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Hungary in Austria | Hungarians in Vienna | Bilateral Relations

Lutz Enters Croatia

The Austrian furniture store group opens its largest center in the SEE region. Market leader Ikea follows in autumn 2012.

January 26, 2012

Sberbank: € 500m for Austrian VBI

The Russian Sberbank officially bids € 500m for VBI, the subsidiary of Austrian VBAG.

January 26, 2012

RBI´s CEO Expects € 60m Losses in Hungary

Herbert Stepic, CEO of Austrian Raiffeisen Bank International, emphasizes to stay in Hungary. The foreign currency debt conversion causes severe losses.

January 26, 2012

Austrian Mercedes Production Endangered to Shift to Hungary

Construction of the SUV Mercedes G-class could switch from the Magna factory in Graz to Hungary.

January 24, 2012

Central Bank Act: Orban Gives In

Hungary waives the planned merger of the Central Bank and the Financial Market Authority. Yesterday, Austria´s Minister of Foreign Affairs visited Orban in Budapest.

January 21, 2012

Turkey Emphasizes Support for Nabucco

Besides the Russian South-Stream project, Turkey also shows support for Nabucco, where Austrian OMV is strongly engaged in.

January 21, 2012

New Record in Agricultural Exports

In 2011, Austrian food exports exceeded € 9.0bn for the first time.

January 21, 2012

Austrian Banks Hold € 18bn in Foreign Sovereign Bonds

At the end of October 2011, the exposure of Austrian banks in foreign sovereign bonds was € 18.1bn. The largest volumes are invested in Poland and Italy.

January 19, 2012

Treichl: „Erste Could Bear Hair Cut in Hungary“

Andreas Treichl, Erste Group´s CEO, is optimistic for Hungary. A withdrawal of Erste Group is not considered.

January 18, 2012

Porr: Capital Increase Flows Smoothly

According to Porr´s CEO Karl Heinz Strauss, the Austrian construction group raises ist capital within the next 60 days. Operating business is performing well, Strauss says.

January 16, 2012

Downgrade: „It´s Time to Take Action“

The downgrade of Austria´s rating from “AAA” to “AA+” caused mixed reactions. The Austrian economy urges for structural actions.

January 15, 2012

Treichl Does Not Expect Hungarian National Insolvency

In spite of a large exposure in Hungary, Andreas Treichl, Erste Group´s CEO is optimistic. By 2014, Erste Group Hungary should be profitable again.

January 14, 2012

Austria to Lose its AAA

According to partially confirmed market rumors, S&P will downgrade France and Austria.

January 13, 2012

Exit in Hungary Would be Expensive

In case of leaving the Hungarian market, Austrian banks would face enormous costs, says Citigroup.

January 13, 2012

Austrian Banks Must Downsize in Hungary

Erste Group and Raiffeisen Bank International (RBI) must streamline their operations. Nevertheless, a further capital increase could become necessary.

January 12, 2012

Pressure on Hungary Increases

The chairman of the Austrian Central Bank, Ewald Nowotny, sees no danger for Austrian banks from Hungary. EU and IMF criticize the Hungarian government.

January 11, 2012

VIG Has „No Problems in Hungary“

“We are an insurance group and not a bank.”, said the management of Vienna Insurance Group. Nevertheless, the developments are observed thoroughly.

January 11, 2012

Slow Growth in CEE Expected

According to Raiffeisen Research, real GDP in CEE to grow by 2.0 per cent in 2012, while Austria set to post GDP decline of 0.5 per cent.

January 11, 2012

CA Immo Secures Refinancing for Project in Budapest

The Austrian real estate company CA Immo has agreed on refinancing for an office building in Budapest with Bank Austria. The investment totals € 27.0m.

January 10, 2012

Fitch: Austria´s AAA-Rating Not Endangered

According to the U.S. rating agency, the financial stability in Austria is still excellent. The bond auction today went well.

January 10, 2012

Hungarian Crisis: BIS Warns Austria Insistently

A collapse of the Hungarian economy would hit Austria very hard, says the Bank for International Settlements (BIS). Austrian Banks have a high exposure.

January 9, 2012

Austrian Banks Have $ 41.0bn Exposure in Hungary

After another downgrade, a national bankruptcy of Hungary is not excluded anymore. Consequences for Austrian banks would not be foreseeable.

January 7, 2012

Hungary Becomes Fundamental Risk Factor for Austrian Banks

Over the last weeks, fears of a Hungarian bankruptcy grew drastically. The Hungarian Forint has reached a new record low.

January 5, 2012

Hungary: High Losses for Banks

According to the Hungarian banking association, costs for the coerced conversion of foreign currency loans reach about € 952m.

January 4, 2012

CEE Investments Recommended

According to Erste Group, equities to become more attractive in 2012 compared to 2011. Turkey is seen as highly interesting investment location.

January 4, 2012

Austrian Enterprises Fear Nationalization in Hungary

Nationalization plans induce fierce criticism against the Hungarian Government. The Austrian waste management industry would be hit hard.

January 2, 2012

RBI Rules Out Sale of Eastern European Subsidiaries

CEO Herbert Stepic expects a very difficult year 2012 for the entire banking industry.

December 29, 2011

Capital Increase for Raiffeisen Hungary

In light of massive loss expectations the Hungarian subsidiary will reduce its headcount and close down several branches.

December 23, 2011

Record-Breaking Start of Tourism Winter Season

Austria’s tourism industry registered 3.98 million overnights in November. Arrivals rose by 3.5%.

December 23, 2011

Foreign Currency Loans: Austrian Banks Appreciate Hungarian Decision

Austrian banks reacted positively to the announcement of the Hungarian government to participate in costs for the conversion of foreign currency loans.

December 19, 2011

Bank Austria Reviews Strategy for CEE

In its expansion strategy, the bank focuses on four countries. Plans for Hungary and Romania are stopped, up to 450 jobs will be cut.

December 17, 2011

Changes to the Management Board of Erste Group

The Supervisory Board of the Austrian bank took several personnel decisions that concern the holding company as well as the subsidiaries in Hungary and Romania.

December 15, 2011

Sale of Croatian OMV Petrol Stations Begins

OMV´s current market share in Croatia is 13%. Almost every major oil company in Europe shows interest.

December 9, 2011

Erste Group: Drastic Cut in Hungary

The Austrian bank cuts 450 jobs in Hungary. However, Erste Group emphasizes to stay in Central and Eastern Europe.

December 9, 2011

Austrian Foreign Trade Deficit on the Rise

From January to September 2011: imports rose by 17%, exports increased by 14%. The deficit amounts to € 6.0bn.

December 7, 2011

Porr Considers Capital Increase

In order to realize further growth, the owners of the second-largest Austrian construction company plan to raise the equity base.

December 3, 2011

Porr Issues Profit Warning

The Austrian construction company has to write down € 90m of receivables due to problems in Eastern Europe. For next year, however, management is confident to see stable development.

December 1, 2011

RBI Posts Decline in Nine-Month Profit

The Austrian bank might have to write down the goodwill on its Ukrainian subsidiary. Consolidated profit declined by 4.8% to € 745m in the first three quarters.

November 24, 2011

Drop in Revenue for SW Umwelttechnik

The Austrian technology group was particularly burdened by a decrease in quantities in Hungary. The loss on ordinary activities doubled from € -1.6m to € -3.3m.

November 23, 2011

OMV to Sell Petrol Stations to Slovak Slovnaft

The Austrian oil and gas group OMV has already announced its downsizing strategy in the petrol station business. Slovnaft, a Slovak subsidiary of the Hungarian MOL, shows interest.

November 22, 2011

Austrian Minister of Economics Criticizes Hungary

On the occasion of a bilateral meeting between the Hungarian and the Austrian Minister of Economics Reinhold Mitterlehner repeated his critics regarding Hungarian foreign currency loans.

November 21, 2011

Increasing Capital Requirements for Austrian Banks

The Austrian Raiffeisen Bank International (RBI) needs to raise its equity base by € 2.5bn instead of € 1.9bn, the bank supervision claims.

November 19, 2011

Conference on European Economic Integration

“European Integration in a Global Economic Setting – CESEE, China and Russia“. Conference jointly organized by the Oesterreichische Nationalbank and Suomen Pankki – Finlands Bank.

November 18, 2011

Stable Results for Ottakringer

In spite of increasing costs and sales problems in Hungary, the Austrian major brewery and mineral water producer expects to maintain results of 2010.

November 12, 2011

Changes in the Board of Budapest Stock Exchange

Michael Buhl takes over as CEO in addition to his functions at the Vienna Stock Exchange and the CEE Stock Exchange Group.

November 11, 2011

SW Umwelttechnik Wins Major Contract in Hungary

The Austrian technology group will be managing a syndicate of three companies. The project has a total volume of € 24m.

November 10, 2011

Hungary Rejects Further Bank Charges

Contrary to its initial plans, Hungary will not resolve further aid measures for domestic loan takers. The government is seeking for cooperation with concerned banks.

November 5, 2011

Erste Group´s CEO Wants to Avoid Further State Aid

Andreas Treichl, CEO of the Austrian major bank Erste Group, wants to prevent a further influence of the Austrian state.

October 29, 2011

Orban Attacks Austrian Banks

The Hungarian Prime Minister Viktor Orban wants to release his country from the “debt slavery” and criticizes Austria´s reactions.

October 29, 2011

Erste Group Reports Loss of € 1.49bn for the Third Quarter

The Austrian bank took extraordinary charges leading to a net loss of € 973.0m in the first nine months of 2011 and significantly reduced CDS exposure.

October 28, 2011
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