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Vienna International Professional Services Industry News
Read the latest headlines about developments in the international service industry in Vienna and Austria
Debt Crisis Weighing Down on Euro Zone more than on US
According to Austrian Erste Group Research, the economic development in the Eurozone remains subdued.
October 17, 2012
RBI Cuts Slovenian Subsidiary Radically
The Austrian Raiffeisen Bank International plans to lay off the half of its workforce in Slovania.
October 16, 2012
Immofinanz Shows Progress in Romania
The wholly owned Immofinanz Group subsidiary Adama announces the start of construction on the second phase of two of its existing projects.
October 16, 2012
Austrian Audit Court Criticizes Nationalization of Kommunalkredit
According to the Austrian Audit Court, the former owner of Kommunalkredit VBAG would have survived without the nationalization.
October 15, 2012
Czech Banking Association Pessimistic
CBA has lowred its forecast on the Czech economy. The decreasing household consumption would be the main reason.
October 12, 2012
Austria: Saving Popular Despite Negative Real Interest Rate
Trend clearly points to short-term investments: People feel it is important to have their money available in case of a change in the investment situation. 54 per cent save less than € 100 per month, 7 per cent more than € 500.
October 12, 2012
Stepic: “Must Reduce Lending in CESEE”
The CEO of Austrian RBI (Raiffeisen Bank International) Herbert Stepic explains that new lending in Eastern Europe must be reduced substantially.
October 11, 2012
S&P: Eastern Subsidiaries of Austrian Banks Most Become More Independent
The U.S. rating agency criticizes that Austrian banks are still weakly capitalized. The economic crisis caused a massive withdrawal of funds in Eastern Europe, S&P says.
October 11, 2012
Alpine Needs Help from Banks
The Austrian construction company faces liquidity constraints. Talks with banks were started already.
October 11, 2012
Vienna Stock Exchange Wants Further Privatizations
CEE Summit of the Vienna Stock Exchange: “Privatizations as a Driver of the Economy and the Capital Market”.
October 11, 2012
Austrians save € 170 per month
For 82% of Austrians the savings passbook accounts are the top choice, but their appeal is gradually waning. Satisfaction with one’s savings performance is growing
October 11, 2012
Grawe Bids for Zavarovalnica Maribor
The Austrian insurance group wants to take over the Slovenian insurer Zavarovalnica Maribor (ZM). ZM´s management prefers Slovenian bidders.
October 10, 2012
Austrian Banking Industry: Slight Increase in Operating Profits
In the first half year of 2012, special effects caused an increase in net income. The net interest results were down, however.
October 10, 2012
Hypo Group: Difficult Negotiations with Austrian State
The nationalized banking group urgently needs a capital injection. This year, the capital shortfall will be reduced by € 1.5bn.
October 9, 2012
Hungary Not A focus of commercial Real Estate Investors
The risk appetite of real estate investors is still subdued. Hungary’s default risk remains relatively high.
October 9, 2012
Boom in Viennese Real Estate Market Persists
According to the real estate service supplier findmyhome.at, the price increase in the residential housing segment and the rental market goes on.
October 8, 2012
Slovenia: Second-Largest Insurance Group to be Sold
The Austrian Uniqa Group and Grazer Wechselseitige Versicherung (Grawe) are interested in Zavarovalnica Maribor (ZM):
October 8, 2012
Erste Group to Sell Ukrainian Subsidiary
This year, the Austrian bank plans to sell its Ukrainian business segment. Erste Group entered the Ukraine in 2006.
October 8, 2012
Hungarian Retail Sector Struggling on Several Fronts
The recession in Hungary is also affecting the Hungarian retail sector. A weak labour market combined with declining purchasing power is dampening consumer spending, a development which is reflected in weak retail sales.
October 8, 2012
Hungary: Residential Housing Market at a Standstill
According to Bank Austria, the Hungarian housing market has reached a historic low.
October 8, 2012
Hungary: Vacancy Rates in Office Market Remain High
Despite record low in new building activity, the Hungarian office market proves stable.
October 6, 2012
Immofinanz Announces Dividend of € 0.15 Per Share
The annual general meeting of the Austrian real estate company resolved to increase the dividend from € 0.10 to € 0.15 per share.
October 5, 2012
Fekter Appeals on Banks to Prevent Credit Crunch
Banks should be more creative in financing the real economy instead of creating new financial products, she says.
October 5, 2012
Fekter Rejects Deposit Protection in EU
At the Alpbach Financial Symposium, Austria´s Minister of Finance Maria Fekter underlined to reject the European deposit protection.
October 4, 2012
Erste Group Achieves 9.9% Capital Ratio
Erste Group comfortably meets the EBA capital requirement:capital ratio reached 9.9% as of June 2012 (excluding retained earnings).
October 4, 2012
RZB Group Exceeds EBA Capital requirements
EBA Core Tier 1 capital ratio of 10.0 per cent (excluding retained earnings) as of 30 June 2012. The Bank is thus one percentage point above the requirement
October 3, 2012
Austrian Banks Meet Substantially Increased Capital Requirements
EBA exercise to strengthen capital positions of large European banks concluded: Erste Group Bank AG and Raiffeisen Zentralbank AG meet the increased Capital Requirements, Austrian National Bank announces.
October 3, 2012
Bulgaria: Bank Secret Wobbles
The Bulgarian National Bank warns of an easing of the bank secret. The Bulgarian Parliament argues that the bank secret protects money laundering activities.
October 3, 2012
UNIQA Group: S&P Confirms Rating
S&P confirms "A-" ratings on the operational UNIQA core companies. Outlook remains "stable".
October 3, 2012
Erste Group´s Core Shareholder Sells 14 million Shares+
Erste Stiftung, the core shareholder of Austrian Erste Group, remains the biggest shareholder, though.
October 2, 2012
Immofinanz Builds Next Shopping Center in Poland
The Austrain real estate group starts retail development project in Poland. Investments total € 115m.
October 2, 2012
Raiffeisen Brand to be Introduced in Slovakia
The Austrian bank will open its first branches in November.
October 2, 2012
Austrian Budget Targets Will Not Hold
In August, Finance Minister Maria Fekter underlined that the budget deficit will not exceed 2.9% of GDP. Due to the banking package, the budget deficit will be higher, though.
October 1, 2012
Raiffeisen: CEE Network to be Closed
Austrian RBI (Raiffeisen Bank International) announces that the expansion in Central and Eastern Europe will be concluded soon.
October 1, 2012
Bank Secret: Semeta Criticizes Austria´s Position
According to the EU Commissioner Algirdas Semeta, Austria´s bank secret is “out-dated”. He criticizes that Austria and Luxembourg still reject to give up the bank secret.
October 1, 2012
Sale of Kommunalkredit: First Offers Expected
The nationalized Austrian bank should be sold until June 2013. Next week, the first non-binding offers are expected.
September 29, 2012
Immofinanz Group: Silesia City Center Ranks among the top Shopping Centers in Poland
On 19 September 2012 the Polish Association of Retail Tenants and GfK Polonia Institut published a new ranking of Polish shopping centers. The Silesia City Center was rated first.
September 28, 2012
Slovenia “No Bail-Out Candidate”
Slovenia ´s former Prime Minister Anton Rop is optimistic that the country will manage the crisis.
September 27, 2012
Crucial Days for Slovenia
This week, Slovenia´s Parliament may decide on establishing a bad bank. After Prime Minister Janez Jansa warned of a national bankruptcy, the Slovenian opposition is under pressure.
September 26, 2012
Banking Package: Costs up to € 4.8bn
The Austrian Audit Court expects that the banking package will be much more expensive than it was said before. Moreover, the Audit Court criticizes the government massively. The control mechanism would be too weak.
September 26, 2012
Austria Faces Growing Demand in Living Space
In the next 25 years, Austria needs 10% more apartments. However, building land becomes more and more scarce.
September 25, 2012
Hypo Group: Problems in Italy
The Austrian banking group, which was nationalized in 2009, must downsize. The sale of the Italian subsidiary proves difficult, however.
September 25, 2012
Immofinanz: Earnings Up, Net Income Down
In the first quarter of 2012/13, the Austrian real estate company recorded an increase in rental income by 14.2%. EBIT soared by 31.1%. Net income declined by 67.5%.
September 25, 2012
Immofinanz Announces Massive Share Repurchase Program
The executive board of IMMOFINANZ AG has resolved to carry out a repurchase programme of treasury shares based on the authorisation by the 18th ordinary sharehold-ers’ meeting of 28 September 2011.
September 24, 2012
Slovenia Creates Bad Bank
The Slovenian government aims to lower risky assets of the financially stricken banking sector. A major capital increase may be necessary.
September 21, 2012
VBAG to Cut More than 1,000 Jobs
Today, the Austrian problem bank announced to sharpen its austerity program radically. Until 2017, VBAG must be downsized to the half of its current size.
September 21, 2012
Vienna Stock Exchange welcomes first trading member from Ireland
As of today, Virtu Financial Ireland Limited is the first trading firm from Ireland to join as direct trading member the cash market of the Vienna Stock Exchange.
September 21, 2012
Haynes: Cerberus Supports Bawag
Bawag´s CEO Byron Haynes confirms that the bank will cut jobs. The customer segment should be kept, however. Instead, the cost structure should become more efficient.
September 20, 2012
Poland: Standard & Poor´s Upgrades Banking Industry
The U.S. rating agency upgrades the banking sector´s risk score.
September 20, 2012
European Commission Approves State Aid for VBAG
The European Commission has today approved the comprehensive restructuring plan developed by Österreichische Volksbanken-AG (VBAG) in the wake of the financial and economic crisis to restore long-term profitability.
September 19, 2012
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