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Bank Austria to Focus on Growth Markets in the Future

People ♦ Published: March 12, 2014; 12:21 ♦ (Vindobona)

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Because of the high value of write-offs Bank Austria, CEE affiliate of Italian UniCredit, had to face record losses amounting to € 1.6bn. CEO Willibald Cernko, however, does not consider the bank having made any mistakes in the past.

Cernko, CEO of Bank Austria, considers the market to be “highly attractive”. / Picture: © Uni Credit Group Bank Austria

Since the goodwill of all Eastern European affiliates had to be written off in full Cernko, CEO of Bank Austria, described the losses as “clearance”. In an interview with Austrian radio broadcaster Ö1, Cernko announced not considering having made mistakes in the past.

According to him, Bank Austria had not been to optimistic during the expansion years in the 1990s and early…