August - Raiffeisen Bank International AG

Transcription

August 2015
GSS Press
Group Securities Services Monthly
In this issue
AT A GLANCE
Serbia:
A vibrant scene
Serbia
TALKING POINT
Zoran Petrovic´
(CEO of Raiffeisen banka)
Ana Jovanovic´
(CEO of CRHOV)
Siniša Krneta
(CEO of the Belgrade Stock
Exchange)
2
3
5
6
RESEARCH REPORT
Preparing for the second
IMF review
7
MARKET ROUNDUP
8
CITY BREAK
Belgrade
12
HAVE YOU MET
Ivana Novakovic´ 13
CONTACT US14
IMPRINT & DISCLAIMER 15
ATTILA‘S PHOTO BLOG
EVENTS
This document is intended for
institutional investors only.
GSS Press | August 2015
16
New thinking, new opportunities
The Serbian government has taken the
gloves off. A deal with the IMF stipulates
that public finances are to be straightened
out, heavy cuts in government spending included. Privatizations of state-owned companies are one side effect of this ambitious
program.
What I find truly remarkable is the new,
friendly stance that Serbian leaders, supported by the prospect of a future EU membership, have taken up toward the neighboring countries in this conflict-ridden part
of Europe. I am very pleased to observe
how the EU’s founding idea of a peace
project is being revoked and applied on
the Balkans.
This issue of GSS Press gives a profound
overview over the fast moving developments in Serbia. The capital market may
expect a boost from the upcoming landmark privatizations, as both Mr. Siniša
Krneta, the new CEO of the Belgrade
´
Stock Exchange, and Mr. Zoran Petrovic,
CEO of Raiffeisen banka in Belgrade,
´ CEO of
explained. Ms. Ana Jovanovic,
CRHOV, told us that her organization is
busy adopting EU standards for CSDs. The
will for reform is evident.
Kind regards,
Attila Szalay-Berzeviczy
Executive Director
Head of Group Securities Services
1
AT A GLANCE
SERBIA
A vibrant scene
A number of considerable developments
both on the political and economic side,
have characterized the year 2015 in Serbia so far.
After officially launching EU accession
talks in January 2014, the authorities
were engaged in negotiations to open
the talks on the first chapter, which might
occur already in 2015. Furthermore, the
authorities launched public sector reforms that include wage and pension cuts
in the public sector, privatization (or liquidation) of state-owned enterprises and
streamlining of the public administration
under the auspices of the IMF.
The cabinet signed a 3-year IMF stand-by
precautionary arrangement worth EUR 1
bn. Despite public reforms being the main
obstacle for economic recovery, we believe the local economy will benefit from
the ongoing monetary policy easing, low
energy prices on the global markets and
a recovery in the economy of the euro
zone, the country’s key foreign partner.
Gross Domestic Product (GDP) in Serbia
was stable in the first quarter of 2015
(-1.8% yoy), compared to the fourth quarter of 2014, supported by the implementation of public cost saving measures.
However, the upbeat drift came from exports, imports and investments.
A more encouraging sign came from an
upswing in export of all types of machinery. Main export products encompass cars
and other products from the automotive
sector. The country is still struggling with
high unemployment, fueled by redundancy programs in the public administration
and in state-owned enterprises that will
boost the unemployment rate to 23% by
the end of 2015.
The key rate cut to a historical low of 6%
(compared to 8% in the second quarter
of 2014) was bolstered by weak inflation (June 2015: 1.9% yoy) but also by
a strong EUR/RSD and the expectation
that this scenario would revive the credit
cycle.
Privatization has set off
The Privatization of the majority stateowned company Telekom is under way
and, according to the Prime Minister, the
company will not be sold “unless it gets
a good price and guarantees that the
company, once privatized, will improve
operations”. Furthermore, according to a
restructuring plan jointly prepared by the
World Bank and the Government, stateowned Elektroprivreda Srbije will rather
look for a strategic partner that acquires
a minority stake.
The national airline, Jat Airways, has
teamed up with Etihad Airways. Under
a strategic partnership agreement, Etihad acquired a 49% stake in the Serbian
carrier, together with management rights
for a period of five years. The rebranding
of Jat Airways to Air Serbia came along
with a fleet modernization and an expansion of the network.
Serbia’s main challenge in the coming
period is to fully execute the public sector reform agenda. Also, the government
will be busy seeking alternatives for the
South Stream gas pipeline project after
its cancellation and will have to identify a
solution in accordance with the countries
in the region.
Ivana Novakovic´
Head of GSS Serbia
and
Ljiljana Grubic´
Economic Research
2
TALKING POINT
Intense development
The CEO of Belgrade-based Raiffeisen banka, Zoran Petrović, concedes that a lot is being done to increase the attractiveness of
the local market, but there is still a long way to go, as he explained to GSS Press
On the other hand, the state debt market,
as the main pillar of the local financial
market, has been characterized by intense
development in the recent years. The needs
of the state for financing and attractive interest rates caught the attention of both local and international institutional investors.
Serbia today has a revenue curve in both
RSD and EUR, regular auctions with significant volumes that attract big institutional
names and a Public Debt Administration
which strives to further improve and promote the local market through publications
and analyses, in accordance with other
market participants.
Mr. Petrovic,
´ could you please share with
us your view on the challenges for players
on the Serbian capital market?
Serbia, as a small and open economy, is
making efforts to follow through the implementation of necessary economic reforms,
which are designed to ensure stable economic growth, better efficiency and productivity and lower unemployment. The fact that
these reforms were not implemented earlier
has certainly, to a great extent, reflected
onto the local capital market.
The Belgrade Stock Exchange is still waiting for its first IPO…
The majority of participants on the Serbian financial market traditionally do not
regard the stock exchange as an efficient
instrument of capital allocation. The greatest number of companies whose stocks
are being traded on the stock exchange
are there practically by force of law, not by
their own free will, which opens a range of
open issues relating to business transparency, relationship with investors, information
distribution, etc. The preceding period did
show some significant changes concerning
these topics, but this is still a “forced shareholder market”.
Apart from this, the most valuable state companies are not represented on the
stock market. Their expected privatization
will be performed by tender and direct
negotiations with potential buyers, which
implies that the state does not trust in the
efficiency of the domestic market.
The Serbian stock exchange is characterized by an absence of domestic institutional demand. Total assets of local investment
funds amount to approx. EUR 100 mn, only
1.5% of which pertains to funds that invest
into local shares. Banks, pension funds and
insurance companies in practice generally
do not invest in shares because of strict regulations and a conservative attitude. The only
remaining source of demand is individual
investors, who possess significant foreign
currency savings (exceeding EUR 8 bn),
but prefer the most conservative investment
model – banking deposits. All this is the aftermath of an economic system and cultural pattern that lasted for several decades,
with no efficient investment mechanisms of
channeling excess funds into securities, and
this cannot be rectified overnight. It will take
time and constant education at all levels.
We are proud that Raiffeisen banka has
made an invaluable contribution to the
development of this market, being one of
the most important participants and a regular and reliable partner to international
financial institutions. Together, great improvements were made in the functionality of
the market and its transparency. The tasks
ahead concern increasing liquidity on the
secondary market and in the future, introducing market makers.
What are your expectations regarding the
Serbian economy in the medium term?
Serious challenges still lie ahead. Serbia
must decisively start the reform of the public sector, of state administration which
is too numerous and inefficient and public
enterprises that are, to a large extent, not
profit-oriented, but perform a social welfare function. Moreover, although certain
legal improvements were made, especially
in the domain of labor law, the overall regulatory framework should be made more
efficient and business in Serbia should be
simplified.
3
TALKING POINT
tion number, as well as for other tax duties.
But a tax attorney means additional costs
for foreign investors.
nal public, so that we received the highest
marks in prestigious industry magazines,
where service users voice their opinion.
I would like to add that, at the moment,
the most attractive instruments for foreign
investors are debt securities issued by the
Republic of Serbia – and they are exempt
from all tax duties.
Our plan is to continue with this strategy.
Our team of professionals, one of the best
in our market, who are devoted to developing the GSS business, is our greatest competitive advantage.
What are the administrative hurdles for
foreign investors compared to other countries in the region?
If we intend to reduce administrative barriers for non-residents in Serbia, we should
enable more efficient tax collection, and,
on the other hand, simplified procedures
at the Tax Administration. The local market is less attractive to investors than the
markets of neighboring countries, among
other things because of the tax treatment
of securities.
How does Raiffeisen banka in Serbia
support the further development of GSS?
The fact that developing the GSS segment
is an important and long-term strategic
goal of RBI on all the 15 markets where
it conducts business is a significant advantage for the development of this segment locally as well. Standardization on
a group level from the very beginning
was one of the business priorities of GSS
products and I have to say that we were
working intensively to overcome the limitations and shortcomings of the local market
and to enable quality service.
Apart from this, further development and
implementation of solutions for foreign and
local investors depends also on the implementation of relevant legal stipulations and
movements in the local market, but also in
the regional markets.
One prerequisite for starting to cooperate
with foreign investors is a mandatory tax
attorney, both for obtaining a tax identifica-
We are glad that our efforts on the constant
improvement of this service have been recognized by both clients and the professio-
What is your long-term view on the Serbian banking industry?
The banking industry will, quite likely, also
be subject to changes. Serbia’s market is
too small for the 29 banks that are doing
business here, all the more so because
only about ten of them are profitable. We
expect that certain commercial banks will
re-examine their business philosophy in the
forthcoming period and that there will be
consolidations.
We are pleased to see how some neighboring markets are forming the GSS service
into a completely new banking product.
We believe these positive trends will spill
over into our market. This way, after all the
necessary prerequisites are met, its full implementation will be possible here as well.
4
TALKING POINT
New initiatives
The Central Securities Depository and Clearing House of Serbia (CRHOV) is prepared to adopt EU standards,
as GSS Press found out from talking to its CEO, Ana Jovanović.
´ what keeps the market
Ms. Jovanovic,
participants busy at the moment?
Developments on the capital market largely depend on the general macroeconomic
situation. In this context, I expect that implementing structural reforms, as well as
the stand-by arrangement with the IMF,
will contribute to the growth of foreign
investment and thus improve the development of the capital market. Furthermore,
the privatization process is expected to be
completed by the end of the year; and the
privatization of large companies will be
carried out by means of public auctions
as stipulated in the Decree of the Government of the Republic of Serbia.
We also expect further development of
financing local governments through municipal bonds as one of more favorable
methods of financing. Following the adoption of the relevant law, Serbia’s public
debt arising from unpaid foreign currency
savings to the citizens of the republics of
the former SFR Yugoslavia will be regulated
through the issue of tradable government
bonds. Considering the fact that the market
of agricultural products shows the need for
the issuance and trading with commodity
derivatives, I think that introducing this type
of financial instruments will be one of the
novelties on the capital market of the Republic of Serbia in the coming period.
We are curious to learn about the most
recent major developments at Central
Depository.
To ensure harmonization with the requirements of the regulations governing the
central depositories (CSDR), the Central
Securities Registry plans a shift to a shortened settlement cycle (T+2) by the end of
this year.
In this respect I would like to mention in
particular that even in its current operations the Central Registry may conduct,
upon request of the member in terms of
stock exchange transactions, clearing and
settlement in the period from T+0 to T+2,
whereas for OTC transactions the prevailing settlement cycle is T+1. The adequate normative acts and program solutions,
which will allow this change, are presently being prepared.
Furthermore, in the coming period I expect
inter-bank repo agreements to materialize
after the NBS harmonized the text of the
framework agreement on inter-bank repo
transactions with the Association of Serbian Banks last year. The Central Securities
Registry was actively involved and created the technical conditions for conducting
such transactions. The Central Securities
Registry also signed a new cooperation
agreement with the Belgrade Stock Exchange at the end of the last year, setting
the conditions for further improvement of
the so far successful cooperation between
these two very important institutions of the
capital market.
How do you see the CSD’s key role in
further preparing the Serbian capital
market for the challenges ahead?
One of the major novelties on the capital
market will certainly be the introduction
of the central counterparty concept (CCP)
for clearing and settlement of financial instruments. At present, the legislation of the
Republic of Serbia is not harmonized with
the European regulations in this field.
Practice shows that there is huge justification for establishing and developing this
element within the current Central Securiti-
es Registry among the countries in the region. In this context, the Central Securities
Registry is ready to provide, in terms of
staff as well as organizationally and technically (IT Infrastructure), the necessary
conditions for the functioning of the CCP.
I specially stress that clearing and settlement of OTC derivatives represents a very
complex and demanding process which
requires creating the relevant conditions
prior to EU accession.
What is your expectation regarding
Euroclearing?
As a country in the wings to join the European Union, the Republic of Serbia is obliged to harmonize its regulations with the
acquis communautaire. In this respect, I
expect that the conditions for cooperating
with other clearing houses and joining the
Euroclearing system will be created in the
coming period.
5
TALKING POINT
Great ambitions
GSS Press had the opportunity to talk to the newly appointed CEO of the Belgrade Stock
Exchange, Mr. Siniša Krneta
Mr. Krneta, how would you describe the
current state of the securities market in
Serbia?
Objectively, the situation in the Serbian capital market is very difficult. I dare say that
this is the most difficult period for the local
market in the last 15 years, i.e., from the
beginning of the so-called market reforms.
I make this statement due to the fact that
the Serbian capital market has not been
put to any economic function or equation,
neither as a variable nor a constant. So far
the capital market has only been assigned
crumbs remaining after the privatization of
dominantly unattractive business entities.
Privatizations of possible blue chips have
occurred far away from the capital market,
and until a few years ago, even an IPO was
unenforceable in a way it is understood by
modern societies and economies.
If the above said alone is taken as true,
then with respect for the readers of this publication, not many words should be spent
in reaching the conclusion that, under such
circumstances, it would not be possible to
develop the capital market to levels above
those currently achieved. Comparative to
the region, the level of development is solid.
For those with a lack of ambition, or societies and economies with no need for financing the growth with non-debt capital, that
level could be nourished for a certain period
of time, but not for too long.
Which shortcomings have you identified?
The key flaw of the Serbian capital market is
its modest range of quality investment alternatives. The Stock Exchange can affect the
quality of its own infrastructure, from regulation to IT support. In terms of infrastructure,
the Belgrade Stock Exchange has done what
it could do, and I believe that has been recognized. Furthermore, the Stock Exchange
has significantly contributed to the increase
in quality of information for the investment
public, to the electronization of business
procedures as well as to the perception of
the relation quality of reporting vs. listing.
However, the current concept of the Serbian
capital market is reaching its limits. As such,
it is unsustainable in the medium term. In this
respect, I could say that the ambitions of the
Belgrade Stock Exchange are great today
because it has an ambition to become an
essential element of the financial market, the
economic system and ultimately the society
in Serbia.
A prerequisite in an attempt to achieve this
is trust. The Belgrade Stock Exchange, per
se, has built a reputation of a reliable institution. Over the past 15 years it has never
been involved in any activities that could
have impaired the trust in stock market procedures, strictly implementing the written
rules, even when it could see the need for
amendments, with an emphasis on equidistance to absolutely all market participants.
Therefore, trust gives the Belgrade Stock Exchange the right to have great ambitions for
the future.
What could be done, in your view, to
strengthen the Belgrade Stock Exchange?
What I like about this question is that I
understand it as: what could be done to
strengthen Serbia, or the Serbian economy?
The Serbian economy and its capital market
have come to a point of exhaustion with respect to the existing concept. The expiration
of two concepts which are “not on speaking
terms” with each other should produce a
new and unique one. And if that new scheme has no room for the capital market, this
would prove the new concept of the Serbian
economy wrong. So, why do I take pleasure
in this question?
Because the Belgrade Stock Exchange will
no longer be a lonely Don Quixote fighting
for its place in the Serbian financial market.
When you are not alone in striving for so-
mething better, the struggle will be easier
and the outcome better than expected.
What does the Belgrade Stock Exchange
need?
First of all, it needs a series of IPOs. I believe
that at first there has to be an IPO of a large,
currently majority state-owned or semi-state
company. If not Telekom Srbija then EPS,
Komercijalna banka or Dunav osiguranje,
maybe Putevi Srbije. The state should be
first in order to present the IPO as a model
and what it serves for. Above all, this could
showcase a counterpart to debt financing.
Also, the government of a country is the only
body which could, at an acceptable speed,
alter regulations which might prevent companies from going public.
Once that happens, everything else required for strengthening the stock exchange
will come by itself and will only depend on
the ability of those managing the relevant
stock exchange.
What is your forecast for the Serbian capital market over a medium term?
The business environment of the Belgrade
Stock Exchange makes every forecast ungrateful. My job, as is the job of each individual employed in the Belgrade Stock
Exchange, is to make a series of small steps
which would lead us, in the medium term, to
the first victories in the fight for a new stock
exchange. Each new listing will be considered a success. Great victories would include
the listing of government bonds, finally. The
Belgrade Stock Exchange is now at a crossroads. We have just opted for a new direction. If the choice was good, the Belgrade
Stock Exchange will be mirroring the new
Serbian economy within 5 to 7 years. In this
context, I see the Belgrade Stock Exchange
as a desirable investment destination.
6
Serbia
Serbia
SERBIA
RESEARCH REPORT
Preparing for the second IMF review
provided by Raiffeisen bank a.d., Belgrade
First IMF review demanded stricter reform agenda implementation
Low ination and strong EUR/RSD supported aggressive monetary policy easing in H1

IMF review
demanded
stricter reform
agenda
implementation
First
Investments
reviving
and Belgrade
Waterfront
Project
to back GDP recovery

Low
in
ation
and
strong
EUR/RSD
supported
aggressive
monetary policy easing in H1
Yields on the downside supported by the IMF deal
Investments reviving and Belgrade Waterfront Project to back GDP recovery
Yields on the downside supported by the IMF deal
Real GDP (% yoy)
3
2016f 2016f
2015e 2015e
2014 2014
2013 2013
2012 2012
-2
4
8
0
4
-4
0
-8
-4
-12
-8
Forecast
2011 2011
2
3
1
2
0
1
-1
0
-2
-1
8
Forecast
Real GDP (% yoy)
2010 2010
-12
Real GDP (% yoy)
Industrial output (% yoy, r.h.s.)
Source: Thomson Reuters, RBI/Raiffeisen RESEARCH
Real GDP (% yoy)
Industrial output (% yoy, r.h.s.)
Exchange rate development
128
Exchange
rate development
126
124
128
122
126
120
124
ForecastForecast
The recovery in investment stemming from the modernisation of railways and coal
mine plants, together with the start of the United Arab Emirates and government
The
in investment
stemming
the modernisation
of railways
and coal
jointrecovery
investments
in the EUR
3.5 bn from
Belgrade
Waterfront project
construction,
mine
plants,
together
with
the
start
of
the
United
Arab
Emirates
and
government
will be supportive for the economic recovery from H2 2015. FIAT vehicle exports
joint
in the
EUR 3.5
Belgrade
project
construction,
mightinvestments
also positively
contribute
to bn
GDP
once theWaterfront
EUR/RSD starts
to weaken.
The
will
supportive
economic
recovery
H2 Fed
2015.
FIATitsvehicle
exports
latterbewe
expect to for
seethe
from
late summer
afterfrom
the US
shifts
monetary
polmight
also
contribute
to GDP
once the
EUR/RSD
starts widening
to weaken.
icy
and
thepositively
NBS allows
the dinar
to weaken,
amidst
significant
of The
the
latter
we
expect
to
see
from
late
summer
after
the
US
Fed
shifts
its
monetary
polforeign trade deficit. Following the aggressive rate cut in H1 the NBS will take a
icy
and
the NBS
allows
the in
dinar
to resumes
weaken, following
amidst significant
the
more
cautious
stance
after
ation
the 12% widening
electricityof
price
foreign
deficit.
the aggressive
in to
H1depreciate.
the NBS will take a
hike
on trade
1 August
andFollowing
the EUR/RSD
exchange rate
rate cut
starts
more cautious
after
ination resumes
following
thein12%
electricity price
Given
that the stance
primary
non-consolidated
budget
surplus
Jan-Apr/2015
is a
hike
on
1
August
and
the
EUR/RSD
exchange
rate
starts
to
depreciate.
function of the implementation of measures which are limited in terms of their
Given
thatwe
theview
primary
non-consolidated
Jan-Apr/2015
is a
duration,
the plans
of the Prime budget
Ministersurplus
to raiseinpublic
sector wages
function
implementation
of tough
measures
which are
areyet
limited
in terms
their
in
2015 of
as the
being
premature. The
measures
to come
i.e. aofredunduration,
we view the
plans administration
of the Prime Minister
to raisethepublic
sector
wages
dancy
programme
in public
and creating
working
group
for
in
2015
as
being
premature.
The
tough
measures
are
yet
to
come
i.e.
a
redunthe three largest state-owned chemical firms, which are the major debtors to the
dancy
programme
in public
administration
andIMF
creating
the working
group
for
state-held
natural gas
company
Srbijagas. The
was strict
in the first
review,
the the
three
largestmissed
state-owned
firms,
are the major
debtors
to met
the
as
cabinet
out on chemical
complying
withwhich
two requirements
that
will be
state-held
naturalahead
gas company
Srbijagas.
The The
IMF Public
was strict
the first review,
during
summer
of the second
review.
DebtinManagement
is
as
the
cabinet
missed
out
on
complying
with
two
requirements
that
will
be
met
well prepared for the shift in the US Fed’s monetary policy and succeeded in
during summer
ahead
of outstanding
the second portfolio
review. The
Debt
is
refinancing
73.1%
of the
(EURPublic
2.8 bn)
byManagement
mid-June. Howwell
for the
shift in the
US in
Fed’s
monetary
policy
and succeeded
in
ever, prepared
the incredible
downward
move
yields
supported
by non-residents’
comrefinancing
73.1%
of the
outstanding
2.8 bn) of
byhuge
mid-June.
fort
zone after
the IMF
deal
was struck,portfolio
and the (EUR
RSD liquidity
local Howplayever,
the incredible
downward
move in
yields
non-residents’
comers makes
the yield curve
overvalued,
given
thesupported
still high by
scal
risks. We believe
fort
zone
after
the
IMF
deal
was
struck,
and
the
RSD
liquidity
of
huge
local
playthat the room for further yield declines has narrowed, although the bonds still ofers amakes
the yield curve
overvalued,
therate
stillenvironment.
high scal risks. We believe
fer
nice risk-reward
profile
in a zero given
interest
Ljiljana
Raiffeisen
bank
that the room for further yield Financial
declines
has narrowed,
although
the
bonds
still ofFinancial analyst:
analyst:
Ljiljana Grubic,
Grubic,
Raiffeisenbank
a.d., Belgrade
fer a nice risk-reward profile in a zero interest rate environment.
Financial analyst: Ljiljana Grubic, Raiffeisenbank a.d., Belgrade
Key economic gures and forecasts
118
122
116
120
114
118
112
116
114Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15
EUR/RSD (eop)
112
EUR/RSD:
5y Dec-13
high 123.67,
5yDec-14
low 96.6
Jun-13
Jun-14
Jun-15 Dec-15
Source: Bloomberg, Raiffeisen RESEARCH
EUR/RSD (eop)
EUR/RSD: 5y high 123.67, 5y low 96.6
Source: Bloomberg, Raiffeisen RESEARCH
2010
2011
2012
2013
2014
2015e
29.8
33.4
31.7
34.3
33.2
33.7
35.6
Real GDP (% yoy)
1.0
2010
1.4
2011
-1.0
2012
2.6
2013
-1.8
2014
0.0
2015e
2.5
2016f
Industrial GDP
output(EUR
(% yoy)
Nominal
bn)
2.5
29.8
2.1
33.4
-2.9
31.7
5.5
34.3
-6.5
33.2
1.5
33.7
3.5
35.6
Unemployment
rate (avg, %)
Real
GDP (% yoy)
19.2
1.0
23.0
1.4
23.9
-1.0
22.1
2.6
22.0
-1.8
23.0
0.0
22.0
2.5
Nominal industrial
Industrial
output (% wages
yoy) (% yoy)
10.0
2.5
5.0
2.1
1.5
-2.9
1.5
5.5
4.0
-6.5
5.0
1.5
4.0
3.5
Producer prices rate
(avg,
% yoy)
Unemployment
(avg,
%)
12.7
19.2
14.2
23.0
5.6
23.9
3.6
22.1
1.3
22.0
2.0
23.0
3.0
22.0
Consumer
prices (avg,
% yoy)
Nominal industrial
wages
(% yoy)
6.3
10.0
11.3
5.0
7.8
1.5
7.8
1.5
2.9
4.0
2.0
5.0
4.0
Consumer
prices(avg,
(eop,%%yoy)
yoy)
Producer prices
10.3
12.7
7.0
14.2
12.2
5.6
2.2
3.6
1.7
1.3
3.5
2.0
4.5
3.0
-4.9
6.3
-4.8
11.3
-6.8
7.8
-5.5
7.8
-6.6
2.9
-6.0
2.0
-4.8
4.0
43.5
10.3
44.2
7.0
55.9
12.2
58.8
2.2
68.8
1.7
75.3
3.5
78.5
4.5
-6.3
-4.9
-8.6
-4.8
-11.5
-6.8
-6.1
-5.5
-6.0
-6.6
-5.9
-6.0
-5.6
-4.8
10.0
43.5
12.1
44.2
10.9
55.9
11.2
58.8
9.9
68.8
11.4
75.3
12.0
78.5
Key economic
gures
Nominal
GDP (EURbn)
and forecasts
General budget
of GDP)
Consumer
pricesbalance
(avg, % (%
yoy)
Public debtprices
(% of (eop,
GDP) % yoy)
Consumer
Current account
General
budget balance (% of GDP)
Officialdebt
FX reserves
(EUR bn)
Public
(% of GDP)
Gross foreign
debt
(% of GDP)
Current
account
balance
(% of GDP)
EUR/RSD
Official
FX(avg)
reserves (EUR bn)
USD/RSD
(avg)
Gross foreign
debt (% of GDP)
Source:
Thomson
RESEARCH
Raiffeisen bank
a.d. Belgrade
EUR/RSD
(avg)Reuters, RBI/Raiffeisen
USD/RSD (avg)
2016f
79.8
-6.3
72.2
-8.6
81.1
-11.5
75.3
-6.1
78.3
-6.0
78.3
-5.9
75.6
-5.6
103.0
10.0
102.0
12.1
113.0
10.9
113.1
11.2
117.3
9.9
122.2
11.4
125.8
12.0
77.8
79.8
73.3
72.2
88.0
81.1
85.2
75.3
88.5
78.3
110.1
78.3
115.4
75.6
103.0
102.0
113.0
113.1
117.3
122.2
125.8
77.8
73.3
88.0
85.2
88.5
110.1
115.4
Please note the risk notications and explanations at the end of this document
29
Please note the risk notications and explanations at the end of this document
29
7
MARKET ROUNDUP
ˇ
Vit Cermák,
Head of GSS Czech Republic
CZECH REPUBLIC
CDCP launched DVP settlement of primary auctions
In line with the harmonization of settlement cycles in primary
auctions within the EU, the Czech bond market has adopted T+2
beginning 2015. With the July auction, the CDCP has introduced a new amendment: The CDCP, together with the Ministry
of Finance, have agreed on a more efficient settlement process,
adopting the DVP principle in replacement to previously applied
one-sided instructions.
Whilst previously all primary auctions of government and corporate bonds had to be settled separately via special paper forms, CDCP members, from
now on, can settle their instructions of the primary auctions deals on a DVP basis in the
same way as other instructions. The Czech National Bank enters the settlement process
as the primary auction administrator and matches instructions with dealers or their custodians in the CDCP. Thus, manual inputs and operational risks have been significantly
mitigated without any major system impacts or additional costs for market participants.
Our view
DVP settlement for primary auctions is a smart and simple solution to increase
market efficiency.
Radek Ignatowicz,
Head of GSS Poland
POLAND
OTC clearing in Poland
Spotlight news
CZ: Historical CDCP records
The Czech Central Securities Registry (CDCP), a subsidiary of the
Prague Stock Exchange, has announced that effective 1 July only
historical data not older than 1 January 2003 can be provided. This
measure is in line with the Capital
Markets Act 256/2004, which stipulates duty of the central depository
to keep historical data on its records
for a period of 12 years after the
end of the year, in which the original record had been made. The
same Act stipulates a duty to report
from the database upon request of
authorized entities.
All historical data older than 2010
has been taken over from the stateowned SCP (Stredisko cennych papiru), which was the central database of securities before the launch of
the CDCP. The SCP database was
acquired by the UNIVYC, a subsidiary of the Prague Stock Exchange,
which was previously covering
functions of settlement and clearing
house in the Czech market.
The first OTC derivatives transaction cleared through a CCP in
the Polish market was executed at the end of May this year and
clearing volumes in this asset class have been steadily growing
ever since.
Central clearing of OTC transactions was one of the objectives
discussed by the G20 in 2009, aiming to increase transparency
and limit credit risk in the OTC derivatives markets. The agreed
resolutions were then converted into new regulations, Dodd
Frank in the US and the European Market Infrastructure Regulation (EMIR) in the EU. One
of the requirements of EMIR was to lay additional requirements on Central Counterparties
in order to ensure the safety of OTC transactions clearing. KDPW_CCPs was the third CCP
that received authorization from ESMA, confirming its readiness to offer such clearing
services.
Currently, contracts denominated in Polish zloty are not subject to the clearing obligation,
however, they are among the contracts that are recognized as systemically important. On
15 July, ESMA closed yet another consultation on the draft regulatory technical standards
8
MARKET ROUNDUP
establishing a clearing obligation on additional classes of OTC interest rate derivatives that
were not included in the first RTS on the clearing obligation for interest rate swaps. The
additional contracts include other currency-denominated instruments which, among others,
include fixed-to-float interest rate swaps and forward rate agreements denominated in PLN.
Although PLN contracts are not yet required to be centrally cleared by ESMA, earlier this
year the Polish FSA (PFSA) issued a recommendation to market participants encouraging
them to start clearing OTC transactions through the CCP as of 1 July 2015.
So far, 13 out of 15 clearing participants are active in OTC clearing. The contracts denominated in Polish zloty and cleared by KDPW_CCP are: Overnight Index Swaps (OIS),
Forward Rate Agreements (FRA), Interest Rate Swaps (IRS) and since its commencement
there have been no issues with the service. The CCP also offers clearing Basis Swaps, REPOs
and sell/buy-back transactions on Polish Treasury bonds and other services such as additional reports, trade repository reporting (as a standard). Currently, OTC transactions are
offered in PLN only, however, clearing in EUR has also been developed and is currently
pending for regulatory approval.
Our view
Until now, interest in OTC derivatives clearing conducted via KDPW_CCP has been shown
by local banks solely, however, if the service achieves a critical mass, foreign participants
may also express their interest, which would generate further volumes. Recent information on a possible regulatory solution regarding interoperability between CCPs in this
area may also prove supportive in terms of volumes in the long run.
Moreover, what is purely a large banks’ game as of now, may also evolve to include
smaller banks and non-banking players. In their project, the KDPW_CCP team have foreseen, and developed, a client clearing solution, which allows a clearing member to open
additional segregated or omnibus accounts for its clients who are no direct participants of
the CCP. Despite the fact that no clearing member has used this service thus far, it is going
to be an interesting option for banks willing to offer client clearing in the OTC space. This
would take banks’ clearing services to a new, unexplored territory.
Andrei Mezdrea,
Head of GSS Romania
ROMANIA
Flexible settlement cycle on BSE
The Romanian Central Securities Depository, Depozitarul Central
S.A. (CSD), has announced the implementation of a more flexible
settlement cycle with respect to trades performed on Bucharest
Stock Exchange’s (BSE) DEAL segment. Starting 10 July, market
participants can opt for T+0, T+1, or T+2 settlement cycles.
The DEAL market is an auxiliary market of the regular BSE market,
where transactions can be freely negotiated by the parties. DEAL
is intended for trading in large volume of securities as BSE establishes a minimum transaction value for this market.
Spotlight news
RO: Debate over Fiscal Code
Earlier this year, the Romanian
Government has published an updated version of the Fiscal Code, introducing several reductions of taxes
and social contributions, for public
consultation.
The law stipulates, among other
things, an ambitious reduction of
the VAT (from currently 24% to 20%
in 2016 and 18% in 2018), of the
general tax rate (from 16% to 14%
starting 2019) and of the social security contributions (from 10.5% for
employees, to 7.5% and from 15.8%
for employers to 13.5%, starting
2016). It has been approved by the
Parliament in June and was sent to
the President for promulgation.
The President of Romania, Mr. Klaus
Iohannis, and the main opposition
party, the Liberals, have criticised
the new Fiscal Code on the grounds
that the proposed fiscal relaxation
measures are not counterbalanced
by a proper identification of financial sources to offset the impact on the
forthcoming budgets.
The President’s decision to return
the Fiscal Code to the Parliament
for re-examination can delay the
promulgation of the new law but
cannot stop it. We do not foresee
major changes being adopted by
the ruling majority following to the
re-examination process.
9
MARKET ROUNDUP
The main characteristics of these types of trades are the following:
- For DEAL trades with the same settlement date as the trade date (T+0), the trades shall be
confirmed within same date, but no later than 14:45 pm*;
- For DEAL trades with settlement date T+1 and T+2, participants shall change the implicit
gross settlement session (1st gross settlement session, S1), the latest on Settlement Day - 1,
8:15* pm for 2nd (S2), 3rd (S3) and 4th (S4) gross settlement session;
- For DEAL trades with settlement date T+0, participants shall change the implicit gross settlement session (S1), the latest on settlement date, 1:05* pm for S3 and S4;
- All DEAL trades with settlement date registered at DC after 1:05 pm*, shall be settled in S4.
*local time – EET hours
Participants could either operate themselves the change of gross settlement session or send
instructions to DC, requesting DC to perform the change in their name.
The cut-off times for sending instructions to CSD are:
- For DEAL trades with settlement date T+1 and T+2, the latest on D-1, 8:15 pm;
- For DEAL trades with settlement date T, the latest on D, 12:55 pm.
The DC’s risk management rules do not apply for DEAL trades settled on gross basis.
Our view
Flexible settlement cycles could boost the trading volumes shortly, while they function as
additional instruments for CSD‘s settlement risk management alternatively.
Implementation of AIFMD
With a delay of over two years from the EU transposition deadline (22 July 2013), the
Alternative Investment Fund Managers Directive (AIFMD) no. 2011/61/EU has been finally
transposed into Romanian legislation with the publication of Law No. 74/2015.
Spotlight news
HR: EU family member since 2 years
By accessing the EU and integrating
into the single European market,
Croatia has made strong progress.
During the first two years of membership, there have been obvious
changes in almost all segments of
the economy.
With foreign direct investments of
around HRK 3 bn, the investment
climate has improved while tourism
and industrial production have indicated great results against the previous year. Citizens’ personal consumption has been growing for nine
months in a row, which has not been
registered since 2007.
The positive effects are reflected in
the ESI (European Stability Initiative)
index, which scores 121.8 points
and confirms the improving trend
over the last few months.
The Romanian Financial Supervision Authority (FSA) is the designated competent authority for
AIFM supervision and it is the FSA’s responsibility to issue secondary legislation detailing the
requirements for both alternative investment funds and their managers. In mid-July, the FSA has
approved Regulation no. 10/2015, addressing the functioning of alternative investment funds’
managers, while the rules for alternative investment funds authorization and functioning are
still missing. Local investment managers and professional associations are intensively lobbying
for the completion of the secondary legislation, as the industry is impacted by new rules which
need to be absorbed by the market in an even shorter period due to local authorities’ delay
in transposition of European obligation into national laws.
Please be advised that the most important issuers on the Romanian market (e.g. Fondul Proprietatea and the five SIFs) are also impacted by AIFMD’s strict regulations.
Our view
Along with changes imposed by the AIFM Directive, Romanian firms have been given an
important opportunity to keep up with European competitors. While the delay is significant
in the Romanian case, the winners will not just be those who meet the deadline, but those
who have efficiently planned for the changes in order to operate in a more competitive
and profitable way.
10
MARKET ROUNDUP
Bogdana Yefremova,
Head of GSS Ukraine
UKRAINE
Privatization: ready for take-off
In 2015- 2017, the Cabinet of Ministers plans to sell 302 stateowned entities. The main targets include Centerenergo (energydistributing company), the Odessa port plant, 6 regional energy
companies and other corporations covering energy, oil, agriculture, transportation, stevedoring, gas, construction, chemicals.
Minority stakes (below 50%) will be sold through the local stock
exchanges, while buyers of the controlling holdings will be approached exclusively through open auctions. The State Property
Fund plans to invite investment banks for advisory in an effort to
extend the list of potential buyers as well as to facilitate the process.
Currently, the companies on the list shall undergo the process of pre-sale preparation.
Where necessary, the entities will be converted into joint-stock companies. According to
the government’s strategic plan, all state-owned companies will be transformed within 3
years: the process shall begin with the companies identified for privatization and those
with considerable fiscal risks.
Referring to government officials, Ukraine has not seen such a large-scale privatization
in 10 years. The idea is to attract high-quality foreign investment to the public sector,
rather than selling the assets at dumping prices to former Ukrainian oligarchs. Companies
registered in off-shore zones, prosecuted by FATF, belonging to persons and entities from
sanction lists, as well as companies with a government stake of 25% and above, will not
be admitted to the privatization process. Disclosure of final beneficiaries of a potential
buyer will be another important pre-condition for participation.
Our view
Privatization will attract investors. The state-owned strategic enterprises badly need
modernization of their fixed assets and new technologies – something the government
has no resources for.
Transferring the entities into private ownership should cover these necessities and help
the enterprises strengthen their competitiveness against the global economy.
11
CITY BREAK
Belgrade: Where the Sava meets
the Danube
Not many cities can boast of being situated on the confluence of two great rivers,
the Danube and the Sava. This unique geographic location provided the backdrop
to a place that has been alive for several
thousand years, witnessing rampaging and
destruction on a large scale throughout its
history, but always vital enough to rise from
its ashes like Phoenix.
Some of the landmarks of downtown Belgrade include the busy Knez Mihajlova
Street, the central pedestrian area lined
with shops, cafes and galleries, the Cathedral Church of St. Michael the Archangel,
the National Theater and the National
Museum.
Following its fate, from the medieval independent Serbian state through several centuries
of Ottoman rule, bordering on the AustroHungarian Empire, up to the latest unfolding
of events in recent history, it is no wonder
Belgrade is considered to be the European
gateway where the East meets the West.
Skadarlija, a charming cobbled street that
is the former bohemian quarter where famous Serbian poets and artists used to
gather regularly, is now the place to visit
some of the more traditional Serbian restaurants. The imposing Temple of St. Sava
is a hallmark of Belgrade’s skyline, as it is
the largest Orthodox temple in this part of
the world.
The city can trace its roots back to the ancient Scordisc tribes that settled in this area well
before Roman times and called the place Sindidun, the earliest recorded name of the settlement that was to become Belgrade.
Ada Ciganlija lake, perfect for a day out,
has a huge park providing various sports
opportunities. Alternatively, you can engage in lazy sunbathing and peoplewatching
in the many cafes.
Pobednik – The Victorious
Kalemegdan fortress represents the heart
of the military compound from where the
city slowly spread through centuries. The
monument of “The Victorious“ is the perfect
spot where you can see an aerial view of
the confluence. Today, Kalemegdan hosts
the Military Museum, contemporary art
gallery “Cvijeta Zuzorić“, the Belgrade
Zoo, a small natural history museum, as
well as sports courts and a beautiful park.
Witness to the eclectic mix that makes up
modern-day Belgrade, Zemun municipality
shows a different historical background. As
the former southernmost tip of the AustroHungarian Empire, it was officially added
to Belgrade city area only in 1918, after
the First World War. With its unique charm
and the picturesque Danube waterfront lined with lounge cafes and exclusive restaurants, it gives off a special chillout vibe,
attracting both locals and tourists.
Some of my top picks for a
decent business lunch:
Kalemegdanska terasa
Kalemegdan
Franš
Bulevar oslobođenja 18a
Dijagonala
Skerlićeva 6
Gandolfini
Nikola Tesla Boulevard 3 (Zemun)
The cultural hub of this part of Europe
Belgrade has a very rich and varied cultural scene throughout the year, showcasing
a number of festivals. In recent years, the
city made its name with the exceptionally
vibrant night life scene that had some of
the most prominent international media
highlight it as a place not to be missed by
clubbers. Both the Danube and the Sava
river banks are lined with popular boat restaurants that add a special attraction to
nights out.
Katarina Gaborovic´
Head of Marketing and PR Department
Raiffeisen banka a.d.
12
HAVE YOU MET
It’s all about the team
Ivana Novaković, Head of GSS Serbia, provides an insight into her profession
Where did you start your professional
career?
My first employment as an apprentice
banker was at the National Bank of Yugoslavia in 1999. I moved on to the National Savings Bank Belgrade (today: Eurobank Serbia), where I had the opportunity
to get acquainted with the world of securities. Custody was a completely new banking service then, introduced by the Law
on Financial Market in November 2003.
My colleagues at Raiffeisen a.d. Serbia
were the first on the market to obtain a custody license in 2004 and built the custody
operation from scratch. I was lucky enough
to join a professional team and to learn all
about the custody business, about treasury
sales and investment banking.
What do you like about your job? And
what do you find difficult?
I really like everything about the securities
services business, particularly being in
contact with clients and striving for the
best solutions in their interest. I believe
that where there is a will there is a way,
even when this means to overcome occasional local administration gaps. Experienced international and local teams are
our key to success.
What are the biggest potentials you see
for your market?
Foreign capital inflow plays a significant
role in the financing of the Serbian economy. After 2000 this inflow has notably intensified. Major growth in foreign capital
was recorded in 2006/2007, mainly triggered by the privatization process, after
which it started to decrease, except for
the year 2011. On the Regulated Market
the average share turnover more than tripled in 2011 while the average number of
trades was nearly 7 times bigger.
I like to remember when we launched the
ToB for Nis a.d. Novi Sad for our client
Gazpromneft in early 2011. This deal was
specific due to the fact that, for the first
time, shares of a public company were
subject of a ToB and at the same time a
huge number of shareholders (4.5 mn)
was qualified for this ToB, which is unique
in the Serbian market. In the same year
we were mandated to organize four ToBs
simultaneously for our client Delta Maxi.
These four ToBs came as a result of the
purchase of 100% of Delta Maxi by Belgian Delhaize Group, which was one of the
most important investments in the Serbian
economy in 2011. In fact, we have done
all major take overs (Telenor, Stada, Strabag...).
The current privatization process will be
finished with a tender for privatization of
the state-owned Telekom Serbia. Given
the experience with the shares of NIS, an
upward trend can be expected, along
with positive impulses for the Serbian capital market.
How do you spend your spare time?
People say that you cannot see the top of
the mountain as long as you are in the
valley, so I like climbing up the mountains
for skiing with my family and friends. And
I try to visit a new city every year. Doubtlessly, the best investment is traveling and
learning more about different cultures, habits and mentalities, which opens up new
perspectives.
What is your favourite place in your city?
Hard to decide whether I prefer the streets
on Dorćol with their historic heritage or
the ancient Savamala area, where you
can watch open air theatre plays, visit designer markets, go in for ice-skating, have
a nice dinner, or listen to stand-up comedy at Ban Akiba. Also, I really enjoy cycling near the two rivers Danube and Sava
all the way to Ada Lake.
Overall, Belgrade offers a variety of
choices for everyone, from the beautiful
Kalemegdan fortress via downtown’s
Knez Mihajlova main street to the charming Kosančićev Venac and Dorćol neighborhoods.
Not to forget, Belgrade’s hedonist quarter,
Skadarlija was a hot spot for poets and artists in the late 19th and early 20th century.
It connects the Republic square with the Skadarlija (Bajloni) market, one of the largest in
the city centre. Indeed, a fine place to try
local food and feel the atmosphere.
13
CONTACT US
GSS Central Team
Raiffeisen Bank International AG
Am Stadtpark 9
1030 Vienna, Austria
www.rbinternational.com
Attila Szalay-Berzeviczy
Head of GSS
attila.szalay-berzeviczy@rbinternational.com
Phone: +43 1 71707-8252
Jürgen Sattler
Head of GSS Regional Management
juergen.sattler@rbinternational.com
Phone: +43 1 71707-1882
Bettina Janoschek
Head of GSS Sales & Relationship Management
bettina.janoschek@rbinternational.com
Phone: +43 1 71707-1820
Austria
Raiffeisen Bank International AG
Am Stadtpark 9
1030 Vienna, Austria
Anita Fröch
Head of GSS Austria
anita.froech@rbinternational.com
Phone: +43 1 71707-3040
www.rbinternational.com
Albania
Raiffeisen Bank Sh.a.
“European Trade Center”
Bulevardi “Bajram Curri” Tirana
Mirela Borici
Head of GSS Albania
mirela.borici@raiffeisen.al
Phone: +355 4 2381000-1074
www.raiffeisen.al
Belarus
Priorbank JSC
31-A, V. Khoruzhey Str.
220002 Minsk
Yury Dorofey
Head of GSS Belarus
yury.dorofey@priorbank.by
Phone: +375 17 2899102
www.priorbank.by
Bosnia and Herzegovina
Raiffeisen BANK d.d.
Bosna i Hercegovina
Zmaja od Bosne bb
71000 Sarajevo
Draženko Bobaš
Head of GSS Bosnia
drazenko.bobas@rbb-sarajevo.raiffeisen.at
Phone: +387 33 287-153
www.raiffeisenbank.ba
Bulgaria
Russia
Raiffeisenbank (Bulgaria) EAD
55, Nicola Vaptzarov Blvd., Business Center
Expo 2000, 1407 Sofia
Maria Lazova
Head of GSS Bulgaria
maria.lazova@raiffeisen.bg
Phone: +359 2 91985-463
www.rbb.bg
AO Raiffeisenbank
Smolenskaya-Sennaya Sq. 28
119020 Moscow
Evgenia Klimova
Head of GSS Russia
evgenia.klimova@raiffeisen.ru
Phone: +7-495-721 9900
www.raiffeisen.ru
Croatia
Serbia
Raiffeisenbank Austria d.d.
Petrinjska 59
10000 Zagreb
Mensur Hodžic´
Head of GSS Croatia
mensur.hodzic@rba.hr
Phone: +385 1 6174-327
www.rba.hr
Raiffeisen banka a.d.
Djordja Stanojevica 16
11070 Novi Beograd
Ivana Novakovic´
Head of GSS Serbia
ivana.novakovic@raiffeisenbank.rs
Phone: +381 11 2207572
www.raiffeisenbank.rs
Czech Republic
Slovakia
Head of GSS Czech Republic
vit.cermak@rb.cz
Phone: +420 234 40-1481
www.rb.cz
Tatra banka, a.s.
Hodžovo námestie 3
81106 Bratislava
Peter Uhrin
Head of GSS Slovakia
peter_uhrin@tatrabanka.sk
Phone: +421-2-5919 2134
www.tatrabanka.sk
Hungary
Slovenia
Raiffeisen Bank Zrt.
Akadémia utca 6
1054 Budapest
Zsuzsanna Haraszti
Head of GSS Hungary
zsuzsa.haraszti@raiffeisen.hu
Phone: +361 484 4362
www.raiffeisen.hu
Raiffeisen Banka d.d.
Zagrebška cesta 76
2000 Maribor
ˇˇ
Primož Kovacic
Head of GSS Slovenia
primoz.kovacic@raiffeisen.si
Phone: +386 22293119
www.raiffeisen.si
Poland
Ukraine
Raiffeisenbank a.s.
Hvezdova 1716/2b
14078 Prague 4
ˇ
Vit Cermák
Raiffeisen Bank Polska S.A.
(Raiffeisen Polbank)
Piękna 20 Str.
00-549 Warsaw
Radek Ignatowicz
Head of GSS Poland
radoslaw.ignatowicz@raiffeisen.pl
Phone: +48 22 585-2000
www.raiffeisen.pl
Raiffeisen Bank Aval JSC
9, Leskova Str.
01011 Kiev
Bogdana Yefremova
Head of GSS Ukraine
Bogdana.Yefremova@aval.ua
Phone: +380 44 49879 32
www.aval.ua
Romania
Raiffeisen Bank S.A.
246C Calea Floreasca
014476 Bucharest 1
Andrei Mezdrea
Head of GSS Romania
andrei.mezdrea@raiffeisen.ro
Phone: +40 21 30612-89
www.raiffeisen.ro
14
IMPRINT & DISCLAIMER
Imprint
1) Information requirements pursuant to the Austrian E-Commerce Act
Raiffeisen Bank International AG, Registered Office: Am Stadtpark 9, 1030 Vienna. Postal address: 1010 Vienna, POB 50
Phone: +43-1-71707-0, Fax: + 43-1-71707-1715
Company Register Number: FN 122119m at the Commercial Court of Vienna
VAT Identification Number: UID ATU 57531200
Austrian Data Processing Register: Data processing register number (DVR): 4002771
S.W.I.F.T.-Code: RZBA AT WW
Supervisory Authorities:
As a credit institution pursuant to § 1 of the Austrian Banking Act, Raiffeisen Bank International AG is subject to supervision by the Financial Market Authority and the
Austrian Central Bank. Further, Raiffeisen Bank International AG is subject to legal regulations (as amended from time to time), in particular the Austrian Banking Act
(Bankwesengesetz) and the Securities Supervision Act (Wertpapieraufsichtsgesetz).
Membership: Austrian Federal Economic Chamber, Federal Bank and Insurance Sector, Raiffeisen Association
2) Statement pursuant to the Austrian Media Act
Publisher of GSS Press: Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Vienna
Media Owner of GSS Press: Zentrale Raiffeisenwerbung, Am Stadtpark 9, 1030 Wien
Producer: Marketing, Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Vienna
Editors: Jürgen Sattler, Raiffeisen Bank International AG, Am Stadtpark 9, A-1030 Vienna
Society Commitee Zentrale Raiffeisenwerbung:
Dr. Leodegar PRUSCHAK (Chairman), Petra WALTER (Deputy Chairman), Stephan MARENT (Deputy Chairman)
Other committee members Zentrale Raiffeisenwerbung:
Mag. Rainer SCHNABL, Franz POSPISCHIL, Bernd NÖHRER, Mag. Maximilian EDER, Mag. Gertraud FRANK, Mag. Martin KOFLER, Markus FRIEDRICH,
Katharina STÖGNER, Mag. Clemens GANTAR
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ATTILA‘S PHOTO BLOG
PHOTO OF THE MONTH
by Attila Szalay-Berzeviczy
Novak Djokovic (vs. Roger Federer)
at the US Open semi final
Flushing Meadows, September 2011
Upcoming Events
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12-15 October, Singapore
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27-28 October, Miami
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