Successful Start for RBI’s Direct Bank Zuno in Slovakia

Zuno, the new direct banking subsidiary of the Austria's Raiffeisen Bank International AG (RBI), has attracted 18,000 customers during its first six months of operating in the Slovak market. As of today, customers have already deposited more than € 125m with the bank.

"The volume of deposits that Zuno has generated in Slovakia during a relatively short timeframe underlines our conviction that our direct bank is well-positioned to attract customers from the rapidly growing segment of modern and internet savvy individuals," commented Herbert Stepic, RBI's CEO and chairman of Zuno Bank’s supervisory board.

In Slovakia, the direct bank has been able to address the upper segment of the target group. General Manager Dana Kondrótová explained that "although the number of individuals in this segment is smaller, this focus results in substantially higher average deposit per customer than we had originally expected."

Zuno has so far attracted more than a half of its deposit volume through savings accounts. From the various term deposits the bank provides, the 3-year offering has been the most successful term, accounting for a 20% share of the bank's overall deposits.

The next country to commence Zuno-operations is the Czech Republic, with a planned launch in 2011.