Bank Aval was founded in March 1992. By the end of 2004, it had net assets of EUR 1.6 billion and earned a profit before tax of EUR 38 million. Its return on equity before tax was 32.6 per cent. The bank employed a staff of almost 17,950 and had approximately 1,380 outlets at the end of 2004.

Raiffeisen International Bank-Holding AG concluded negotiations on 20 August 2005 to acquire a majority stake of 93.5% of Bank Aval from its current owners. The purchase price for 93.5 per cent of the shares amounted to USD 1,028 million.

Based on an in-depth market assessment, Raiffeisen Investment advised Raiffeisen International on the selection of the target and supported Raiffeisen International during the whole buy-side process including especially the due diligence phase as well as purchase price negotiations.