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Read the latest headlines about developments in the international service industry in Vienna and Austria
Vienna International Professional Services Industry News
Viennese Merchants' Guild Prepares for Chinese Century
Something is happening in the Viennese school system. The VBS Vienna Business School will offer its students the opportunity to learn Chinese (Mandarin) at all six school locations from autumn onwards and to take advantage of an extensive range of Chinese language and culture courses.
March 18, 2019
Is Benko's Chrysler Deal in the Big Apple a Bargain?
The New York property firm RFR Holding LLC of German-American Aby J. Rosen, together with Signa Holding of Tyrolean real estate investor Rene Benko, is buying the traditional Chrysler Building in New York City for around 150 million dollars. The land is not part of the deal and the rent amounted to USD 32.5 million in 2018 and will continue to rise to USD 41 million a year by 2028.
March 11, 2019
Benko-Hyatt Project - New Luxury Lifestyle Hotel Opens in Vienna in April 2019
The first Andaz Hotel in Austria, the boutique hotel "Andaz Vienna Am Belvedere" at the new Vienna Central Station, opposite the 21er Haus and the Schweizergarten, next to the park apartments at the Belvedere, is to be opened on 17 April 2019. It is the second project and a 50:50 joint venture between René Benko's Signa Group and Andaz Hotels, an affiliate of Hyatt Hotels Corporation.
March 1, 2019 · Sponsored Content
Israel and Austria Sign Agreement on Continued Business Cooperation
On the sidelines of the state visit to Israel and the Austrian-Israeli Business Forum at the Hotel Intercontinental in Tel Aviv, the Economy ministers from Israel and Austria signed an agreement to accelerate business and entrepreneurial cooperation.
February 6, 2019
Expansion and Modernization of Hilton Vienna am Stadtpark
The Hilton Vienna Parkview, the third-largest Hilton Hotel in Europe with a total usable space of around 50,000 square metres on a total of fifteen floors, is being developed and comprehensively modernised by the Vienna Invester Group as a developer and Hilton International while it continues to operate. The modernisation work will start at the beginning of 2019 and completion is scheduled for the end of 2020. With the completion of the expansion, the current capacity of 579 rooms is to be expanded to 660 rooms. So far, no information has been provided on the investment sum.
December 14, 2018
Soros University Leaves Budapest in Favor of Vienna
In Hungary, the Central European University (CEU) has faced massive hostility. As a consequence, the location will be relocated to Vienna. Michael Ignatieff, the rector of CEU, announced this week in Budapest that the university is finally moving: "This is a dark day for freedom in Hungary, and it's a dark day for academic freedom." In Vienna, negotiations are still underway on a suitable building for interim use from 2019. By 2023, the university is to move permanently to the grounds of the Otto Wagner Hospital.
December 6, 2018
Reinsurer VIG Re to Expand to Paris
After opening an office in Frankfurt a year ago, another West European representative office is now to follow in Paris. The new branch will be headed by Patrick Chevrel. As part of the Vienna Insurance Group, VIG Re has been founded in 2008 by being established as a core player in the reinsurance market in Austria and CEE, and now also in certain West European countries.
November 26, 2018
Expat Survey: Vienna for Expats Highly Attractive and Newcomer-Friendly
A study commissioned by the City of Vienna confirms that four out of five international professionals and executives who came to Vienna had a good or very good start. 93.9 percent confirm the city's high international attractiveness, 89.3 percent would recommend Vienna as an expat destination.
November 22, 2018
Austria Strengthening Venture Capital Structures with Seoul and Shanghai
Margarete Schramböck, Austrian Federal Minister for Digitisation and Business, visited Seoul, the capital of South Korea and China's greater Shanghai metropolitan area, together with a high-ranking delegation of experts from the fields of digitisation, science and business, with the aim of strengthening Austria as a location for innovation.
November 9, 2018
RBI Subsidiary Raiffeisen Bank Polska Completes Sale
The sale of the core banking business of RBI subsidiary Raiffeisen Bank Polska to BGZ BNP has been completed, according to a statement. The regulatory approvals for the transaction agreed in April have now been obtained. The direct impact of the sale on RBI Group’s consolidated profit is expected to amount to minus EUR 121 million,
November 3, 2018
International Day of the Girl: Austria Center Vienna Illuminated in Pink
The Austria Center Vienna and the Austrian Presidency of the Council sent a signal on the International Day of the Girl and illuminated the Austria Center Vienna (ACV) pink in the evening. At the same time, inside the Center with the conference "Gender Equality and YOU. Young Voices. Joint Initiative" and the informal meeting of the EU Ministers for Gender Equality, important gender equality events took place within the framework of the EU Council Presidency.
October 12, 2018 · Sponsored Content
Outlook - Chinese Tourists and the Destination Austria
With around 900,000 arrivals (+23%) and 1.3 million overnight stays (+25%) in 2017, China is Austria's most important Asian market of origin with the greatest growth potential. From January to July 2018, Austria also recorded record figures with around 542,000 arrivals (+ 8.2) and around 781,000 overnight stays (+ 11.5 %) from China.
October 3, 2018 · Updated: October 11, 2018; 22:55
ACV Austria Center Vienna: More than 100,000 International Participants for the First Time
Last year, Austria’s largest congress centre brought more than 100,000 international participants to Vienna for the first time. The venue also once again exceeded the record revenue figure from the previous year.
September 26, 2018 · Sponsored Content
British-Indian-Austrian Anadi Bank Remains on Growth Course
The former Austrian branches of Hypo Alpe-Adria-Bank International were bought by Indian Investor Sanjeev Kanoria and transferred to British-Indian-Austrian Anadi Bank in 2013. The bank continues its successful growth course in the first half of 2018, although the result from ordinary business activities declined by 37% and profit after tax by 42% compared to the same period of the previous year. The bank describes itself as a bank with the strengths of a tiger. The Anadi Tiger establishes, on the one hand, a symbolic connection to India, on the other hand, he embodies strength, speed, security and flexibility - qualities that the bank expects from itself. Also, Anadi means “eternal” in Hindi and stands for tradition, reliability, and sustainability.
September 7, 2018
Sonja Sarközi Appointed New CEO of Sberbank Europe
Sonja Sarközi, currently Chief Retail Banking Officer of Sberbank Europe, has been appointed as new CEO by the supervisory board. She will succeed Gerhard Randa as of 1 July 2018.
May 29, 2018
Iran-Deal - Austrian Oberbank Distances Itself from Framework Credit Agreement with Tehran
Only last year, the Upper Austrian Oberbank was the first European bank to sign a framework credit agreement with Iran. After the USA's withdrawal from the nuclear treaty, the bank is now under pressure and intends to wait and see. The bank says it could certainly take two weeks for a final solution to be found and officially agreed.
May 11, 2018
Vienna's Attractiveness as a Location for Business Continues to Grow
For the sixth year in a row, Vienna recorded the highest number of companies settling in the city. After Vienna had already achieved a record figure in the previous year with 178 international new additions, this was again exceeded last year with 191 new companies, which is an increase of 13%. These business establishments together are responsible for investments totalling €537 million and 1,087 new jobs. There are 344 new foreign invested businesses throughout Austria. German companies remain the number one investors in Austria.
April 30, 2018
Raiffeisen Centrobank: Yearly Financial Report 2017
Raiffeisen Centrobank AG is declaring the following financial reports below.
April 26, 2018
Austria Center Vienna Unveils Largest Modernization Concept in Its History
Austria's largest congress centre, the Austria Center Vienna, recently presented its modernisation concept until 2022. This will make completely new event formats possible and at the same time make the space around the house more attractive to the public. This is the largest construction project in the company's 30-year history.
April 20, 2018
Austrian Financial Market Authority Is Pleased With Whistle-Blowing System
In 2017 whistleblowers made 158 tip-offs regarding misconduct in the Austrian financial market. The FMA has been operating a special IT-based whistleblowing system since 1 February 2014 that allows the anonymous receipt of confidential information about possible instances of malpractice in supervised entities. FMA Executive Board: “Our whistle-blowing system is an important source of information for the FMA.”
April 20, 2018
Immigon Portfolioabbau AG: Yearly Financial Report 2017
immigon portfolioabbau ag is declaring the following financial reports below.
April 20, 2018
C-Quadrat Streamlines Corporate Group Structure
C-Quadrat plans to spin off the business operations of C-Quadrat Wealth Management GmbH (formerly: C-Quadrat Kapitalanlage AG) to ARTS Asset Management GmbH, in which the company holds a 45% stake. In return, societal profit participation rights ("sozietäre Genussrechte") will be granted to the company instead of additional company shares.
April 19, 2018
UNIQA: Yearly Financial Report 2017
UNIQA Insurance Group AG is declaring the following financial reports below.
April 12, 2018
Austria's Capital Market for SMEs on the Brink of a Renaissance
Finance Minister Hartwig Löger plans to revive the Austrian capital market for SMEs by making trading of bearer shares of Austrian companies on the Third Market possible again.
April 11, 2018
C-Quadrat: Yearly Financial Report 2017
C-Quadrat Investment AG is declaring the following financial reports below.
April 6, 2018
VIC Strengthens Presence in Hungary and Slovakia
Hungary’s central bank approved the merger of the three VIG Group companies. As a result VIG will be represented in Hungary solely by the insurance company Union Biztosító. In Slovakia, bancassurer Poisťovňa Slovenskej sporiteľne (PSLSP) will merge with Kooperativa poisťovňa.
April 3, 2018
Money Laundering: RBI Is Fined EUR 2.7 Million
The Austrian Financial Market Authority (FMA) has imposed the highest fine ever imposed by the FMA, i.e. a fine of EUR 2.748 million against Raiffeisen Bank International AG.
April 1, 2018
Former Finance Minister Schelling Appointed Gazprom Advisor
Hans Jörg Schelling, former Austrian Minister of Finance until December 2017, has signed an advisory contract with Nord Stream 2 gas pipeline three months after his handover. OMV is also involved in the project, of which he was the owner's representative as Austrian Minister of Finance.
March 30, 2018
Expat Advise: How Does the Austrian Tax and Social Security System Work?
If you are moving to Vienna as an expat or are already living here with employment income and want to find your way around the complicated Austrian tax and social security system, Vindobona recommends attending an interesting event organised by the Vienna Business Agency and Deloitte Austria.
March 22, 2018
RBI Doubles Net Profit, Pays Dividends Again and Returns to Growth Course
RBI - Raiffeisen Bank International has doubled its profit in 2017 and rewards shareholders. They have not received any dividends since 2013. The bank had to pursue a sharp austerity course, reduce international business volumes, close branches in Eastern Europe and stop dividend payments. Russia remains the most important source of income.
March 15, 2018
LGT Group Reports Profit of CHF 283.4 Mln
LGT, the private banking and asset management group owned by the Princely House of Liechtenstein, reported strong net asset inflows and a significant increase in profits for the 2017 financial year. Group profit for the full year rose 23% to CHF 283.4 million. Net asset inflows, excluding acquired assets, amounted to CHF 17.7 billion, which corresponds to organic growth of 12%. As at the end of 2017, assets under management increased by a total of 33% to CHF 201.8 billion.
March 12, 2018
ATX: AT&S and FACC to Join, Agrana and Zumtobel to be Removed
The ATX index composition of the Vienna Stock Exchange has been reviewed on its quarterly basis. FACC AG will be joining ATX for the first time since it became exchange-listed. AT&S AG will rejoin. Agrana and Zumtobel will be removed. Decisions on additions and removals to the index are based on average daily trading volumes and the free float capitalization of companies.
March 9, 2018
Austrian Delegation Seeks to Improve Economic and Political Relations with Jordan
An official visit of President Van der Bellen to Jordan will take place from 17 April to 19 April 2018. The delegation to Amman will be accompanied by an economic mission headed by WKO Vice President Richard Schenz. The economic mission of the WKO is the response of an invitation issued some time ago by the President of the Chamber of Commerce of the Kingdom.
March 8, 2018
Bawag Pays €110M for Separation from Austrian Post
Bawag presents its preliminary figures for 2017. The net profit will amount to 466.6 million euros (-1.4 percent). Due to profits, there will be dividend payments to shareholders. The long-term distribution partnership with Austrian Post is to be terminated.
February 28, 2018
How do Russian Politicians and Oligarchs Withdraw their Money from Austria?
The Russian money nobility has begun to repatriate large amounts of its western-hoarded money back to Russia in order to deprive it of access by Western authorities. The countries of origin are above all Switzerland, but also Austria and Great Britain. Sberbank, Russia's largest and state-owned bank, speaks of an atypically high capital inflow to Russia. Within a few weeks, a tripling of such repatriation transactions took place compared to the same period of the previous year. The sum is hundreds of millions of dollars. The average transfer amount has increased within a year by 50% to 3 million dollars. This meets with the Kremlin's desire to repatriate Russian assets.
February 22, 2018
C-Quadrat: Unexpected Good Performance in December
Due to the positive performance of several investment funds managed by asset management companies of the C-Quadrat Group, which reached new price highs, in December 2017 the C-Quadrat Group realized additional revenue from performance-related remuneration.
January 5, 2018
Moody's Lifts Outlook for Austrian Banks
Moody's lifts outlook for Austrian banks on positive, because the economic recovery in Austria makes it possible to improve the outlook for domestic banks.
August 24, 2017
Erste Group Expects Q2 Net Profit of about EUR 560 Million
Erste Group expects to post net profit of approx. EUR 560 million in Q2 16, raises guidance for 2016 to ROTE >12% (up from 10-11%).
July 14, 2016
Western Balkans Countries Discussed Investment, Jobs and Integration in Vienna
The World Bank and the Vienna Institute for International Economic Studies (wiiw) held a high-level policy dialogue on ‘Investment, Jobs and Integration’ last week. Ministers and senior officials from the Western Balkans region as well as policy experts from international organisations and the business community gathered to discuss the challenges the region is currently facing, in particular the high unemployment rate, low international competitiveness, and lack of modern infrastructure.
July 8, 2016
Vienna Insurance Group Buys AXA Subsidiaries in Serbia
Vienna Insurance Group (VIG) is acquiring AXA’s life and non-life companies in Serbia. The purchase will increase VIG’s market share in Serbia to around 11.5 percent.
July 7, 2016
RBI Closes Sale of Raiffeisen Banka in Slovenia
Following the completion of all regulatory requirements, Raiffeisen Bank International AG (RBI) formally closed the sale of its Slovenian bank, Raiffeisen Banka d.d. The sales price will be kept confidential.
July 1, 2016
Moody’s Downgrades Long-Term Credit Rating of Austria
Moody’s has downgraded the long-term credit rating of Austria, from "Aaa” to Aa1. In January 2012 rating agency Standard & Poors had reduced Austria’s rating from AAA to AA+, whereas in February 2015, Fitch did the same.
June 27, 2016
Closing of Visa Takeover Brings EUR 97 Million Pre-Tax Profit to RBI
The expected pretax profit from the cash payment of the transaction will be EUR 97 million. It should be booked under net income from financial investments in the second quarter of 2016. Visa Inc. had announced the takeover of Visa Europe Ltd. in November of 2015. The cash payment of this one-off effect will be split between Slovakia, Romania, Czech Republic, Poland, the RBI head office, Croatia, Bulgaria, Hungary and Zuno.
June 21, 2016
VSE and CEESEG: Heimo Scheuch to Serve as New Chairman of the Supervisory Board
Changes in the supervisory board of Wiener Börse AG and CEESEG AG have taken place and a new executive committee was elected. Heimo Scheuch, CEO of Wienerberger AG, will serve as Chairman of the Supervisory Board. Angelika Sommer-Hemetsberger, member of the Management Board of Oesterreichische Kontrollbank AG, was elected Vice-Chairwoman of the Supervisory Board.
June 15, 2016
Tax Payers to Finance AvW Bankruptcy after all?
Tax payers may have to finance the bankruptcy of Carinthian financial company AvW after all, Presse daily reports in its online issue. The damage is estimated at EUR 148 million (USD 168.2 million).
June 8, 2016
Ex-Magna Boss Buys Former Employer's Headquarters in Oberwaltersdorf
The Styrian Car Manager of Oleg Deripaska's Russian Machines Company and former Magna CEO Siegfried Wolf has bought the former Magna headquarters in Oberwaltersdorf.
March 2, 2016
RBI Not to Sell Zuno Bank to ABH Holdings
The sale of Raiffeisen Bank International’s (RBI) direct bank Zuno to the Alfa Banking Group will not be concluded because ABH Holdings withdrew from the contract of sale.
March 1, 2016
Erste Group Posts Net Profit of EUR 968.2 Million in 2015
“A net profit of nearly 1 billion euro, a strong capital base and substantially lower risk costs for 2015 show that we have done our homework,” said Andreas Treichl, CEO of Erste Group Bank AG, about the full-year 2015 preliminary results.
February 26, 2016
Starwood Sells Hotel Imperial Vienna for EUR 71 Million
Starwood Hotels & Resorts Worldwide, Inc. announced that it has closed on the sale of Hotel Imperial Vienna, a Luxury Collection Hotel, to Al Habtoor Investment - the investment arm of UAE conglomerate Al Habtoor Group for 71 million euros. As part of the transaction, all rooms and suites of the iconic hotel will be renovated over the next four years. Hotel Imperial will continue to operate as part of The Luxury Collection brand under a new long-term management agreement.
February 26, 2016
Erste Group Provides Blackstone with a 5-Year EUR 91 Million Facility
Erste Group provides Blackstone with a 5-year EUR 91 million facility to acquire 12 logistics assets. The 265000 sqm portfolio covers 12 standing logistics investments located in Hungary (5), Romania (4), Poland (2) and Slovakia (1), as well as land reserves.
February 22, 2016
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