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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
VBAG Expects Massive Loss
The Austrian bank has to write off € 700m on the book value of its participations in Investkredit and Volksbank Romania. The state’s participation capital will not be repaid this year.
October 14, 2011
Slovakia Approved EFSF
After unsuccessful voting on Tuesday, Slovak lawmakers supported today the enlargement of the European Financial Stability Fund.
October 13, 2011
CA Immo Commences Hotel Construction in Berlin
The Austrian real estate company invests € 53.2m in the Europacity development project. The hotel is scheduled for completion in 2013.
October 13, 2011
OeEB Grants Credit to Azerbaijani Bank
DemirBank receives $ 25m from the Austrian Development Bank, RBI and other lenders to support entrepreneurs in Azerbaijan.
October 12, 2011
Immofinanz Opens Shopping Center Extension in Poland
The Austrian real estate company invested € 50m in the project, making it one of the top five shopping centers in Poland.
October 12, 2011
Bank Austria Rethinks Expansion in Hungary
The subsidiary of Italian UniCredit reviews its activities in the country. A withdrawal is not ruled out.
October 12, 2011
Slovakia Against the Enlargement of the Euro Zone Bailout Fund
After six hours of heated debate Slovak lawmakers failed to approved the European Financial Stability Fund (EFSF).
October 12, 2011
„Austrian Banks Are Robust“
Ewald Nowotny, the head of the Austrian Central Bank (OeNB) as well as the Minister of Finance, Maria Fekter, appreciate the announcement of Erste Group.
October 11, 2011
Bank Austria Optimizing its Activities in Russia
Sergey Sidorov to remain CEO until year end and to support the organizational and strategic Changes. Alexander Cheporov to become Head of Equity Brokerage Operations.
October 11, 2011
UniCredit is Optimistic For ATX
Despite several uncertainties, UniCredit sees the potential of a positive long-term development for the Austrian main index ATX. The new ATX target is 2700 points for the next 12 months.
October 11, 2011
RBI: „There Is No Reason to Write Off“
After Erste Group has published its highly negative forecast for 2011, Raiffeisen Bank International came under pressure. RBI underlines that its risk is not comparable to that of Erste Group.
October 10, 2011
Surprising Write-Offs at Erste Group
Due to write-offs in Hungary and Romania, Austrian Erste Group reports a net loss of about € 920 - 970m in the first three quarters of 2011.
October 10, 2011
UniCredit: Sale of Bank Austria?
According to market rumors, the Italian bank considers to sell its Austrian subsidiary in order to strengthen its own position. Bank Austria´s CEO Cernko denies fiercely.
October 8, 2011
Kärntner Sparkasse Finalized Withdrawal from Italy
The Carinthian bank will close its operating business in Italy. The branches have been overtaken by the South Tyrolean “Südtiroler Sparkasse”.
October 8, 2011
Erste Bank to Keep State Capital Into 2012
According to Bloomberg, Erste Group Bank, Austria’s biggest lender, may not repay € 1.2bn in state aid until 2012.
October 8, 2011
Immofinanz: Convertible Bond Raises Equity Base
After the expiration of a convertible bond, the Austrian real estate company anticipates a substantial rise in equity.
October 8, 2011
RBI: Capital Injection for Hungarian Subsidiary Likely
The Austrian bank’s losses from the conversion of foreign currency loans will amount to approximately € 100m.
October 7, 2011
New Board Member for Slovak Subsidiary of VIG
Erik Nikmon was appointed to the Managing Board of Kooperativa. He will take up his position on 1 November.
October 6, 2011
Personnel Changes in the Managing Board of Czech VIG Subsidiary
The Austrian Vienna Insurance Group reshuffles the board of the Czech Kooperativa.
October 5, 2011
Generali Austria Report Small Rise in Premiums
The Italian insurance group shows a small rise in premiums in spite of a difficult Austrian insurance market.
October 5, 2011
conwert Takes Over Property Management for German Tower Group
Additional management of more than 4,600 residential and approx. 300 commercial units in Berlin and North Rhine-Westphalia At 30 June 2011, Austrian conwert managed a total of 60,825 residential and commercial units.
October 5, 2011
Vienna Insurance Group Merges Bulgarian Subsidiaries
The Austrian insurance corporation intends to strengthen its market presence via the merger of Bulstrad and Bulgarski Imoti,
October 5, 2011
Androsch „Another Three to Four Billions for Hypo Group“
The former Minister of Finance, Hannes Androsch fears a loss of Austria´s AAA-rating. “We are being observed accurately.”
October 4, 2011
UniCredit and Raiffeisen to Expand in Russia
The Italian and the Austrian banking groups will take over customers of the French BNP Paribas, which leaves the Russian market.
October 4, 2011
Atrium Appoints New CFO
The Vienna-listed Atrium European Real Estate Limited, a real estate company focused on shopping centres in Central and Eastern Europe, announces the appointment of David Doyle as CFO, with effect from 1 January 2012.
October 4, 2011
S Immo Decides to Launch Share Repurchase Programme
The share repurchase programme of the Austrian real estate Group starts on 6 October 2011.
October 4, 2011
Upward Trend in CEE Real Estate Market
Erste Group: “CEE Real Estate stocks with upside potential of 15%, profitability lags behind”. The upward trend in CEE is driven by low vacancy, strong occupier demand and low pipeline.
October 3, 2011
Erste Group´s CEO: „The Situation is Serious“
Andreas Treichl, CEO of the Austrian Erste Group considers to delay the repayment of the Bank Aid.
October 1, 2011
Sergey Monin Appointed as CEO of Raiffeisenbank in Russia
He succeeds Pavel Gurin who passed away at the start of September. The appointment is subject to approval of the Russian Central Bank.
September 30, 2011
New Chief Financial Officer for Immofinanz
Birgit Noggler was appointed to the Executive Board of the Austrian real estate company. She will take up the post on 1 October.
September 30, 2011
Strabag Realizes € 250m High-Rise Project in Berlin
The Austrian construction group will invest € 250m in a property in prime capital location. Completion of the project is expected in 2015.
September 29, 2011
Hypo Alpe Adria Needs More Time to Build Up Capital
The Carinthian nationalized bank will not be able to meet the prescribed capital ratios by March 2012. Management and authorities are negotiating an extension of the deadline.
September 29, 2011
VIG to Start Due Diligence on Warta in October
The Austrian insurance group intends to grow on the Polish market. An acquisition would double its premium income in the country.
September 28, 2011
VBAG: No Repayment of State Aid in 2011
The Austrian bank’s low equity capital base does not allow repayment of the first € 300m tranche of state capital.
September 28, 2011
Atrium Completes the € 191m Acquisition of Palac Flora in Prague
The Vienna-listed real estate group extends its-Czech portfolio, which now reaches 98 properties after Prague's largest real estate transaction in 2011.
September 27, 2011
Drastic Decrease in Profits for Immofinanz Group
The Austrian real estate company records increasing rental income in the first quarter of 2011/12. The decline in profits is due to foreign exchange effects.
September 26, 2011
C-Quadrat Plans to Close Its Fundbrokerage Business
The Austrian fund company will focus exclusively on its asset management core business segment.
September 24, 2011
conwert Establishes Its Own Sales Team in Austria
The Austrian real estate company cancelled its contracts with Resag and Wiener Privatbank to realize a savings potential of between € 1.5m and € 2.5m annually.
September 23, 2011
RBI Defies Hungary’s Banking Tax
The Austrian bank is not planning to pull out of Hungary. Losses from the conversion of foreign currency loans cannot be estimated yet.
September 22, 2011
Immofinanz Acquires Property in Warsaw
The Austrian real estate company made its largest office property acquisition since 2008. The purchase price is € 102m.
September 22, 2011
Restructuring Program at Uniqa
The Austrian insurance corporation sets down one-time expenditures of € 190m in the 2011 balance sheet. Group annual result for 2011 expected to be a "flat zero" – notwithstanding any further negative developments on the capital markets.
September 21, 2011
No Dividends at Austrian Volksbanken AG
Österreichische Volksbanken Aktiengesellschaft – no payments on profit-related instruments for the 2011 business year.
September 21, 2011
German and Austrian Economy Claim Improvements for Company Loans
Representatives of the German and Austrian Economy fear adverse impacts for company loans from the new Basel III rules.
September 20, 2011
New Index at Vienna Stock Exchange
Vienna Stock Exchange launches Top Dividend Indices for the ATX, CECE and CEESEG Traded Index today.
September 20, 2011
S&P: „Austrian Banks Undercapitalized“
The rating agency Standard & Poor´s (S&P) sees a substantial undercapitalization for Austrian banks. The recommended rist-adjusted capital quota is 8%, Austrian banks are below.
September 19, 2011
Erste Group: BCR Needs Capital Boost
The Austrian bank’s Romanian subsidiary may need additional capital due to high risk costs and the overall economic situation.
September 16, 2011
Semper Constantia Invest Becomes Core Shareholder of German Praktiker
The Austrian investment company has increased its stake to become the second largest shareholder in the ailing German do-it-yourself store chain.
September 15, 2011
Decline in Savings Deposits Continues
Business development of Austrian banks in the first half of 2011: Balance sheet total grows; volume of demand and fixed-term deposits increases.
September 14, 2011
Erste Group Increases Stake in Romanian BCR
The Austrian bank enters into agreement with four regional investment funds to acquire a further 24.12% in its Romanian subsidiary.
September 14, 2011
Vienna Insurance Group: Market entry in Bosnia-Herzegovina
The Vienna Insurance Group AG has signed a contract to acquire a majority stake in the insurer Jahorina Osiguranje AD Pale (Jahorina) in Bosnia-Herzegovina after successfully concluding due diligence.
September 13, 2011
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