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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
Drastic Decrease in Stock Market Turnover
In February, stock market turnover was down by 28% at Vienna Stock Exchange. In January, trade decreased by 35% compared to January 2011.
March 2, 2012
VBAG to be Acquired by BAWAG?
According to market rumors, the financially stricken VBAG could be taken over by the U.S. investment fund owned Bawag.
March 2, 2012
AMAG´s CEO: “No Contact with Pecik”
The Chief Executive Officer of the Austrian metal company, Gerhard Falch, said he’s not been in contact with investor Ronny Pecik.
March 2, 2012
Nowotny: „Austrian Banking Activities in CEE Better than their Reputation”
According to the governor of the Austrian Central Bank (OeNB), Ewald Nowotny, Austrian banks engaged in Central and Eastern Europe are more stable than they are supposed to be.
March 1, 2012
Immofinanz Group Develops Office Building in Prague
The Austrian real estate group makes an investment of 24.6m in the Czech Republic. The project will be finalized in 2013.
February 29, 2012
VBAG´s Rescue Endangers Austerity Targets
In 2012, savings should reach € 576m. However, only write-offs in VBAG cost € 700m. The Austrian government seeks for additional revenues.
February 29, 2012
Banking Industry As „Cash Cow“?
For RZB´s CEO Rothensteiner, the increase in bank tax is “not fair”. The government plans to raise bank taxes by 25%.
February 29, 2012
Erste Group Returns to Profitability
In 2011, Erste Group registered losses of € 718.9m, which is less than initially expected. The fourth quarter was in the profit zone again.
February 29, 2012
„Banks are the Real Austrian Problem“
The Austrian opposition criticizes the rescue of VBAG by the government massively. Further bank aids are feared.
February 28, 2012
High Losses for Erste Group Expected
Although Erste Group has to report high losses for its financial year 2011, analysts are optimistic for 2012. Business in Romania and Hungary is expected to improve.
February 28, 2012
Austrian Insurance Market Shrinking
In 2011, premium income at Austrian insurance companies declined. Only in the health insurance segment showed growth rates.
February 28, 2012
Nationalization of VBAG: Austrian State Holds 49%
After Kommunalkredit and Hypo Group, VBAG becomes the third Austrian bank which is publicly owned.
February 28, 2012
Partial Nationalization of VBAG Planned
The financially stricken Austrian bank receives new capital. The Republic of Austria makes contributions of € 1.05bn. Bank taxes will increase.
February 27, 2012
Pessimism in Austrian Banking Industry
26% of interviewed managers in the Austrian banking industry regard the development of the operating business as “very bad”.
February 27, 2012
Immofinanz to Become a „Property Machine“
CEO Eduard Zehetner wants Immofinanz to become a full developer, operator and seller of top-real estate objects. The company should be transformed to a “property machine.”
February 25, 2012
Hungary is Optimistic to Reach Agreement with IMF
The Hungarian ambassador in Vienna, Vince Szalay-Bobrovniczky is convinced to solve the current financial crisis soon. Hungary aims for re-gaining trust of investors.
February 25, 2012
Austria Discussing Top Banks’ Capital Rules With EU Commission
Austria’s regulators are discussing rules for its top banks that will curb excessive lending in Central and Eastern Europe with the European Commission.
February 25, 2012
Pecik is Said to Enter AMAG
The Austrian investor, who holds a 20% stake in Telekom Austria, seems to be interested in the Austrian aluminum producer AMAG
February 23, 2012
Hypo Tirol Withdraws from Italy
The Tyrolean regional bank decided in favor of a downsizing strategy. The Italian market should be served through Innsbruck.
February 23, 2012
Raiffeisen Aims to Purchase Securities
In order to strengthen the capital structure, Austrian Raiffeisen Bank International wants to retain perpetual non-cumulative securities.
February 23, 2012
RBI Posts Profit of € 1.4bn in 2011
Profit before tax rises by 6.7 per cent compared with 2010 to € 1,373m. Core Tier 1 Ratio amounts to 9.3 per cent (before dividend).
February 23, 2012
Erste Group Manages Issue of Czech Republic € 2.0bn Bond
The Austrian bank observed good demand for the Czech sovereign bonds offering: total orders of approx. € 3.5bn from over 190 investors.
February 22, 2012
Moody's Takes Actions on Austrian Banks
The U.S. rating agency has a closer look on Austrian banks, which are related to the creditworthiness of public institutions.
February 22, 2012
KA Finanz Tries to Sit Out Greek Crisis
The nationalized Austrian bank has an exposure of € 980m in Greece. CEO Steinbichler hopes not to participate in the haircut.
February 21, 2012
Erste Group Acts as Bookrunner for Miba
The majority of € 75m bond was placed with retail investors in Austria. The offering was 3.5 times over-subscribed.
February 21, 2012
Company Pension Schemes Show Negative Performance
In 2011, Austrian company pension funds showed losses of 3.3%.
February 20, 2012
Erste Group: Profitable Hybrid Buyback
Erste Group expected to book pre-tax gain of up to € 300m on hybrid buyback.
February 20, 2012
Stepic Criticizes Rating Agencies Sharply
For Herbert Stepic, CEO of Raiffeisen Bank International (RBI), statements given by the U.S. rating agencies are “undifferentiated”.
February 20, 2012
Prague Stock Exchange and CCP.A to Cooperate
Prague Stock Exchange (PSE) and Austrian clearing house Central Counterparty Austria (CCP.A) signed a Memorandum of Understanding on the cooperation in cash markets.
February 20, 2012
Sberbank Upgrades VBI´s Headquarter in Vienna
After the acquisition of the Austrian VBI, the Russian bank wants to expand massively in Europe.
February 20, 2012
German Justice Puts Pressure on Former Hypo Group Executives
In order to get damage compensation, the German justice opens legal proceedings against the former CEO´s of Austrian Hypo Group, Tilo Berlin and Wolfgang Kulterer.
February 18, 2012
„Bank Austria´s Brand Will Remain“
Last year, it was said that Bank Austria´s brand will be abandoned. According to Helmut Bernkopf, board member at UniCredit, Bank Austria´s private banking business will be strengthened.
February 18, 2012
VBAG´s CEO: „Bank Aid Only Last Exit“
Gerald Wenzel, chairman of VBAG´s executive board, continues the downsizing strategy. A new bank aid would be the “ultima ratio”.
February 17, 2012
Austrian Outlet Center Market is Saturated
The Eastern European factory outlet center market still has growth potential. Up to 100 new outlet centers are possible.
February 17, 2012
Cernko Against „Talking Down Austrian Banks“
Bank Austria´s CEO is strictly against an undifferentiated view on CEE-countries. Austrian banks with an exposure in the CEE region shall not be talked down.
February 17, 2012
Moody's Considers to Downgrade Wienerberger
The U.S. rating agency placed all ratings of Wienerberger under review for possible downgrade.
February 17, 2012
Erste Group to Strenghten its Capital Structure
The Austrian banking group offers to buy back Tier1 and Tier2 securities .
February 17, 2012
Siegfried Wolf Enters Sberbank
The Austrian national and executive at Magna in Russia becomes President of VBI´s supervisory board.
February 16, 2012
Cernko: „Triple A Only in the Medium Term“
Bank Austria´s CEO Willibald Cernko does not think that Austria re-gains its “AAA” status within the next three years.
February 16, 2012
Vienna Stock Exchange Cooperates With Eurex
With Eurex derivatives exchange, Vienna Stock Exchange wins a new customer.
February 16, 2012
CA Immo: PwC Leased Additional Space in Frankfurt's Tower 185
Space leased of Frankfurt´s tower 185 increased to 75%. The consulting company leased another 2,800m2.
February 16, 2012
VBI Sale to Sberbank Finalized
With the sale of the CEE segment of the Austrian VBAG, Russian Sberbank enters Eastern Europe.
February 15, 2012
S Immo: PepsiCo Signs on As a Tenant in Bucharest
The Austrian real estate company gained another internationally renowned tenant for its Sun Offices building in Bucharest.
February 15, 2012
Moody's Put Austria on Warning
The Austrian “AAA” rating has been confirmed by the U.S. rating agency. However, credit-watch is put on “negative”.
February 14, 2012
State Aid: VBAG Redeems € 1.0bn
The Austrian VBAG repays a third of the state aid granted in 2009.
February 13, 2012
Substantial Growth for ING DiBa
The Dutch Bank Group achieved a 12% growth in customers in Austria. Deposits were up by 9.5%.
February 13, 2012
Major Sale at Immofinanz
The Austria real estate group sells an inner city palace in Vienna. The sale price reaches € 22m.
February 13, 2012
Bank Austria Writes Off Greek Bonds
The Austrian subsidiary of the Italian UniCredit Group has to write off Greek sovereign bonds by € 100m.
February 13, 2012
Austrian Central Bank Lets Eligibility Criteria Ease
OeNB: ECB governing council endorses expansion of eligibility criteria for nonmarketable assets.
February 10, 2012
Raiffeisen Builds Shopping Center in Bukarest
Raiffeisen Evolution develops “Floreasca City”, a shopping center project in the Romanian capital. Construction works began in January.
February 10, 2012
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