26 March 2013, Bucharest
Proposed transfer of the Consumer Business from Citibank Europe plc, Dublin – Romania Branch (“Citibank”) to Raiffeisen Bank S.A. (“Raiffeisen Bank”)
This Questions & Answers (Q & A) document provides you with relevant information in relation to the transfer of your customer agreement(s) to Raiffeisen Bank and explains implications which may be of relevance to you.
Please note that not all the information below may be relevant to you, but only that regarding the categories of products and / or services provided to you by Citibank under your customer agreement that is to be transferred to Raiffeisen Bank.
Contact details
If, after having read the Terms and Conditions Letter or this Q & A paper, you have further questions:
Raiffeisen Bank S.A.
Sky Tower Address
246C, Calea Floreasca, Floors 2 -7, Bucharest, District 1, Zipcode: 014476
‘’SKY TOWER’’ Building
Call center number: 021 306 3005
Email address: serviciulclienti@raiffeisen.ro
I have not received any official communication regarding the transfer from Citi to Raiffeisen. What to do?
Citi and Raiffeisen have made best efforts to send written official letters to all customers, as well as e-mails, sms, online messages, etc. through all communication means as previously agreed by the customers. Please reconfirm your contact details or tell us your new address – if the case – in order to make sure that all proper communications are immediately sent to you through your regular communication channels. Also, you may find additional information about the transfer in the following document.
What if I changed my contact details and did not get the chance to inform the bank meanwhile? Where will I be receiving more information about the transfer?
Please tell us your new address and we will send you all needed communications as soon as possible. Please also tell us if we can reach you through any other contact means. Please also refer to the below document for additional information about the transfer.
1. What is happening?
On 20 March 2013, Citibank and the Raiffeisen Bank entered into an agreement to transfer Citibank’s consumer banking business in Romania to Raiffeisen Bank. The transaction is subject to the approval of the Romanian Competition Council. It is expected that the transfer will complete on July 1st 2013 unless a different date is jointly notified to you by Citibank and Raiffeisen Bank in due course (the “Transfer Date”). The Transfer Date will additionally be indicated by Citibank and/or Raiffeisen Bank by means of notice and press releases on their respective websites.
2. What is transferring?
The transfer concerns Citibank consumer banking business in Romania. All concerned customers will receive letters from us.
3. Why is Citibank transferring these agreements?
This decision is the result of Citibank’s continued evaluation of its portfolio of businesses in Romania.
4. What do I need to do?
As part of this transfer, you are requested to carefully read the attached materials; and
a) if you are a personal instalment loans and/or insurance customer - no further action is required in connection with the transfer;
b) if you are a credit card customer – in case you consent to the transfer, no action is required. In case you do not consent to the transfer, sign and return the standard termination form that has been sent to you and return this to us; and
c) if you are a deposit, current account, savings account or overdraft customer or if you have taken an investment product – you should sign the standard consent letter or the standard termination letter and return this to us in the pre-paid reply envelope that has been mailed to you.
5. When is the transfer expected to actually take place?
The transfer is expected to complete on July 1st 2013 unless a different date is jointly notified to you by Citibank and Raiffeisen Bank in due course. Citibank and/or Raiffeisen Bank will additionally communicate the Transfer Date by means of a notice and press releases on their respective websites. However, after such date, for a transitional period (expected to take place in Q4 2013 – the “Transitional Period”), Citibank will continue to administer the customer agreements part of the consumer business on behalf of Raiffeisen Bank and will assist Raiffeisen Bank with the completion of the integration of the customer agreements to the systems of Raiffeisen Bank. Raiffeisen Bank will also communicate to you throughout the Transitional Period.
6. Why Raiffeisen Bank and not another bank?
A full and thorough transfer process took place and the proposal of Raiffeisen Bank was the best for our employees, customers and shareholders.
7. Will Raiffeisen Bank send me marketing communications about their accounts and services?
We have tried to make sure that whenever possible, marketing preferences you have already expressed are respected.
Where, prior to the Transfer Date, you have expressed a marketing preference to Citibank (i.e., to receive or not a marketing communication from Citibank), such preferences shall be observed by Raiffeisen Bank following the Transfer Date. If you are also an existing Raiffeisen Bank customer and have another arrangement with Raiffeisen Bank, then such arrangement will be followed. This means that you will only receive marketing communications from Raiffeisen Bank if you had already given them your consent for this.
If you give your consent to Raiffeisen Bank for it to send you marketing communications after the Transfer Date, this may override any other previous consent you may have.
8. How will I know if the transfer goes ahead or not?
It is expected that the transfer will complete on July 1st 2013 unless a different date is jointly notified to you by Citibank and Raiffeisen Bank in due course.
Citibank will confirm the occurrence of the transfer with an announcement on the website – www.Citibank.ro. Raiffeisen Bank will also announce the completion of the transfer on its website - www.raiffeisen.ro.
Following completion of the transfer, Raiffeisen Bank will be in contact with you to welcome you as a customer and to provide you with any further information that you may need.
9. If I am involved in litigation with Citibank in relation to one of my customer agreements, what happens to the litigation?
Raiffeisen Bank will not take over your customer agreement and the related litigation will continue with Citibank.
10. If I have an ongoing complaint with Citibank in relation to one of my agreements what happens to the complaint after the transfer?
Any complaint made before the transfer will continue to be handled by Citibank, so please continue to contact Citibank in relation to this.
11. Will I be able to continue using Citibank’s ATMs following the transfer?
Following the Transfer Date during the Transitional Period, the Citibank’s ATMs shall be used under the same terms and conditions as before the transfer.
12. Will I be able to use the ATMs of Raiffeisen Bank following the transfer and in what conditions?
Following the Transfer Date and during the Transitional Period, you will be able to use the ATM network of Raiffeisen Bank under the same terms as you could do so before the transfer.
After the Transitional Period, you will be able to use the broader network of ATMs of Raiffeisen Bank under the conditions generally offered by Raiffeisen Bank to its customers.
13. Will I be able to use existing Citibank branches?
During the Transitional Period, it is intended that the customers can use the existing Citibank branches. You will be informed in due course by Raiffeisen Bank if there will be any changes to the branch network you will be able to use after the transfer.
14. Will I be able to use branches of Raiffeisen Bank?
Given the technical limitations to ensure the completion of the integration of the customer agreements in the systems of Raiffeisen Bank, you will be able to use the branches of Raiffeisen Bank in connection with the products and services offered by Citibank only after the Transitional Period.
15. Will there be any changes to my customer agreements entered into with Citibank?
Unless otherwise agreed with you or permitted by the customer agreements, your customer agreement will not be changed until the expiry of the Transitional Period. Any change will be notified and implemented by Raiffeisen Bank in compliance with the applicable legal provisions.
16. Will I be able to keep same terms and conditions under my agreements after the Transitional Period?
The terms and conditions agreed by you with Citibank will continue only until the end of the Transitional Period. During the Transitional Period, Raiffeisen will communicate to you an offer with a view for such to govern your relationship with Raiffeisen under the terms of new agreements to be concluded with a view to come into effect after the end of the Transitional Period.
17. What will happen with my personal data?
As part of the transfer, all personal data obtained by Citibank from you in respect of your customer agreement will be transferred to Raiffeisen Bank, who will then become the data controller in respect of that data.
Raiffeisen Bank will process your data for the purpose of managing your customer accounts and providing to you the banking services constituting the object of your customer agreements. According to the Law no. 677/2001 regarding the protection of persons with respect to the processing of personal data and the freedom of circulation of such data, before and after the transfer you will have the following rights: the right to access your personal data, the right to change such data, the right to object to a particular processing of your personal data, the right of not being submitted to an individual decision and the right to claim in court any of the aforementioned protections.
18. The transfer means that Citibank will no longer use my personal data?
In order to ensure a smooth transfer of your account, Citibank will continue to process your data – on behalf of Raiffeisen Bank - during the Transitional Period until completion of the integration of the customer agreements in the systems of Raiffeisen Bank. Your personal rights will not be impacted.
19. Do I need to pay anything for the implementation of this transfer?
No, Citibank and Raiffeisen Bank will be responsible for all costs of implementing the transfer.
20. Which is the law governing this transfer?
The transfer is governed by the Romanian law which also governs your agreements with Citibank.
21. Will I still have all my existing communication channels with the bank?
Until the Transfer Date, Citibank will continue to service you on all regular communication channels. All such communication channels, other than communications at the Citibank headquarters through post or facsimile, will also be available after the Transfer Date throughout the Transitional Period.
After the Transfer Date, you may also communicate with Raiffeisen Bank by using the following contact details: 246C, Calea Floreasca, Floors 2 -7, Bucharest, District 1, 014476, ‘’SKY TOWER’’ Building, Call Center Number: 021 306 3005, Email: serviciulclienti@raiffeisen.ro. Raiffeisen Bank will inform you in due course about any new communication channels available to you.
22. When will we know the product offers and the conditions of Raiffeisen?
During the Transitional Period, Raiffeisen Bank will communicate to you an offer with a view for such to govern your relationship with Raiffeisen Bank under the terms of new agreements to be concluded.
23. How much time do I have to look for another bank in case I do not agree with the transfer?
If you do not agree with the transfer, you can terminate your customer agreements within 2 months after having received the Terms and Conditions letter that Citibank will send you.
The termination of your customer agreements will mean that – within 30 days after having declared termination - you will need to repay Citibank any and all money you may owe to Citibank as resulting from your banking products and services, as well as withdraw all amounts kept for you by Citibank in current, savings or deposit accounts.
For more details about the termination conditions, please refer to your Terms and Conditions letter regarding the transfer, your customer agreements as well as to the applicable General Terms and Conditions.
1. Where can I continue to make my regular loan repayments?
You will be able to use all existing channels for the regular payment of your outstandings under the personal loan agreements currently available to you: Teller (in Citibank branches), Romanian Post, PayPoint, Rompay, Euronet, ATM Cash-In, Funds Transfer. If there should be any change in the future, you will be notified by Raiffeisen Bank in a timely manner.
2. Can I object to the transfer? If yes, what happens with all money I have to repay?
According to the law, the receivables of Citibank under your loan agreement can be transferred and the transfer will be effective towards you following the Transfer Date.
According to the terms of your agreement, you are anytime allowed to terminate your loan. In case you would choose to terminate your loan in accordance with the terms and conditions of your loan agreement, you will however need to repay in full all outstanding money, including due interests and fees. For complete details regarding all contract and legal consequences of your intention to terminate the loan agreement, please check the terms of your loan agreement.
If you intend to terminate the loan prior to the Transfer Date, please contact Citibank through your regular communication channels. In case you intend to terminate the loan after the Transfer Date, please contact Raiffeisen Bank by using any of the contact details mentioned on the front page of this document.
3. Will the transfer change my rights and defences according to the loan agreements or the law?
The transfer of the receivables held by Citibank under your loan agreement will not change the rights and defences available to you under the relevant loan agreements and the law. You will be able to raise against Raiffeisen Bank all defenses available against Citibank prior to the Transfer Date including the right of set-off.
4. Should I keep paying Citibank or should I now start paying to Raiffeisen?
Until the Transfer Date, you will keep paying Citibank through the current channel / payment mode. There will be no change in the payment process or account number. After the Transfer Date and during the Transitional Period until further notice from Raiffeisen Bank, there will be no change in the payment process or account number, your payment through the current channels/payment mode being deemed to be a valid payment to Raiffeisen Bank.
5. What will be my point of contact for my consumer contracts?
Until further notice, Citibank will be your first point of contact for any inquiries you may have. After the Transfer Date, if there will be any change to your regular contact channels, Raiffeisen Bank will inform you in due course and in accordance with the applicable regulations.
1. Will my card number remain the same or will it change after the transfer? Will I get a new plastic?
After the Transfer Date and during the Transitional Period, you will have the same card and the same card number. Once your data is fully integrated into the systems of Raiffeisen Bank, Raiffeisen Bank will issue new cards with a different card number. You will be informed by Raiffeisen Bank about the issuance of new cards in due course.
2. Where can I continue to make my regular credit card repayments?
For now, you will be able to use existing channels for the regular payment of your monthly bill and outstandings. If there should be any change in the future, you will be notified by Raiffeisen Bank in due course and according to the applicable regulations.
3. Will my credit limit remain same or will it be revised?
The transfer does not affect your credit limit.
If there should be any change in the future, you will be notified in a timely manner by Raiffeisen Bank in accordance with applicable regulations.
4. Do I need to pay back the entire sum owed to Citibank at the time of the transfer?
A transfer of your credit card contract to another bank implies that the agreed terms and conditions are still applicable, as per the current regulations. You will not be required to entirely repay the sum owed to Citibank at the time of transfer, but continue to pay your credit card bills according to the terms and conditions of your customer agreements.
However, if you do not agree to transfer to Raiffeisen Bank you will need to pay your current debts to Citibank.
5. I have Citibank’s co-branded credit card. What will happen to that?
During the Transitional Period, you will still be able to use your Citibank co-branded credit card and the same terms and conditions will apply as did previously. After the Transitional Period, Raiffeisen Bank will make you an offer under Raiffeisen Bank’s co-branded credit card (with Vodafone) terms and conditions.
6. Who should I call if I have problems with my Citibank credit card?
Until the Transfer Date, you will continue to use the regular communication channels. You may contact our 24/7 CitiPhone helpline on 0040 372 124 842 / 0040 213 040 560. During the Transitional Period and until further notice from Raiffeisen Bank, you will continue to use the regular communication channels and you may contact 24/7 CitiPhone helpline on 0040 372 124 842 / 0040 213 040 560.
7. What will happen to my reward points on my Citibank credit card?
You are able to use your rewards points as before according to the terms of your customer agreements.
8. What will happen with the insurances enrolled with my credit card?
After the Transfer Date, you will continue to benefit from the existing insurances enrolled into customer credit card during the Transitional Period.
At the end of the Transitional Period mentioned above, Raiffeisen Bank will issue new cards under the terms of new agreements to be concluded.
9. What will happen with CitiAlert & E-statement facility?
There will be any changes in CitiAlert or the e-statement facility during the Transitional Period.
At the end of the Transitional Period, you will be serviced under the Raiffeisen Bank sms and e-statement capabilities and Raiffeisen Bank will inform you in due course on the availability of such services.
10. What billing cycle will be followed, will it be existing as per the Citibank credit card or will it be revised?
No change is envisaged in billing cycles during the Transitional Period.
If there should be any change in the future, you will be notified by Raiffeisen Bank in due course.
11. I also have several supplementary cards, are they also being transferred?
Supplementary cards will be transferred together with the main card.
12. Is there any change regarding my monthly payments?
No.
If there should be any change in the future, you will be notified by Raiffeisen Bank in due course.
13. Will any details for my monthly credit card payment by direct debit need to change?
Until the Transfer Date, you will not need to make any change. During the Transitional Period, you will be notified by Raiffeisen Bank in due course about any changes to your direct debit arrangements.
1. Where can I continue to make my regular account payments?
The IBAN accounts will remain the same after the Transfer Date during the Transitional Period and you will be able to use existing channels for your regular payments. Any change to occur with respect to the IBAN accounts will be notified by Raiffeisen Bank in due course in accordance with the applicable regulations.
2. Does Citibank guarantee my funds?
Funds available in current/ deposits/savings accounts existing with Citibank enjoy the protection under the Financial Services Compensation Scheme of the Irish State, due to the fact that Citibank is a branch of an Irish bank. If – until the transfer – Citibank becomes unable to repay its obligations, you will be able to recover your money from saving and/or deposit accounts up to a cap of EUR 100,000.
From the Transfer Date, the Citibank customers will no longer be covered under the protection of the Irish Financial Services Compensation Scheme and will become protected under the Romanian state guarantee scheme.
Funds available in current/ deposits/ savings accounts existing with Raiffeisen Bank enjoy the protection under the Romanian Deposit Guarantee Fund established under Government Ordinance 39/1996. If – after the transfer – Raiffeisen Bank becomes unable to repay its obligations, you will be able to recover your money from saving, current and/or deposit accounts up to a cap of the RON equivalent of EUR 100,000.
3. If I have a deposit/savings/current account with both Citibank and Raiffeisen Bank, will all my funds remain fully protected after the transfer?
If you have deposit/current/saving accounts with both Citibank and Raiffeisen Bank, the transfer will have an additional effect.
Prior to the Transfer Date, if both Citibank and Raiffeisen Bank will become unable to repay their obligations towards depositors, you would be entitled to request the protection of the Romanian State (for your deposits with Raiffeisen Bank) and the protection of the Irish State (for your deposits with Citibank). In such event, you would be able to recover in aggregate up to a maximum of EUR 100,000 and the RON equivalent of another EUR 100,000.
Following the Transfer Date, as your accounts with Citibank transfer to Raiffeisen Bank, you would be entitled to request only the protection of the Romanian State up to the aggregate of the RON equivalent of EUR 100,000. Therefore, you would be affected to the extent you would have deposits exceeding in aggregate EUR 100,000.
4. I have opened a joint account with Citibank. How will the transfer impact on my deposit guarantee coverage?
If before the Transfer Date you (and each of your co-account holders) have been protected by the Irish Financial Services Compensation Scheme up to the amount of EUR 100,000, after the Transfer Date, each account holder will be protected under the Romanian Deposit Guarantee Scheme up to the amount of the RON equivalent of EUR 100,000.
5. At the time my deposit is transferred to Raiffeisen, will my term deposits be broken. If my term deposits get broken will I still receive the interests I had locked it in for?
Your ongoing fixed-interest term deposits will not be broken as an effect of the transfer. For these deposits, until their respective maturity dates, there will be no change in the interest received by you.
For new deposits and renewals, any change to the terms and conditions of the deposit agreements will be made and notified by Raiffeisen Bank in line with the applicable regulations.
6. If I don’t want to bank with Raiffeisen Bank and break the term deposit, will I have to pay any [pre-encashment] penalty on term deposits?
Financial conditions in case of early breakage are calculated in accordance with the terms and conditions you signed with Citibank.
7. I have regular payments (standing orders/direct debits) into or out of my current account. Do I need to do anything to make sure the money is paid as normal?
Your payments will continue as normal. The recipient of these payments (or payer in the case of withdrawals) as identified on your bank statements will remain the same as at present during the Transitional Period. Any change that will need to be made in connection with the regular payments (standing orders/direct debit) will be announced by Raiffeisen Bank in due course according to the terms of the customer agreements and the law.
8. Will the transfer affect rights of set-off between my accounts?
This information will only be relevant to you if, immediately before the transfer, you have credit with Raiffeisen Bank.
A set-off right is the right of a bank, in certain circumstances, to use money you have deposited with it (such as in a current or savings account) against a debt you also have with it (such as a loan, mortgage, overdraft or credit card) that becomes repayable. For example if a set-off right is included in your terms and conditions and you currently have both a Citibank savings account and a loan, if you fall behind with your loan payments, money in your savings account could be used to pay the missed payments on your loan.
Citibank currently has the right under the customer agreements to set-off money deposited by each customer with Citibank against a due and payable debt of that customer with Citibank.
After the Transfer Date, during the Transitional Period, Raiffeisen Bank has agreed not to enforce such a right and consequently (for this agreed period of time) it will not be able to set-off the money that you have deposited with Citibank against any debts that you may have currently with Raiffeisen Bank.
9. Will Raiffeisen Bank be permitted to request the repayment of all my credit agreements if I’m in default under one single contract?
Citibank currently holds under the credit customer agreements the right to request the repayment of all amounts due under any credit agreements concluded with a customer whenever the customer is in default under one of his / her customer agreements. Following the Transfer Date, such right will be transferred to Raiffeisen Bank, covering all contracts concluded by Raiffeisen Bank with you.
Until the Transitional Period, Raiffeisen has agreed not to use such right and consequently it will not be able to request such repayment of your credits under the customer agreements in case of your failure to execute your other obligations that you may currently have under agreements concluded with Raiffeisen.
10. As a CitiGold client, will I still receive the same banking services? What about my contract privileges?
The transfer shall not affect your banking services, as well as your contract privileges until end of the Transitional Period.
All terms and conditions from your customer agreements will remain in full force until further amendments would be implemented by Raiffeisen Bank. Any such amendment will be notified and implemented by Raiffeisen Bank in compliance with the applicable regulations.
1. What will happen with my investment portfolio and other wealth services?
The transfer will not affect the terms and conditions of your customer agreements. Citibank and Raiffeisen Bank are committed to delivering a seamless transfer of Citibank’s customer accounts, having regard to the special profile of customers such as yourself. If there should be any change in the future, you will be notified in due course by Raiffeisen Bank in accordance with the applicable regulations.
2. Will I still have all my existing communication channels with the bank?
Until the Transfer Date, Citibank will continue to service you through your dedicated relationship manager, as well as through the Citigold e-mail address: Citigold.support@Citibank.com. Raiffeisen Bank will inform you in a timely manner about any new communication channels available to you after the Transfer Date.
3. Will I be able to renew my dual currency deposits?
Dual currency deposits will not be transferred to Raiffeisen Bank. For the time being, you will however be able to renew your dual currency deposits with Citibank, but any such deposits will need to be discontinued by Citibank with 30 days before the Transfer Date.
Until discontinuation, your current dual currency deposits will continue to be serviced according to the relevant arrangements concluded between you and Citibank and upon reaching the relevant term of each such dual currency deposit.
After the Transfer Date, Raiffeisen Bank is able to offer an extended range of market linked deposits (including dual currency deposits) for you to invest in.
4. I have availed Mutual Fund product(s) that Raiffeisen Bank does not offer. What happens to my mutual funds after the Transfer Date? How can I ensure its continuity?
You will be able to continue with your current investments. Safekeeping of fund shares will be carried out through Raiffeisen Bank, while order execution will be carried out through Raiffeisen Bank’s brokerage artm - Raiffeisen Capital Investment.
5. Will I be able to invest/redeem my investment in these Mutual Funds?
Until the Transfer Date, you are able to invest/redeem in these funds through Citibank as per past practice and existing agreements. After the Transfer Date, Raiffeisen – through its subsidiary Raiffeisen Capital Investment – based on a specific agreement concluded with you - will ensure the performance of subscription/redemption orders.
6. I have the insurance contract acquired through Citibank, will Raiffeisen Bank continue to offer this product? If not, what happens with my insurance contract?
The insurance services agreements are not part of the transfer contemplated between Citibank and Raiffeisen Bank.
Until the Transfer Date, Citibank will provide and ensure same services regarding maintenance of your contracts. Moreover, Citibank or your insurer services provider will offer you in due time all necessary information regarding entities entitled to ensure the maintenance of your insurance agreements (such as top-ups, renewals, switches, partial/total redemption, etc.) after the Transfer Date.