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Higher Cost Pressure for Austrian Banking Industry
Due to national and international regulations, Austrian banks have to bear higher costs than their foreign competitors.
Higher Cost Pressure for Austrian Banking Industry / Picture: © Vindobona.org
In total, additional costs for the Austrian banking sector comes at € 6.7bn, the Austrian Chamber of Economics (WKO) said. WKO refers to a study carried out by the business advisor Oliver Wyman. Besides European regulations, there are a number of further legal requirements on the national level, WKO explains. Thus, the higher costs are mainly due to national regulations, the bank tax…
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