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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
Fitch Calls for Higher Capitalization of VBAG, Raiffeisen, Erste
The Austrian banks’ viability ratings are under pressure due to low capitalization and the banks’ exposure to CEE.
December 21, 2011
VBAG Sells Insurance Segment
The Austrian Volksbanken AG sells its stake in Victoria Volksbanken to Ergo Austria.
December 20, 2011
Immofinanz Reports Outstanding Results
The Austrian real estate group going strong in the first half of 2011/12: Group result has more than doubled compared to the previous year. Net Profits are up by 145%.
December 20, 2011
Resistance Against VBAG´s Structural Plans
The Austrian VBAB recently announced to restructure their group. However, the idea of a “bad bank” is seen as disadvantageous.
December 20, 2011
Benko Relieved from Money Laundering Accusations
Investigations against the Austrian real estate investor will end soon, German newspapers report. Benko bids for Metro´s subsidiary Kaufhof.
December 20, 2011
Rise in Profits Expected for Immofinanz
Tomorrow, on Tuesday, the Austrian real estate company presents its results for the second quarter. EBIT should rise significantly.
December 19, 2011
Hypo Group to Sell Interests in SEE Earlier
Due to the equity regulations, the Austrian bank prefers to sell its business in South Eastern Europe instead of the Italian and Austrian subsidiary.
December 19, 2011
Oberösterreichische Versicherung Raises Premium Income
The Upper Austrian regional insurance company expects to record results slightly below the previous year´s level.
December 19, 2011
Rumors Say Raiffeisen Looking for New Investors
According to newspaper reports, the Austrian Raiffeisen Zentralbank (RZB) has talks with banks in Sweden and Norway. RZB denies such information.
December 19, 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
Kaufhof-Deal Not Closed Before 2012
The two main competitors for the German retail chain are the Austrian real estate investor René Benko and the U.S. investor Nicolas Berggruen.
December 17, 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
Uniqa Grows Quickly in Bosnia and Herzegovina
The insurance company’s premium volume increased by 14% in the first three quarters of the year.
December 16, 2011
OeNB: Developments in the Sovereign Debt Crisis Will Be Crucial for Financial Stability
The Austrian National Bank (OeNB) presented the 22nd Financial Stability Report.
December 16, 2011
VBAG Supervisory Board Resolves New Divisional Structure
The Austrian bank will sell its subsidiaries that are not part of the core business. The headcount will be reduced by 20% by the end of 2013.
December 15, 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
Real Estate Boom in Austria
Property prices rose by 5.0% over the last two years. An end of the boom is currently “not in sight”, says the real estate industry.
December 14, 2011
Building Saving: Financing Becomes more Difficult
In Austria, 45,000 new apartments are needed, causing finance requirements of € 8.8bn. Meeting this demand becomes harder.
December 14, 2011
VIG and Zurich Fight for Polish Warta
According to the Polish newspaper Rzeczpospolita, the Swiss Zurich and the Austrian Vienna Insurance Group are the favorites for the acquisition of Warta.
December 14, 2011
Kaufhof: Investigations Cause Delay in Sale Process
Suspicions of money laundering against the Austrian real estate investor René Benko prevent the take-over for the time being.
December 13, 2011
S&P Cuts Uniqa´s Rating
Standard & Poors today lowered the long-term financial rating of the Austrian insurance group Uniqa from “A-“ to “BBB+”.
December 13, 2011
€ 230m Capital Increase at Hypo Tirol
The province of Tyrol, the owner of Hypo Tirol, decided to strengthen the bank´s capital base. From where the funds will be provided, is not clear yet.
December 12, 2011
Immofinanz Sells Project in Germany
The Austrian real estate group sells its stake in a project in Düsseldorf in order to grow in Russia and Poland.
December 12, 2011
Atrium Completes Acquisition of Shopping Centre in Poland
The Vienna-listed real estate company Atrium finished the acquisition of a € 55m project in the seventh largest city in Poland.
December 12, 2011
Erste Group Increases Stake in BCR to 82%
In connection with the implementation of agreements with the Romanian SIFs, Erste Group has acquired a further approx. 7% stake in BCR against cash and issuance of new shares.
December 12, 2011
Austrian Investor Interested in Croatian Aluminum Company
The Austrian financial investor Michael Tojner is a potential buyer of the Croatian aluminum manufacturer TLM-TVP, which is owned by Hypo Group.
December 10, 2011
Treichl: „9% Quota Is Adequate“
The CEO of Erste Group, Andreas Treichl, is optimistic to achieve the prescribed 9% tier 1 capital quota by mid-2012.
December 10, 2011
Nowotny Attacks EBA
The Governor of the Austrian Central Bank (OeNB), Ewald Nowotny, criticizes the high speed which EBA requires from banks to build up equity capital.
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
Reduced, But Still High Shortfall at Austrian Banks
EBA shortfall for RZB Group set at approximately € 2.1bn, for Erste Group at € 0.74bn. However, the initial shortfalls were reduced for RZB.
December 8, 2011
Kaufhof: Benko Offering € 2bn?
The Austrian investor decisively rejected reports that suggested this acquisition price. Metro’s CEO wants to obtain € 2-3bn.
December 8, 2011
Hypo Tirol Needs Capital Increase
The Tyrolean bank suffers from a low equity capital quota. After major write-offs in Italy, the core capital amounts to 5.8%.
December 7, 2011
Rising Finance Requirements Due to Increase in Investments
According to the Erste Bank’s forecast on savings and loans, the average financing amount in Austria amounts to € 81,800.
December 7, 2011
Benko Confirms Binding Offer
Both Metro Group and René Benko´s Signa Holding confirmed that a binding offer for Metro´s subsidiary Kaufhof has been put.
December 6, 2011
Immofinanz-CEO Zehetner Expects Reduced Finance Costs
Due to lower interest rates and depreciations of foreign currencies in the CEE region, the Austrian real estate company will have low refinance costs, Zehenter says.
December 5, 2011
Major Job Cut at Hypo Group
A spokesman from the Austrian Hypo Alpe Adria confirmed plans for further layoffs. In the medium run, the bank wants to reduce staff by 500 posts at least.
December 5, 2011
Kaufhof: Benko Is Preferred
According to the seller, the German Metro Group, the Austrian real estate investor has good odds. Benko will submit a binding offer soon.
December 5, 2011
Further Write-Offs at Hypo Tirol Possible
The Tyrolean bank could make further write-offs in 2012. Non-performing loans of € 30m in Italy are still in the books.
December 5, 2011
Hypo Group: € 3.0bn Debts at BayernLB
The nationalized Hypo Group is still massively indebted at its former holding company, the German BayernLB. The loan will be due by the end of 2013.
December 3, 2011
Polish Financial Market Authority Claims RBI´s Quotation
The Vice-President of the Polish financial market authority, Wojciech Kwasniak, asks the Austrian Raiffeisen Bank International to quote in Warsaw, besides the listing in Vienna.
December 3, 2011
S Immo Announces Changes in Shareholding Structure
The Austrian real estate company S Immo clarifies that the two core shareholders still remain in S Immo and hold a threshold beyond 9% each.
December 3, 2011
Hypo Tirol Expects Loss of € 110m
The Austrian regional bank’s result will be impacted by major write-downs of non-performing loans in Italy.
December 2, 2011
Legal Success for Bank Austria
A Swiss court granted the bank’s appeal against an obligation to pay € 245m to a German public body.
December 2, 2011
Volksbanken Group Takes Back Restructuring Decisions
The Austrian group cancelled the planned spin-off of its banking operations due to the deterioration of the market environment.
December 1, 2011
Wiedeking Joins Benko’s Signa Holding
The German manager becomes a member of the Austrian real estate group’s advisory board.
November 30, 2011
Erste Group Buys Remaining Shares in Romanian BCR
The Austrian bank has reached an agreement with the last one of five regional investment funds to acquire its stake of 6%.
November 30, 2011
Austria to Sell Nationalized Bank Kommunalkredit
The nationalized lender has to be sold by mid-2013. Finance Minister Fekter hopes for proceeds of € 500m.
November 29, 2011
Immofinanz Refinances Shopping Center in Poland
Two German banks arranged a € 210m facility for the Austrian real estate group’s Silesia City Center in Katowice.
November 29, 2011
Warimpex Records Negative Result
The Austrian real estate company posted a loss of € 2.8m in the first nine months of the year despite a 10% increase in revenue from hotel operations.
November 29, 2011
VIG Acquires Polish Life Insurance Company Polisa
The Austrian insurance group rounds off its product portfolio in Poland. Polisa generated a premium volume of € 21m in 2010.
November 29, 2011
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