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Raiffeisen operations stable, revamp costs weigh -CEO
April 26, 2015 / 12:05 PM / 3 years ago

Raiffeisen operations stable, revamp costs weigh -CEO

VIENNA, April 26 (Reuters) - Raiffeisen Bank International sees stable operating results so far this year but also costs from implementing a radical revamp, Chief Executive Karl Sevelda told newspaper Oesterreich.

“The current year shows the operating business continues to develop in a stable way, but restructuring costs will weigh on results,” he said in an interview published on Sunday.

He reiterated the Austrian lender’s plans to cut costs by a fifth over the next three years.

RBI, emerging Europe’s second-biggest lender, warned last month it may post a second straight year of losses in 2015 as it books the cost of scaling back after decades of expansion in central and eastern Europe. (Reporting by Michael Shields, editing by William Hardy)

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