Prime-TASS (News agency) – May 29, 2008

THE ST. PETERSBURG DIVISION OF RAIFFEISENBANK WILL CREDIT EDUCATION UNDER EXECUTIVE MBA PROGRAMS IN THE STOCKHOLM SCHOOL OF ECONOMICS

ST. PETERSBURG. The Northern Capital division of Raiffeisenbank and the Stockholm School of Economics in Russia signed a partnership agreement, reported the press service of the bank today.

According to the agreement, students of the school will be able to use consumer crediting programs of Raiffeisenbank for payment for education under Executive MBA programs.

The Stockholm School of Economics in Russia has been successfully providing education under Executive MBA programs for more than ten years.

According to Roger Etienne Delus, director of the Northwestern regional center of Raiffeisenbank, "We do not offer specialized credit programs aimed only at purchase of education – educational credits. Along with this, consumer crediting programs of Raiffeisenbank are tailored in such a way that they can be used in any area of human activities for satisfaction of any needs. Dynamic of the credit portfolio demonstrates a high demand for consumer credits of Raiffeisenbank, which in turn enables us to presume interest of students of the school in our credit programs."

ZAO Raiffeisenbank is a subsidiary of Raiffeisen International Bank-Holding AG. Raiffeisenbank is the largest bank with participation of foreign capital in Russia.