Lausanne, Switzerland (GenevaLunch) – Raiffeisen Bank consolidated its position as Switzerland’s third largest bank in 2008, with 158,000 new account holders and mortgages plus client deposits of more than CHF100 billion for the first time, it said in a press release Thursday 5 March.

Net profits for the group fell by nearly 20%, to CHF554 million, however, due in large part to weaker markets and lower values of holdings.

Gross profits of CHF883 million were the fourth highest in the bank’s history, it notes, despite the difficult market situation.

Raiffeisen is a cooperative, with 1.5 million members and 3.2 million account holders. Its primary business is home mortgages, which climbed 7.6% in 2008, well above the industry average.

The bank hired 450 new staff last year.

Posted by Ellen Wallace on 5 March 2009 at 9:40 | permalink
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News story, GenevaLunch, 5 March 2009.

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Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported
This work by genevalunch.com is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported.