Herbert Stepic, the chief executive officer of Raiffeisen Bank International, had offered his resignation to the organization after he came under increasing scrutiny for his personal investment in Asian real estate. He is the longest serving executive serving in banking sector in Austria and is a part of Austria's one of the largest lenders in Banking industry.

Stepic said in a statement that he is offering his resignation as the recent reports about him in tabloids are ultimately spoiling the image of Raiffeisen. However, the board has replied that they will consider Stepic's proposal and till the time any decision is taken, he will remain the chief executive of the bank.

Working since 1970 in the organization, Stepic earned his name and reputation when he started expansion of Raiffeisen into Eastern Europe. Thus, his step changed the scenario of the bank from a local Austrian lender to making it one of the biggest banks in the region. The first business of Raiffeisen in Hungary, which is part of Eastern Europe, was done in 1987. And presently, Raiffeisen have 17 operational market in Central and Eastern Europe with the contributed strength of 3,000 branches and 14 million customers.