Despite the volatile financial markets in 2008, Credit Europe Bank strengthened its position as a solid international financial services group, growing towards the top 10 ranking among Dutch banks, as measured by its total balance sheet size. In the field of commodity finance and project finance, the bank achieved a record transaction volume of $12.5 billion (2007: $12 billion), though it applied stricter risk control mechanisms to its counterparties because of the volatility on the markets.

The direct retail business in the euro-zone countries Belgium, Germany, Malta and The Netherlands pursued its long term growth strategy and increased the total deposit size to €5.2 billion (2007: €2.9 billion).

Outside the euro zone, the bank further consolidated its position in commercial banking activities:

• In Romania, Credit Europe Bank maintained its top position in the distribution of credit cards;

• Credit Europe Bank Russia added IKEA Russia as an exclusive partner to its co-branded credit card programme, building on successful programmes as established earlier with Metro and Auchan. The bank maintained its top 10 position in credit cards and consumer loans in the Russian Federation.

• Credit Europe Bank Dubai started operations after having been granted a Category 1 banking licence by the Dubai Financial Services Authority;

• Assets under management of Credit Europe Bank in Switzerland reached $2.36 billion;

• Credit Europe Bank Ukraine established its market presence and infrastructure in the former Soviet republic.