In a spectacular move, many Raiffeisen Bank clients with aboveaverage wealth this year turned from real estate investments, forwhich they had earmarked significant amounts, to more liquidinvestments, such as bank deposits, investment funds, and T-bills,says Catherine McGrath, manager of the top clientsdepartment.
"In the first six months of this year investment choices were morediversified, with more openness towards euro-denominated investmentfunds. There was a major shift from real estate to cash."
She did not wish to comment on the real estate market progression,but says the change of focus shows transactions are not completelyfrozen.
Raiffeisen Bank has recently reorganised its top clients departmentinto two sections: one offer for clients with over 100,000 euros inliquid assets (private banking), and another dedicated toindividuals with over 15,000 euros available.
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