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Read the latest headlines about developments in the international service industry in Vienna and Austria
Vienna International Professional Services Industry News
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
Hypo Alpe-Adria-Bank - The new Group Press Officer
Dominic Köfner to take on the role of Group Press Officer for Hypo Alpe-Adria-Bank International AG (HGAA)
September 9, 2010
Horváth & Partners Study - CEE remains attractive
A new study of the Horváth & Partners Management Consultants studied the success factors for setting up the subsidiaries of production sites in CEE.
September 8, 2010
VBAG Group result for the first half of 2010: positive development continued
In the second quarter of 2010, Österreichische Volksbanken-AG (VBAG) Group confirmed the turnaround of the first quarter.
September 3, 2010
CA Immo International completes first phase of DIY store OBI in Romania
Construction phase one of the retail development project in Sibiu has been concluded - DIY store OBI opens with 9,700 sqm of usable space.
September 2, 2010
UBM with slightly improved results
Focus on hotels and housing, regional focus remains on Poland and Germany.
August 31, 2010
Raiffeisen Centrobank AG - Interim Financial Report released
Raiffeisen Centrobank made the biggest contribution to the result of the group with a profit after tax of EUR 14.401 mn.
August 31, 2010
Kommunalkredit back in black
Kommunalkredit AG earned €7.5m ($9.5) net, in the first half of 2010. It is the first period since the split in November 2009; a comparison with the previous year is therefore limited.
August 30, 2010
TeleTrader decreases loss, raises revenues slightly
TeleTrader, a stock-listed IT service provider, posted in H1 2010 a loss on ordinary activities of EUR 62,000 (US$ 48,819), which was slightly better than the loss in H1 2009 (EUR 170,000/US$ 215,900).
August 30, 2010
Austrian Banks in Central, Eastern and Southeastern Europe
According to a recent comparative study from the Austrian Central Bank (OeNB), the long-term commitment of Austrian banks in Central, Eastern and Southeastern Europe (CESEE) offers good prospects.
August 27, 2010
Raiffeisen Evolution shifting back
The real estate developer Raiffeisen evolution (RE) was significantly affected by the uncertainty in the property markets in 2009.
August 26, 2010
Allianz Austria registers profits
Allianz Austria has improved its half year results by around 45 per cent, which amounts to pre-crisis levels.
August 25, 2010
Eco Business back in black
The listed Eco Business Immobilien AG registers positive numbers in the first half of the year.
August 24, 2010
Meinl Bank compensates MEL-investors
The next 600 small investors may get back a third of their losses with MEL-papers. Overall Meinl Bank wants to pay out 3.2m ($4) and then retrieve the money from financial institutions.
August 20, 2010
VIG registers higher semi annual profit
The Vienna Insurance Group (VIG) earned €209.8m ($266) in the first half of 2010, which is over ten percent more than a year ago. While more premiums were taken up, paid benefits decreased.
August 20, 2010
AWD back in black
The financial services group AWD Holding AG returned to profitability and achieved a profit before interest and taxes (EBIT) of €20.4m. In the same period last year AWD had at deficit of €10.3m, the EBIT margin is at 7.8 percent.
August 18, 2010
AWS - Increasing demand for small loans
According to the Austria Economic Service (AWS) a significant increase in demand for small loans was registered in the first half of 2010.
August 17, 2010
Final result for the voluntary takeover bid for CA Immo International AG
In total CA Immobilien Anlagen AG now holds 42,217,340 shares of CA Immo International AG, this is equivalent to 97.14% of the issued share capital of CA Immo International AG.
August 17, 2010
C-QUADRAT Investment AG - Interim Financial Report as of 30 June
C-QUADRAT Investment AG concluded the first half year of 2010 with an operating income of €29.6m, an operating profit of €5.4m and a net profit of €8.5m.
August 16, 2010
New management at S&T Austria GmbH
Eduard Bugelnig, Patrick Schnebel and Robert Latka take over management of the Austrian subsidiary of S&T.
July 23, 2010
Vienna Insurance Group: increase the proportion of TBIH to 100 percent
After taking the lead in the TBIH Financial Services Group NV (TBIH), the Vienna Insurance Group agreed with Kardan Financial Services BV to acquire its minority stake of 40 percent.
July 23, 2010
Head of Erste Bank Treichl advocates stress test ranking
"Then, investors can visualize the results," said Treichl after a bankers' meeting with Trichet.
July 22, 2010
Austria attracts World Bank
Austria has concluded agreements for an official residence of the World Bank Group. It provides privileges similar to those of diplomats for employees of the international organization.
July 22, 2010
Hungary gives bank tax its blessing
The new Hungarian Prime Minister Viktor Orban will not abandon the highly controversial tax, as decided in Parliament.
July 22, 2010
Banks-Stress Test - Friday evening moment of truth
At 6pm the Association of European Banking Regulators publish the result of the test of 91 European financial institutions. In Austria, Erste Bank, RZB and Bank Austria will be tested.
July 21, 2010
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