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UPDATED: Sme: Speculation drew clients away from Zuno bank

Following speculation that internet bank Zuno is leaving the Czech and Slovak markets as its parent company, the Raiffeisen Group, has been considering its closure due to last year’s €95 million loss, caused a mass exodus of clients, the Sme daily wrote in its Saturday, August 24 issue.

Following speculation that internet bank Zuno is leaving the Czech and Slovak markets as its parent company, the Raiffeisen Group, has been considering its closure due to last year’s €95 million loss, caused a mass exodus of clients, the Sme daily wrote in its Saturday, August 24 issue.

Most clients left the young e-bank within the first two days after the speculation was published, but the bank managed to stabilise the situation with a prompt response. Before the information leaked, Zuno launched a retro-campaign worth €1.9 million, but was criticised for wasting money.

The rival mBank profited the most from the situation, recording an increase in deposits by 2 percent within three weeks. MBank was also in the red in its first years, but now has a profit of about €2.7 million on the Czech and Slovak markets. Both banks might be threatened by the obligatory decrease of provisions from card payments, as ordered by the European Union.

Zuno responded in a press release that “whatever strategic option will be chosen - for example, closer cooperation between the direct bank and its sister bank - Zuno will continue to operate on the Czech and Slovak markets, targeting a further increase in the customer base, the volume of activities and primary bank relationships”.

“We are proud of the results Zuno has achieved so far in Slovakia and the Czech Republic,” said Aris Bogdaneris, board member of Raiffeisen Bank International, according to the release, adding that “over a very short period of time the newcomer has established a strong presence in the challenging and demanding retail banking market”.

(Source: Sme, press release)
Compiled by Zuzana Vilikovská from press reports
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