and long-term management of interest rates, currencies
and liquidity. All business involving taking advantage of market or valuation
differences is covered by the Financial Markets segment. It also covers all business
related to managing existing market risks, hedging liquidity and sales of securities.
Capital is a major strategic resource and accordingly to be used carefully and after
due consideration by banks and companies. The movements in rates on foreign
exchange and credit markets in 2007 clearly demonstrated how important it is to
have a robust risk strategy.
Returns, creditworthiness, liquidity, diversification and transparency represent the
criteria for decision-making in the investment business. In its exchange rate hedging
transactions, Raiffeisenlandesbank Oberösterreich’s Treasury sets particular store in
recognising, spreading and limiting risks. In interest management, the interest po -
sitioning is established in accordance with customers’ respective risk-bearing capacity
and in line with the yield curve and the expectation for interest rates.
Risk management for customers
Global trade has more than doubled since the turn of the century. In terms of export
growth, Austria is European champion. Successful international business requires effi
cient risk management and the targeted use of exchange rate hedging instruments.
Raiffeisenlandesbank Oberösterreich's opportunity-oriented exchange rate manage -
ment has proved most effective for its customers. Options and option strategies are
also employed as flexible tools for exchange rate hedging. Depending on the market
situation and clearly focussing on customers’ needs, advantage is taken of all kinds
of opportunities to optimise exchange rate risk. Priority is given to hedging structures
that do not involve net costs. The foreign exchange trading platform (Retra fx) allows
customers and the Raiffeisen banks in Upper Austria to structure their purchases
and sales of currencies at real-time prices. It ensures speedy, secure and simple
IT-based processing of transactions.
32 Annual Report 07
Long-term liquidity hedging with matching maturity refinancing
In its asset/liability management, Raiffeisenlandesbank Oberösterreich attaches
major importance to matching maturity refinancing.
In 2007, we raised a total of EUR 1,940 million through our own issues, borrower’s
notes and long-term deposits:
■ Retail issues:
■ Structured issues:
■ Borrower's notes:
■ Other long-term means of refinancing:
New Moody’s issuer rating
EUR 1,063 million
EUR 1,063 million
EUR 167 million
EUR 320 million
Since 2001, Raiffeisenlandesbank Oberösterreich is rated annually by Moody's
Financial Institute Group. Since 2006, there has been a special issuer rating for longterm
bond issues. This rating was fixed at “Aa3”.
The service provided by the Raiffeisen banks sales unit enables the 102 Raiffeisen
banks in Upper Austria and Raiffeisenlandesbank Oberösterreich’s branches to
provide their customers with a state-of-the-art securities service. Despite a difficult
capital market environment, we raised the customer deposit volumes throughout the
Raiffeisen Banking Group Upper Austria by 8.53 percent in 2007.
Moody’s confirms the
high level of creative
strength at Raiffeisen -
www.boerse-live.at gives Raiffeisen Oberösterreich customers a state-of-the-art
online portal. Regardless of time or location, they can execute securities transactions
speedily and securely. This instrument offers a direct link to the world's most
important stock markets in real time, as well as comprehensive information concerning
Around 60 percent of all share sales at Raiffeisen Oberösterreich are now executed
online. 2007 was a very good year with more than 60 percent growth in the volume
of sales and orders issued.
Annual Report 07
View of the Mühlviertel region, Upper Austria
Raiffeisenlandesbank Oberösterreich relies on quick action when it comes
to supporting companies in their implementation of new projects and
ideas. With venture and partner capital, Private Public Partnership models
and the development of follow-up solutions, the strongest regional bank
in Austria is greatly contributing to making the economic region of Upper
Austria stronger and even more attractive.
Annual Report 07
Assisting you on your path
Dynamic companies require modern
financing. Raiffeisenlandesbank Ober -
österreich Aktiengesellschaft therefore
provides equity in the form of
venture and partner capital through
AG (INVEST AG).
For years, Raiffeisenlandesbank Oberösterreich Aktiengesellschaft has distinguished
itself in areas beyond the core banking business. In dynamic times with many oppor -
tunities, investments can be financed with more than just loans. In fact, equity-like
tools can also be utilised in various ways. Raiffeisenlandes bank Oberösterreich
Aktiengesellschaft has already provided more than EUR 1,500 million of this kind of
The investment banking segment comprises the following portfolios:
■ Banking and financial institutions;
■ Venture and partner capital for growing companies or companies going through
succession changes as well as the investment in companies that are particularly
interesting due to their location;
■ Outsourced companies whose focus is not directly in the area of traditional bank
■ Real estate/PPP investments.
Raiffeisenlandesbank Oberösterreich has assumed responsibility for branches of
voestalpine AG and Salinen Austria AG, for example. At voestalpine AG, Raiffeisen -
landesbank Oberösterreich Invest GmbH & Co OG is the largest private shareholder
with a direct share of 14.12 percent of the stock as of the end of 2007.
In addition, four private trusts are financed by Raiffeisenlandesbank Oberösterreich
and shares in important companies are held by these foundations:
■ Private trust foundation of Raiffeisenlandesbank Oberösterreich Aktiengesellschaft
■ Private trust foundation for the maintenance of the Upper Austria location (VIVATIS,
■ Private trust foundation for the future security of companies in Upper Austria
(INVEST Unternehmensbeteiligungs AG)
■ Private trust foundation for the promotion of international cooperation (VIVATIS CEE
Raiffeisenlandesbank Oberösterreich has provided equity to 498 companies in the
context of its investment banking activities, 160 of which are subsidiaries and 144 of
which are companies in private trusts.
36 Annual Report 07
Strategic investments in financial institutes
This segment includes the bank and insurance investments of Raiffeisenlandesbank
Oberösterreich. The market position of Raiffeisenlandesbank Oberösterreich is signifi -
cantly strengthened by these strategic investments in financial institutes as well as
in national and foreign banks. It can therefore assist and support its customers comprehensively
in existing and new markets.
The most important bank investments:
■ PRIVATE BANK AG der Raiffeisenlandesbank Oberösterreich
■ Oberösterreichische Landesbank AG
■ Salzburger Landes-Hypothekenbank AG
■ Raiffeisen Zentralbank Österreich AG
■ Raiffeisen Wohnbaubank AG
■ Raiffeisen Bausparkasse GesmbH
■ Raiffeisenbank a.s., Prague
■ Raiffeisenbank Austria d.d., Zagreb
■ Raiffeisen Bank Zrt., Budapest
■ Center Invest Bank AG
■ KEPLER-FONDS KAG
PRIVAT BANK AG
PRIVAT BANK AG der Raiffeisenlandesbank Oberösterreich has locations in Linz,
Vienna, Prague, Munich, Passau, Regensburg, Ulm, and Würzburg.
The focus of PRIVAT BANK AG is on customers who have a special desire for dis -
cretion and support and who place a particularly high value on individuality and ex -
clusivity. To assist its customers, PRIVAT BANK AG utilises the entire assessment
spectrum, including the development of individual special funds that are tailored
towards personal parameters.
PRIVAT BANK AG
to EUR 3.5 billion.
One essential special service consists of the financial planning done by PRIVAT BANK AG,
which serves to analyse and optimise all assets. Here efficient strategies of modern
business planning are utilised even in the private sector in order to safeguard the
liquidity, security, provisions, and assets in a sustainable manner.
PRIVAT BANK AG was able to increase its business volume during 2007 within the
group including bankdirekt.at AG by 24 percent to around EUR 3.85 billion. This
means almost double the results compared to 2005. As in the years before, this
clearly exceeded the market growth in Austria. The balance sheet total grew by
22.6 percent to EUR 1.056 billion.
Annual Report 07
HYPO Salzburg has continued its consistent upward trend of the last years and was
able to achieve the planned goals for its customer business in the past financial year.
The consistent, strategy-inherent customer orientation as well as the clear focus on
the target groups with attractive products are reflected in the 2007 annual results
just as much as the responsible handling of costs and risks.
The continuity of the business development of HYPO Salzburg is expressed by the
development of the balance sheet total, which was increased by EUR 271.5 million
or 6.14 percent to EUR 4,690.8 million in an annual comparison.
As of 31 December 31, HYPO Salzburg was managing 24 branches in the province
of Salzburg. Of these, thirteen locations are in the central Salzburg area and eleven
in the province of Salzburg.
The credit business with companies and public funds was significantly expanded in
recent years. Due to the strategic partnership with Raiffeisenlandesbank Oberösterreich,
HYPO Salzburg is in a position to offer high-performance solutions for businesses
ranging from small trade operations to industrial companies – always with the
goal of helping the customer realise business opportunities through the appropriate
Thanks to customised financing solutions, HYPO Salzburg is a reliable and flexible
partner in the private credit business. About three quarters of all private financings
are used for construction and housing.
Despite the difficult
environment, the HYPO
banks were able to
achieve a good result.
In the securities business, the customer account volume was increased despite the
high level of volatility on the stock markets and the sinking prices on the European
HYPO Oberösterreich achieves a double-digit growth
in its balance sheet total
The consistent market and customer orientation of HYPO Oberösterreich has also led
to pleasant increases in its strategic business areas in 2007. Above-average gains
could be achieved in primary deposits and issues as well as in lending. The balance
sheet total increased by 18 percent to around EUR 8 billion compared to 2006 and
has therefore doubled since the financial year 2000.
The market position was expanded or maintained in all defined target groups – doctors
and independent contractors, major housing construction, public institutions, church
38 Annual Report 07
and community affairs, private customers. The loan volume grew by nearly 10 percent
to EUR 4.3 billion across all areas. Despite the above-average increase, the
bank’s credit risk remains on a very low level. It was also pleasant that the earnings
from the service business showed a higher growth (a gain of 7 percent), just as in the
This demonstrates that HYPO Oberösterreich is able to assert itself extremely well
on the market, even under more difficult general conditions, such as the international
crisis of the financial markets or the inverse interest rate situation. The annual sur plus
will amount to EUR 24 million in 2007 before taxes.
For the Austrian fund industry, 2007 was disappointing compared to the boom years
just before. The total volume of the 24 capital investment companies dropped by
EUR 3.6 billion to EUR 163.8 billion (- 2.15 percent) as of the end of 2007.
KEPLER-FONDS KAG, the fund subsidiary of Raiffeisenlandesbank Oberösterreich,
was able to stand its ground nicely in the difficult markets and continued to increase
its fund volume throughout the year 2007. At the end of 2007 a volume of EUR 7.9
billion was managed, which is equivalent to a growth rate of 2.3 percent in 2007.
KEPLER ranked in fifth place among the total of 24 Austrian capital investment companies.
KEPLER achieved its growth rate in 2007 primarily by successfully issuing
innovative products. Investor funds in the amount of about EUR 127 million flowed
into newly created funds (e.g. KEPLER Top Cash Exclusive Fund, KEPLER Alpha
Return Fund, KEPLER Optima Pension Fund, KEPLER East European Plus Pension
Fund, and KEPLER Private Equity Stock Fund). Guaranteed value products also
proved to be reliable.
confirm the high
quality standard of
Analogous to the total market, almost no yield gains could be achieved in the stock
and pension funds in 2007. However, the long-term performance results p.a. over a
period of five years were quite attractive as of the date of 12 December 2007 (KEPLER
Ethical Stock Fund + 11.80 percent, KEPLER Europe Stock Funds + 11.29 percent,
KEPLER Global Stock Funds + 9.05 percent, KEPLER Emerging Markets Pension
Funds + 9.86 percent, KEPLER High Yield Corporate Stock Funds + 7.16 percent).
The quality of the fund management was confirmed by reputable rating agencies
in 2007. On a national level, KEPLER was awarded the “Austrian Fund Award”
by Morningstar and achieved 1st place in the “Lipper Fund Awards”. The fund
subsidiary of Raiffeisenlandesbank Oberösterreich also established itself as one
of the top contenders in Germany by occupying 2nd place for the “German Fund
Annual Report 07
With a market share of over 20 percent, Raiffeisen-IMPULS-Leasing was able to
further expand its position as Upper Austria’s leader in the leasing market for 2007
as well. A volume of new acquisitions that was over EUR 700 million for the first time
means a 16 percent increase compared to 2006. At the end of 2007, Raiffeisen-
IMPULS-Leasing had holdings of almost 39,000 leasing agreements with purchas -
ing costs valued at over EUR 2.9 billion.
achieved a strong
growth in 2007
■ A gain of 20 percent was registered for vehicle leasing in 2007. As a supplement
to traditional vehicle leasing, Raiffeisen-IMPULS-Leasing also offers additional
services, such as fleet management and full-service leasing.
■ In the area of product leasing, the volume of new acquisitions in 2007 was increased
by 11 percent.
■ The real estate sector registered a growth of 18 percent.
The entire leasing group of Raiffeisenlandesbank Oberösterreich is represented in
Central and Eastern Europe with a comprehensive network of subsidiaries and was
able to achieve a growth of 50 percent in 2007.
activ factoring AG
Through its subsidiary, activ factoring AG, Raiffeisenlandesbank Oberösterreich offers
another modern and future-oriented form of financing. It hereby sets new benchmarks
in supportive company financing and corresponds to the increasing demand
for factoring services. activ factoring AG is not only successful in its traditional
markets in Austria, Southern Germany and the Czech Republic, it actually purchases
receivables around the world.
The combination of pre-financing and taking on the complete risk of bad debts, combined
with active debtor management, provides companies with a flexible financing
and services instrument.
In 2007, factoring sales rose to EUR 1.2 billion.
Real-Treuhand Management GmbH
From the revitalisation of town centres to urban planning, from terraced houses to
multifunctional office towers, Real-Treuhand develops and realises real estate projects
according to individual requirements. Choosing the right location, cost-efficient
realisation, top construction quality and optimal maintenance costs is an absolute
necessity and results in sustainably secure and profitable investments.
The following companies reinforce the competence, quality and security offered by
Real-Treuhand Management GmbH:
40 Annual Report 07
■ Oberösterreichische Bauland Entwicklungsfonds GmbH
■ Real-Treuhand Bau- und Projektmanagement GmbH
■ Real-Treuhand Facility Management GmbH
■ Real-Treuhand Immobilien Vertriebs GmbH
■ Real-Treuhand Projekt- und Bauträger GmbH
■ Real-Treuhand Regionalimmobilien GmbH
■ Real-Treuhand Portfolio Management GmbH
■ Real-Treuhand Immobilien Bayern GmbH (Southern Germany)
■ Real-Treuhand Reality a.s. (Czech Republic)
■ Real-Treuhand Croatia d.o.o. (Croatia)
■ RLV Immobilien GmbH
WAG was acquired in 2004 in the context of a privatisation. The company has nonprofit
origins and is the largest real estate company in Upper Austria.
The capital assets consist of about 22,500 rental apartments and 65,000 square meters
of rented industrial space, of which more than half are located in Linz. The other properties
are distributed in four provinces (Upper Austria, Lower Austria, Styria and Salzburg).
Overall, WAG manages 34,000 units, the revenue amounts to EUR 94 million, and the
investments reached EUR 44 million in the financial year.
GRZ IT Center
With a total of about 580 employees, GRZ IT Group is one of the largest and most
successful IT service providers in Austria.
The product and service spectrum of GRZ IT Group goes far beyond the area of finance.
It covers everything from operating mainframes, servers and networks of all kinds to
application service provision, all the way to the development of customised IT solutions.
The GRZ IT Center not only services the Raiffeisen Banking Group Upper Austria
and Tyrol, the mortgage banks in Upper Austria and Salzburg also draw on complete
solutions by GRZ. In addition, the GRZ IT Center also provides special laboratory
information systems for hospitals as well as complete solutions for municipalities
and community organisations.
RACON Software GmbH is Austria’s market leader in the development of banking
software, such as for example the entire ELBA product family, the comprehensive
payment transaction/cash management systems and the electronic distribution
information system ELVIS.
GRZ IT Group is one of
the largest and most
successful IT service
providers in Austria.
LOGIS IT Service GmbH was founded in 2003 as a GRZ/RACON spinoff and as a
joint venture with the Raiffeisen computer centre in Tyrol. LOGIS is also responsible
for the highly complex automatic software delivery and for PCs and servers outside
the computer centre.
Annual Report 07
Olympia Centre in Munich, Germany
Raiffeisen Oberösterreich is a strong partner for nearly 900,000
customers – through networked activities and a contemporary,
modern structure, the association has succeeded in achieving
a balance between local roots and global support. It is active
wherever Raiffeisen banks require support, in order to be able to
accompany their customers with all of their projects in the best
Annual Report 07
für lhren Erfolg
Two partners for your success
Together with its customers, the asso
ciation of Upper Austrian Raiffeisen
banks with Raiffeisenlandesbank
Oberösterreich contributes to
the success of the province, as a
strong association. This can be seen
in the forward-looking projects, such
as “rural revival”, town centre revitalisations
or district developments.
Consolidation items relating to more than one segment, as well as income and
expenses that cannot be appropriately allocated to any other segment, are shown
under the Corporate Center segment. In this segment, one-time special effects are
also recorded which would otherwise distort the results of other segments.
The divisions included in the Corporate Center help present a clear segment structure,
as the results from the other business fields can be illustrated in a well laid-out
and clear manner.
In addition, cooperative Group services provided to the Raiffeisen Banking Group
Upper Austria by Raiffeisenlandesbank Oberösterreich are represented in the Corpo -
Associative activities mean success
For just under 900,000 customers, Raiffeisen Oberösterreich is the most important
supplier of local banking services. Raiffeisen Oberösterreich’s strong and healthy
structure facilitates a special customer orientation and dynamic support through
creative financial services. Above all, Raiffeisenlandesbank Oberösterreich’s solidity
and success derive from its principles of subsidiarity and solidarity.
The Raiffeisen Banking Group Upper Austria is a strong association. It is not only in
a position to jointly cover all banking sectors, but also to set new benchmarks in
banking and business. As owners of Raiffeisenlandesbank Oberösterreich Aktien -
gesellschaft, the Upper Austrian Raiffeisen banks exercise their ownership right over
the Raiffeisen landesbank cooperative association. The cooperative spirit is decisive
with this: regardless of its size, each cooperative has a vote. With this, Raiffeisen
Oberösterreich relies on the subsidiarity principle: whatever the Raiffeisen banks are
able to provide locally shall not be taken over by the superordinated association. As
a corporation, Raiffeisenlandesbank Oberösterreich undertakes global functions, but
also regards itself as an integrative hub within the Raiffeisen association. It supports
and advises Raiffeisen banks and looks after corresponding training and development,
as well as the advanced training of managing directors and management staff
of Raiffeisen banks.
Bundling of forces
The Raiffeisen Banking Group Upper Austria bundles its forces. This focus on require
ments and needs of the customers is unique. We achieve a balance between local
roots and global support for our customers. These networked activities are possible
due to the contemporary and modern structure of Raiffeisen Oberösterreich. The
association becomes active wherever Raiffeisen banks require support, in order to
be able to accompany their customers with all of their projects in the best possible
manner. Through this, the regional strength and direct customer relationship are maintained.
In addition, the cooperation in the association ensures security, power and
dynamics of Raiffeisen in Upper Austria.
44 Annual Report 07
Slected members of the Raiffeisen Banking Group Upper Austria
■ Raiffeisen Kundengarantiefonds OÖ
The security of savings deposits is the top priority of Raiffeisen Banking Group
Upper Austria. Through the Upper Austria Raiffeisen Customer Guarantee Fund,
customer deposits with Raiffeisen Oberösterreich are 100 percent secured, far
beyond the legal deposit insurance.
For standardised risk management in the entire Raiffeisen Banking Group Upper Austria,
through assistance by assuming guarantees, sureties and other indemnities for
loans, if the individual Raiffeisen bank is not able to provide this itself.
■ Upper Austrian Raiffeisen Solidarity Association
Sector institution for supporting co-owners who are in difficulties through no fault of
■ Benevolent Society for Upper Austrian Raiffeisen Banks
Cooperative institution for the provision of capital and underwriting of shares.
■ Upper Austrian Marketing Association
The budgetary assurance of the marketing plan and its implementation on the basis
of resolutions by the Association and Marketing Committee are handled in the Upper
Austrian Marketing Association.
■ Spring and Autumn Campaign
At the annual Spring and Autumn Campaign, the strategic focuses are explained, mark
eting measures presented, targets defined and new developments described to employees
and employee representatives of the Raiffeisen Banking Group Upper Austria.
■ Trend-setting training system
Qualified and motivated employees are an important factor for the success and future
of the bank. Therefore, the Raiffeisen Banking Group Upper Austria relies on well-trained
employees – as only excellently trained employees can enable the success of customers.
For this, a completely new training and development system has been developed
on an e-learning basis, which is unique in the banking sector. All electronic learning
media and instructive documents (Web-based training, specific course content, scripts,
etc.) are combined in the “raiffeisen@learning” interactive learning platform. The dis -
tance learning platform has been developed by an internationally recognised company
and tailored to the requirements of Raiffeisenbanken Group Oberösterreich. Knowl -
edge checks are a significant component of all Web-based training courses accessible
in “raiffeisen@learning” and are used for the specifically developed assessment model,
“Certification of the advisors”. In cooperation with the Johannes Kepler University
Linz and the LIMAK (Johannes Keppler University Business School), this online certi fi -
cation has been formulated for various banking professions. The certification builds on
the existing knowledge of the advisors and, through continuous updating of the content,
enables the implementation of lifelong learning. The training system is constantly
being developed and has already been successfully re-certified, after an initial certifi -
cation. For “raiffeisen@learning”, Raiffeisenlandesbank Oberösterreich was presented
with the European E-Learning Award. 570 customer advisors have already been certified.
Furthermore, a dedicated Raiffeisenlandesbank Academy will ensure the future
potential of excellent employees for the long term, by high-potential employ ees being
specifically supported within the context of special training programmes.
The certified e-learning
system supports the
and development of
Annual Report 07