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