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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
Martin Schwedler Appointed CEO of Raiffeisen Investment in Moscow
The previous board member of RIAG will focus on expanding the Austrian bank’s presence in Russia’s growing M&A and ECM business.
August 1, 2011
Bawag Sells Stiefelkönig to Leder & Schuh
The Austrian shoe retail chain is taken over by its strongest competitor. The deal is subject to approval by the competition Authority.
July 29, 2011
Hypo Alpe Adria Sells Schlosshotel Velden
The Austrian bank signed a purchase agreement with Amisola Immobilien AG. Falkensteiner Michaeler Tourism Group will take over management of the hotel.
July 29, 2011
Erste Group Increased Net Profit from January to June
The Austrian bank’s results were burdened by bank taxes in Austria and Hungary. Net profit was up 5.2%, based on a solid operating result and lower risk costs.
July 29, 2011
Warimpex Sells Hotel in Warsaw
The Austrian real estate company sells the Sobieski Hotel in Warsaw, together with an adjacent 6,000 square meter office building to Wenaasgruppen, headquartered in Norway.
July 28, 2011
Banks Expect Tightening of Credit Guidelines in 2012
Austrian banks’ lending policies did not change in the second quarter of 2011. For two years already, no tightening of lending conditions has been observed.
July 28, 2011
Erste Bank Fixed the Takeover of Intermarket Bank
Erste Bank took over 56% in Austria’s largest factoring bank from the Polish subsidiary of Commerzbank and will acquire another 10% from Coface.
July 28, 2011
Austrians Still Prefer Building Society Savings
Erste Group’s s Bausparkasse benefits from the continuing trend. The amount of new lending increased by almost 25% year-on-year.
July 27, 2011
VIG: Trouble at Romanian Subsidiary
The Austrian insurance group has reportedly lost millions due to illegal actions at one of its Romanian subsidiaries. Company representatives denied any misconduct.
July 27, 2011
Kärntner Sparkasse Starts Withdrawal from Italy
The Carinthian regional bank is closing down two branches as a consequence of the economic crisis and new capital requirements.
July 26, 2011
Strong Growth for Car Leasing Companies
Booming car sales are boosting the leasing business in Austria. All major leasing banks recorded growth in the first half of 2011. The trend is expected to continue.
July 25, 2011
Immofinanz Generated New Funds in Russia
The Austrian real estate company reached an agreement on the refinancing of its logistics center in St. Petersburg. The new funds will be invested in further projects in Russia.
July 21, 2011
Credit Costs to Rise in the Wake of Basel III
The new regulatory requirements are expected to increase the cost of credits and to reduce the Austrian banks’ profitability.
July 20, 2011
Hypo Alpe Adria Opens New Branches in Italy
The Carinthian bank is expanding its business in the neighboring country although the subsidiary will soon be in the hands of a new owner.
July 19, 2011
RBI’s Direct Bank Zuno Starts Operations in the Czech Republic
Following the launch in Slovakia at the end of 2010, Raiffeisen’s direct bank now takes up business in a second country.
July 19, 2011
Stress Test: Erste Group and Raiffeisen Passed, Volksbank Failed
Volksbanken Group is the only Austrian bank that failed the stress test. Taking into account the measures that are currently being implemented, the core tier I ratio would be above the benchmark.
July 15, 2011
Meinl Bank in the Red
Meinl Bank surprisingly presented results on Thursday. The institute slid into the red, while the Group was able to reduce losses.
July 15, 2011
Erste Group Provided Financing for Hospital in Warsaw
The € 32m acquisition financing is the first private hospital financing in CEE of that size which has been closed by Erste Group and also a first in Poland for the bank.
July 15, 2011
Former Cheuvreux Duo Berger and Reisenberger to Work for Wiener Privatbank
Former Cheuvreux analysts Alfred Reisenberger and Eduard Berger join Wiener Privatbank as of August 1.
July 15, 2011
VBAG and Sberbank Agree on Sale of VBI
After several months of negotiations the two banks have agreed on the main conditions of the sale of Volksbank International. The deal will be closed by the end of this year.
July 15, 2011
Volksbanken Group Speeds Up Sale of VBI
In the face of the looming negative result of the stress test, the Austrian bank is trying to conclude negotiations with Russian Sberbank.
July 13, 2011
German LBBW Starts Sale of Property Portfolio – conwert Interested
An acquisition of the real estate portfolio is not affordable for the Austrian group. However, it might enter a partnership and take over the asset management.
July 13, 2011
Slow Recovery in Banks’ Lending Activity
Corporate loans recovered faster than loans to private households. Interest rates have increased only slightly since April 2010.
July 11, 2011
Austrian Banks React to ECB’s Interest Rate Decision
The Austria banks quickly passed on the interest rate hike to their customers. Christoph Leitl regards the decision as an impediment for budgetary consolidation.
July 8, 2011
European Stress Test Results to Be Published on July 15
The test performance of 91 participating banks will be available next week. According to Moody’s, Austrian Volksbanken AG is at risk of failing the test.
July 8, 2011
OTP Bank Shows Interest in Volksbank International
The Austrian Volksbanken AG found a second potential buyer for its Eastern European subsidiary. The Hungarian OTP bank wants to expand into the markets where VBI has a presence.
July 7, 2011
S Immo Increases the Occupancy Rate of its Hungarian Portfolio
The Austrian real estate company’s Hungarian subsidiary leased out nearly 4,000 m² in the heart of Budapest. The vacancy rate was reduced to below 9%.
July 7, 2011
CEO Volker Riebel Leaves conwert
The Austrian real estate company announced a new management structure: CEO Riebel leaves; the managing board will consist of two directors.
July 6, 2011
Sale of VBI to Be Signed in July
The Austrian Volksbanken Group and Sberbank have come close to an agreement on the sale of the Eastern European bank. The transaction price will be € 700m.
July 5, 2011
VIG Interested in Acquisition of Polish Warta Insurance
The Austrian insurance company might strengthen its position in the Polish market with the acquisition of a local company.
July 4, 2011
RBI Hit by Bankruptcy of Saudi Arabian Company
The Austrian bank has problems with its credit business in Saudi Arabia. “An amount in the low hundreds of millions” is at risk.
July 4, 2011
Successful Start for RBI’s Direct Bank Zuno in Slovakia
18,000 Slovak customers have deposited a total amount of € 125m in the first six months since the bank entered the market in December 2010.
June 30, 2011
RBI: Acquisition of Polbank Stake Advancing
The Austrian bank has received anti-trust approval of the deal. Closing and operational merger are expected in Q4/2011 or Q1/2012.
June 30, 2011
RLB OÖ to Sell Its Stake in Polytec
The Upper Austrian regional bank will sell its shares in the component supplier for approximately € 34m.
June 29, 2011
Volksbanken Group to Sell Stake in RZB
Österreichische Volksbanken-AG Group (VBAG) will sell its shares in Raiffeisen Zentralbank for almost € 500m. The redemption of state capital and the sale of VBI have been delayed.
June 28, 2011
Uniqa Sold Stake in Romanian Company
The Austrian insurance group sold its 27% holding in Astra for € 25m to the Nova Group.
June 27, 2011
Profit Situation of Austrian Banks Improved Significantly
The banks recorded a positive development in the first quarter. However, net profits of the full year will fall as a result of the newly introduced bank tax.
June 27, 2011
Erste Group: Delayed Redemption of State Capital
The Austrian bank will not repay the € 1.2bn of participation capital before the end of the month, probably due to the ongoing stress test.
June 24, 2011
International Business Important for Austrian Insurers
The Austrian insurance companies recorded moderate growth in the first quarter of the year. More than 50% of their premium income comes from their international business.
June 21, 2011
Austrian Financial Sector Stable – Remaining Challenges in Particular Business Segments
Stress test results show Austria’s banks to be more resistant to risks than in 2010 – Boosting equity remains on the agenda nevertheless.
June 21, 2011
conwert Interested in Billion-Euro Deal with LBBW
The Austrian real estate company is looking for partners to purchase the residential property portfolio of the German bank. Industry experts see a realistic chance for an acquisition.
June 20, 2011
CA Immo: Uniform Brand Appearance also in Germany
In the future, the Austrian real estate group’s German subsidiary Vivico Real Estate GmbH will operate under the brand "CA Immo".
June 20, 2011
Hypo Group: End of the First Round in the Bidding Process
Today, Friday, was the closing date for the submission of tenders for Hypo Group’s Austrian business. The sale process is expected to take several months.
June 17, 2011
Atrium and Meinl Bank Agree to Stop All Legal Proceedings
The American-Israeli real estate fund and the Austrian bank reached a settlement agreement on the dismissal of all claims between them.
June 17, 2011
Immofinanz Acquires Romanian Property Developer
The Austrian real estate company buys the remaining stake for € 42.43m in order to become sole shareholder of Bucharest-based Adama.
June 16, 2011
Raiffeisen Expanding Its M&A Business in Russia
The Austrian bank group is planning a joint venture between RBI and RIAG in order to put the investment banking in Moscow on a new footing.
June 16, 2011
Bawag-CEO: “No Exit of Cerberus in 2012”
After five years, a sale of the Austrian bank would become possible next year. The shoe retailer Stiefelkönig will be sold this summer.
June 15, 2011
Stagnating Level of New Bank Lending
Loan development in the first quarter: increase in long-term lending, but decline in total corporate lending volume.
June 10, 2011
Immofinanz Acquires Office Property in Warsaw
The Austrian real estate company already held 51% of the property and is now becoming the sole shareholder. The transaction includes the sale of another object to a project partner.
June 10, 2011
Immofinanz Sells Funds for € 137m
The Austrian real estate group decided to sell its financial investments as it is focusing on its core business. 18 funds worth € 160m are still held by the company.
June 8, 2011
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