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Vienna International Professional Services Industry News

Supervision of Banks: Austria and Russia Intensify Cooperation

A Memorandum of Understanding just signed facilitates cooperation in banking supervision between the two countries.

October 18, 2010

CEOs of Stock Exchange Alert: Vienna´s Taxation Plans Cast Investors out

The heads of Vienna´s stock exchange, Schaller and Bohl, fear that the introduction of capital and transactional taxes downgrades Austria´s capital market.

October 14, 2010

OeNB Governor Nowotny Contradicts the Deutsche Bundesbank

"The ECB should not give up purchasing bonds". Although the bond purchase program of the ECB was not needed in recent weeks, Nowotny wants to go on having it "in reserve”. The German Bundesbank warns of a too late withdrawal.

October 13, 2010

Post and Bawag Join Branches

BAWAG PSK and the Post have agreed to work together more closely. BAWAG branches and larger post offices will offer in future both postal and banking services.

October 13, 2010

Global Financial Market System: Norbert Walter Urges for Regulation of Financial Markets

Economist Norbert Walter discussed world financial markets with Lower Austria Deputy Governor Sobotka and Hypo Lower Austria Chairman of the Board Harold at the HYPO Invest Club.

October 12, 2010

RZB Group Tatra banka among Lead Managers for Slovak Republic EUR 2 Billion Benchmark Bond

Tatra Banka (RZB Group), HSBC, SG CIB and UniCredit Bank Slovakia placed a Slovak Republic issue with a maturity of fifteen years.

October 11, 2010

Raiffeisen Bank International: Official Start of Business

The merger was concluded successfully and effectively with the company's entry into the commercial register. RZB remains unchanged as the central institution of the Raiffeisen Bank Group in Austria and corporate headquarters for the whole RZB Group.

October 11, 2010

Vienna Stock Exchange - Agreement with Macedonian Stock Exchange on Joint Dissemination of Data

In the future, the price data of the stock exchange of Macedonia will be disseminated in real time via the datafeed Alliance Data Highway (ADH) of the Vienna Stock Exchange.

October 8, 2010

Macquarie to take over Innovest from Siemens

The Macquarie Group acquires Siemens' Innovest KAG. Innovest's activities are an important platform for Macquarie Funds Group in Central Europe and fit into the strategy of Macquarie to build a global asset management company.

October 7, 2010

Hypo Alpe-Adria: 25% of the Slovenian Merkur DIY Chain Put Up for Sale

Hypo Alpe-Adria-Bank International has put up for sale a 25% share of Merkur, the insolvent Slovenian DIY and home improvement products chain, in the daily newspaper "Delo”

October 5, 2010

Taxand opens CEE headquarter in Vienna

Taxand, a global organization of tax advisory firms, welcomed Taxand Austria to its fold. Each firm in each country is a separate and independent legal entity responsible for delivering client services.

October 1, 2010

Brokerjet intends to expand into Poland

The Austrian online broker Brokerjet, a subsidiary of ecetra Central European e-finance AG (ecetra means Erste Bank Central European Trading), a wholly-owned subsidiary of Erste Bank Group, is already active in the Czech Republic and Slovenia.

October 1, 2010

UniCredit SpA has appointed Federico Ghizzoni as its new chief executive

Italy's biggest bank UniCredit SpA named central and eastern European head Federico Ghizzoni its chief executive as expected on Thursday and underscored its commitment to an international role.

October 1, 2010

Immofinanz: Positive Signs Again

At exactly 12:53 pm on Thursday, an order for 926 shares allowed the Immofinanz stock to fight its way back to the zero-line. Investors hope that the worst is over by now.

September 30, 2010

Vienna now has its own Expat Center

In Vienna, the first Expat Center in Austria was opened. The project was handled by the Vienna Business Agency (former WWFF).

September 30, 2010

Supreme Court: Investors Misled by Meinl European Land Promotional Brochure

The Supreme Court ruled in favor of an investor who was led astray by a MEL-shares promotional brochure. The Meinl Bank describes the ruling as "contradictory," and as "not a good sign for the Austrian capital market."

September 30, 2010

Raiffeisen Invests in New Branches in the Czech Republic

Raiffeisenbank a.s., the fifth largest bank in the Czech Republic, expands its network of branches in the neighboring country.

September 29, 2010

Insolvent AvW Invest AG Cannot Submit Financial Statements

The Carinthian financial company AvW, belonging to Wolfgang Auer-Welsbach who is in custody, cannot provide the necessary documents to prepare its financial statements.

September 29, 2010

BayernLB has to Wait 7 Years for 3.9 Billion from Carinthia

After the debacle of the Hypo Group Alpe Adria (HGAA), the Bayerische Landesbank will have to wait up to 7 years for the repayment of the 3.9 billion euro. The repayment plan provides for this period.

September 28, 2010

Insolvencies: Declining Trend for Both Companies and Individuals

KSV expects 10% less insolvencies for 2010, but warns about the consequences of fiscal budget adjustment.

September 28, 2010

Vienna Stock Exchange - Launch of Three Net Dividend Indices

The Vienna Stock Exchange launched three new indices today: ATX Net Total Return (ATX NTR), CECE Net Total Return (CECE NTR) and RDX Net Total Return (RDX NTR).

September 28, 2010

Austrian Real Estate: Increased supply of 339%

Office space supply is on rise, but demand is lagging behind. Prime rents and yields went down y/y.

September 27, 2010

CEE Real Estate: Outlook is brightening

CEE real estate stocks are currently in a phase of brisk corporate action. Financially sound companies with attractive assets are interesting takeover targets, while other companies are being taken over.

September 27, 2010

Meinl Bank Pays 6 Million Euro: Airport Intl. and Power Intl. Reach a Partial Agreement

Meinl Bank and International Power pull back all the claims against each other, except those in the arbitration court.

September 27, 2010

Immofinanz: Net Income Decreases by 57%

Immofinanz AG showed half as much profit in the first quarter after its merger, as a lasting non-recurring effect from the first quarter. Earnings per share diluted after the merger with Immoeast.

September 27, 2010

Bank Austria: Primeo-investor Wins in First Instance

An investor asked Bank Austria to sell her Primeo participation two months before the Madoff fraud was busted, but Bank Austria has not paid up yet.

September 27, 2010

Austrian Financial Services Discover Immigrants as Customers

Around 1.47 million people living in Austria have a migration background. Therefore, immigrants are an important target group for business. Domestic banks have also been getting into the so-called ethnic banking recently.

September 24, 2010

UniCredit: Andrea Orcel is Possible Successor to Profumo

Andrea Orcel, chief executive of the Global Banking and Markets division of Bank of America Merrill Lynch is rumored to be the favorite in the race to succeed the retiring UniCredit CEO Alessandro Profumo.

September 24, 2010

Elsner Provides Help in Finding Missing Bawag Funds

Former BAWAG CEO wants to clarify the fate of 1.7 billion euro of failed investments allegedly made by the speculator Wolfgang Flöttl to the detriment of BAWAG.

September 24, 2010

Vienna Insurance Group - Pre-tax profit forecast of 10 percent expected for 2010 and 2011

During the meeting of the supervisory board of the Vienna Insurance Group AG, the managing board advised that the target increase in pre-tax profit of at least 10 percent for the current business year is to be attained as planned.

September 24, 2010

C-Quadrat stake held by AvW to be sold by auction

The liquidator of AvW Gruppe AG has decided, that the 32.59% stake in C-Quadrat Investment AG (1.422.365 shares) will be sold by auction on October 13, 2010.

September 24, 2010

Austria Continues Being the Largest Investor in Romania

"Romania is an important market in Eastern Europe for the Austrian economy. Its great importance for us is proved by the fact that Austria is by far the largest investor in Romania"

September 23, 2010

Uniqa: Boss Klien Will Leave Mid-2011

The Supervisory Board of Uniqa has decided that CEO Konstantin Klien (59) will retire prematurely in mid 2011.

September 22, 2010

Foreign Direct Investments (FDI) Declined by 80%

Participation in companies and real estate are attractive, but Austrian firms are reluctant to make acquisitions in Eastern Europe.

September 22, 2010

Madoff Fund Report: Enormous Fees Without Any Value Added

After 9.5 years, 50,000 euro would have been eaten up by the "Primeo Select Fund" because of the high fees, is the opinion of an investors’ lawyer about the monies invested by Bank Austria with Bernie Madoff.

September 22, 2010

Profumo Resigns: Bank Austria’s Parent Group UniCredit Under Pressure

The surprise departure of UniCredit CEO Alessandro Profumo is the talk of the town in the financial industry, also in Austria.

September 22, 2010

CEE Banking Sector Report: Still More Credit Losses in the East

The number of bad loans is expected to increase considerably in some Eastern European countries, a Raiffeisen-analysis shows.

September 21, 2010

Martin Schlaff: Acquisition of Several Latvian Oil Transport Companies Planned

After four years of delay Schlaff is reported to be planning the takeover of several Latvian transport companies.

September 20, 2010

Austria's Management and Supervisory Boards’ Salaries on the Test Bench

The partly state-run OMV had the most expensive board of all Austrian corporations in 2009. In total, the oil company spent 10.2 million euro on its bosses, 23.4% more than the previous year.

September 20, 2010

ÖIAG: ÖVP vs. SPÖ

Schieder and Rudas demand dissolution of the state holding ÖIAG, Finance Minister Pröll, on the other hand, wants to “strengthen” it.

September 17, 2010

CESEE Bank Conference: Joint Supervisory Academy in Vienna

Finance Minister Josef Pröll wants to create common standards for the CEE region with an Eastern Bank Supervisory Academy in Vienna.

September 17, 2010

Hypo Alpe Adria: Greek Entrepreneur Xeniadis Signals his Interest in Buying

The Greek businessman Vasileios Xeniadis is prepared to offer 1.35 billion euro for Hypo Alpe Adria.

September 16, 2010

OeNB: First-time Increase of Banks’ Total Assets Since End of 2008

By the end of June 2010 the unconsolidated total assets of the reporting banks in Austria amounted to 1037.98 billion euro.

September 16, 2010

FMA publishes Q2 report on insurance industry

After getting off to a strong start in 2010, Austria's insurance industry has enjoyed a solid second quarter. Premium revenues grew in all balance sheet groups.

September 15, 2010

Volksbank Vorarlberg: High Losses in Switzerland

Commitment to financial advisor JML did not go as desired: losses up to 3.9 million euro

September 15, 2010

Investkredit and ÖVAG: As Of Now, They Have a Common Board

In addition to CEO Gerald Wenzel, Wolfgang Perdich, Martin Fuchsbauer and Michael Mendel are also members of the common board. The merger of both financial institutions is to take place in early 2011.

September 15, 2010

FMA and OeNB Welcome the Basel III Agreement

The package draws the right lessons from the financial crisis and provides for reasonable transition periods.

September 14, 2010

Russian Fund Accuses RZB of Money Laundering

The Russian fund Hermitage Capital, which has been at loggerheads with the Russian authorities for years owing to a major tax fraud case, now accuses the Raiffeisen Zentralbank (RZB) for having aided and abetted the money laundering.

September 14, 2010

Hypo: 700,000 € go from Berlin to KPMG

The auditing firm, formerly headed by the current Hypo-boss Kranebitter, received more money than previously known.

September 13, 2010

Erste Bank intends to become Austria´s leading bank by 2015

Erste Bank, the banking unit of Erste Group responsible for Austria, announced that it was planning to overtake Raiffeisen and become Austria´s leading bank by 2015.

September 10, 2010