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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
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
Immofinanz 2011 Convertible Bond Conversion Period Ends October 6
The Austrian real estate company Immofinanz informs, that the conversion of the convertible bonds 2011 is possible only until 06 October 2011 at 4.00 pm (CET).
September 13, 2011
FMA: Negative Performance of Austrian Pension Funds
The Financial Market Authority (FMA) reports a negative performance of Austrian pension funds for 2011: total return amounted to -1.2% for the first six months.
September 13, 2011
CEE-Region Remains Essential for Austrian Insurance Companies
According to a current market survey of Fitch, the CEE region plays a central role for domestic insurance companies. There is still growth potential.
September 12, 2011
Austria Considers Lawsuit Against Hungary
The Austrian Minister of Foreign Affairs, Michael Spindelegger (ÖVP) threatens Hungary to file a lawsuit at the European Court of Justice. Hungary plans to stress banks massively.
September 12, 2011
CA Immo Sells Major Stake of Skyline Plaza
Together with ECE, the Austrian real estate company sells a 80% stake on the project Skyline Plaza, which is a shopping center in Frankfurt, Germany.
September 12, 2011
Significant Growth for Austrian Leasing Business
In the first term of 2012, Austrian leasing companies experienced a 25%-growth. Total business volume amounted to € 3.3.bn.
September 12, 2011
C-Quadrat Receives Management Mandates with a Volume of € 300m
The Austrian fund company will assume the mandates from Germany’s third-largest insurance group in the fourth quarter.
September 8, 2011
Sale of Volksbank International Finalized
The Eastern European subsidiary will be sold for a price ranging from € 585m to € 645m depending on business performance in 2011.
September 8, 2011
Bank Aid Package is a Loss for Austria
For the Austrian Republic, the recapitalization measures for Austrian business banks is a losing deal. Losses amount to € 237m.
September 7, 2011
CEO of Raiffeisenbank Russia Dead
Pavel Gurin, CEO of Raiffeisenbank in Russia, passed away, the Austrian Bank stated.
September 5, 2011
Immofinanz Continues Sale Program in Austria
The Austrian real estate company reported the successful implementation of its five-year sale program. By 31 July property sales had generated proceeds of € 665.4m.
September 5, 2011
Fekter: No Nationalization of VBAG
The Austrian Finance Minister has the right to nationalize the bank if it does not pay a dividend on the state’s € 1bn of participation capital.
September 2, 2011
Raiffeisen Centrobank Reports Increase in Profit
Net interest income declined, while trading profit and net fee and commission income increased substantially. Turbulences on financial markets might burden the bank’s business development.
September 2, 2011
Hypo Alpe Adria: FMA Sees Capital Requirement of € 1.5bn
The Austrian nationalized bank has to fill the capital gap by 31 March 2012. Management wants to continue the downsizing program.
September 2, 2011
VIG Merges Polish Subsidiaries
The Austrian insurance group expects increased efficiency resulting from the planned merger between InterRisk and PZM.
August 31, 2011
RZB Reports Significant Increase in Profit
Profit before tax for the period up 60.5% to € 877m, with consolidated profit increasing 21.5% to € 488m. Net allocations to impairment loss provisioning were reduced by 32%.
August 30, 2011
Negative Result for Warimpex
The Austrian real estate company recorded a loss of € 3.2m in the first half of the year. EBIT fell from € 13.4m to € 7.6m.
August 30, 2011
S Immo: Earnings more than Doubled in the First Half of 2011
The Austrian real estate company recorded EBIT of € 51.3m, up 70.6% year-on-year. Net income doubled to € 10.1m.
August 29, 2011
Decline in Profit for Hypo Lower Austria
The Austrian regional bank achieved net profit of € 16.4m in the first six months of 2011. Net interest income increased to € 75.8m
August 29, 2011
Uniqa: Solid Results despite Devaluation of Greek Bonds
Net profit of the Austrian insurance company increased by 6.8% to € 53m. Recurring premiums grew 5.3% in the first six months of the year.
August 29, 2011
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