Raiffeisen Bank International (RBI) has agreed to sell its direct banking subsidiary ZUNO BANK to ABH Holdings, the Luxembourg-based parent of Alfa Banking Group.

ZUNO BANK had about 200 staff and around 250,000 clients in the Czech Republic and in Slovakia at the end of July 2015.

Commenting on the deal Alfa-Bank CEO Alexey Marey said: "Alfa-Group has made a strategic decision of its presence in the Czech and Slovakian markets. We are pleased that we will have a sister company in Austria. It will enlarge the presence of Alfa Banking Group on European markets and increase our technological potential.

"We are intended to make use of its valuable experience and best practices in the implementation of our ambitious plans to build up direct banking in Russia."

ZUNO Bank CEO Oyvind Oanes said: "I am very happy that we have managed to find a new and strong owner for ZUNO. The ownership change will enable us to further strengthen and grow the business in Slovakia and the Czech Republic – two markets that we remain fully committed to."

The deal, which is subject to approval by the Austrian regulator, is expected to complete in the first part of 2016.
Until then, ZUNO will remain under internal rules and governance of Raiffeisen Bank.