Following unsuccessful attempts to sell Zuno bank, Raiffeisen Bank International (RBI) decided to close its online bank. Zuno’s activities in Slovakia and the Czech Republic will be taken over by local RBI branches. The bank should return the Austrian bank licence by mid-2017. In Slovakia, its operations will become part of Tatra banka, while in the Czech Republic, it will be taken over by Raiffeisenbank. Zuno will stop taking on new clients by Oct. 21 and will lower the interest rates on existing accounts to zero. RBI announced the decision is part of the new strategy of “simplifying the bank’s structure and removing duplicate operations in the market where it is active.” Zuno bank started operating in Slovakia in 2010 and in the Czech Republic a year later and had 266,000 clients.
