History of FWR Private Banking

Friedrich Wilhelm Raiffeisen (1818 – 1888). A public servant at first, he went on to become a mayor and subsequently founded a self-help organisation for people working in the farming sector, which allowed him access to clients. F. W. Raiffeisen opened his business to first clients in 1886, while in 1847 he founded a first credit union, followed by the first regional credit union, consisting of several local unions. At the time of his death – in 1888 – there were already 425 Raiffeisen unions operating in Germany which were later to become known as Raiffeisenbank, and approximately 120 unions in Austria. Over the years, Raiffeisen’s concept spread around the world; credit unions began operating not only in Europe, but also in India, Japan, Canada, the United States of America, and Australia.

Parent bank – Raiffeisen Bank International AG (RBI) regards as its home market not only Austria, in which it is a leading corporate and investment banking institution, but also Central and Eastern Europe (CEE) where it operates a closely nit network of subsidiary banks and a series of other specialised financial service providers. Experience gained in international markets is also an indicator of a sustainable business concept.

Late in 1994, Raiffeisen Zentralbank Osterreich AG (RZB) – the central institution of the Austrian Raiffeisen banking group – decided to invest in Croatia. Thus, RBA began its operations as the first bank in Croatia to have been founded with foreign capital. Over the past two decades, we have witnessed some very challenging periods for the business of the entire banking sector. Such circumstances, however, have not been used as an excuse; on the contrary, RBA has often assumed the role of a pioneer in the development of the financial market. Ever since the establishment, the vision of a comprehensive offer has guided our development in two directions: towards strengthening the banking services position on the principles of universal banking, and establishing specialised companies through which Raiffeisen completes a full spectrum of its financial services.

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