Raiffeisen spent 32m euros on rent last year

Raiffeisen Bank, one of the leading players on the Romanian market, spent the equivalent of almost 32 million euros (117.3 million RON) in 2008 on rents for bank offices, having continued to expand its network to 553 branches. The sum in RON rose 1.6 times against 2007, to 117.3 RON. The most expensive location is the bank's headquarters, which take up five floors in Charles de Gaulle Plaza, where rent amounts to around 20 euros/square metre. This year the bank has been in a position to renegotiate rent in the context of the real estate crisis, relying on this as a major source of savings. Raiffeisen has even negotiated moving from its headquarters, but it could ultimately reach an agreement with the owners of Charles de Gaulle Plaza. Last year, Raiffeisen spent the most on salaries, which amounted to over 87 million euros amid an average number of 6,653 employees. This amounts to an average cost of 13,000 euros per employee. Salary costs for employees in the administration, management and supervision amounted to the equivalent of almost 14 million euros, with RON spending being 1.4 times more significant than in the previous year. Business travel expenses amounted to around 12.6 million euros in 2008. Amid a collapse of credit sales, Raiffeisen froze its territorial network and stopped hiring for new jobs this year.