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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
Polytec: Withdrawal of RLB Oberösterreich?
According to market information, the Raiffeisen Landesbank Oberösterreich (Upper Austria) will separate from the auto supplier, who was badly hit by the crisis, but is writing black figures again.
November 4, 2010
Difficulties in the Vienna Real Estate Market
While there is a strong demand, there are few offers for investment properties in Vienna. The market turnover drops dramatically.
November 4, 2010
Bawag and Post Seal Cooperation
BAWAG and the Post want to enter into a symbiosis and create their own nationwide network of branches throughout Austria by 2012.
November 4, 2010
Raiffeisen Participates in Bid for Polbank
Raiffeisen International Bank (RBI) tries to get into the act concerning the sale of Polbank. The eighth largest bank in Poland is currently owned by EFG Euro Bank, which is offering its Polish interest for sale.
November 3, 2010
Vienna Stock Exchange: Winners and Losers of Today (2010-11-02)
Daily News-Flash from the Vienna Stock Exchange.
November 2, 2010
Hypo-Group Changes Board of Austrian Subsidiary
Hypo Alpe Adria makes new appointments to the Executive Board of the Austrian banking subsidiary Hypo Alpe-Adria-Bank AG.
November 2, 2010
Hypo Proceedings: New Revelations
Both sensitive data and risk and control instruments were handled negligently.
November 2, 2010
A-Tec: Financing Only Secured Until January
The plan of the creditors' committee was rejected. The Banks are consulting with each other for the financing of the ailing A-Tec group, after which the creditors’ committee will present a new proposal to the credit institutions.
November 2, 2010
Identification Required for Savings Account Withdrawals
Since November 1, the implementation of the EU directive on anti-money laundering is in force. Customers therefore need not only a password, but also identification for a savings account withdrawal.
November 2, 2010
A-Tec: Banks Working on Counter-Proposal
After the fruitless negotiations, the banks plan to draw up a counterproposal. In addition, a British investor is showing interest in joining.
October 30, 2010
New Retail Project in Constanta for Immofinanz
A new center located in Constanta, Romania, offering international tenants business opportunities in 130 retail units, will be opened in 2011.
October 30, 2010
Volksbank: Greater Efficiency by Downsizing
The Austrian Volksbank AG (ÖVAG) has not been able to reach a cooperation with other domestic banks. The deal with the BAWAG failed. Now, the Volksbank is looking for alternatives.
October 30, 2010
Erste Group Posts Net Profit of EUR 737 Million
Net profit rose by 2.3% to EUR 736.8 million in the first nine months of 2010. The cost/income ratio improved to 48.7%, from 50.9% in the first three quarters of 2009.
October 29, 2010
Hypo Group: Serious Allegations Against Kulterer
The former airline “Styrian Spirit" is said to have been financed without collateral, according to expert opinion. Kulterer defends himself and points to guarantee commitments by Jörg Haider.
October 29, 2010
Kovats in Distress: Rescue Package Must Stand Firm by Monday
The coming days are of utmost relevance for Mirko Kovats’s insolvent A-Tec Group. The rescue package must be ready by Monday.
October 29, 2010
Bank Tax: Only 185 Million Remain for the Federation
In negotiations with the provinces, the federal government surprisingly yields to pressures: proceeds from the bank tax will be divided.
October 29, 2010
Tax on Securities’ Profits: Financial Industry in a Rage
The tax is targeted at the middle class, but it means especially an administrative burden and creates competitive disadvantages, according to the industry.
October 28, 2010
A-Tec Restructuring: Kovats Hands Over 25.1%
The banks inject new money into the insolvent company; Kovats has no longer the majority. If restructuring fails, the banks have realization authority.
October 28, 2010
Lending Policy of Banks is Stabilized
Results for Austria of the October 2010 credit business survey in the euro area
October 28, 2010
Hypo Group: Dramatic Losses Expected for 2010
The bank has to downsize, and will therefore have to part with many assets, according to the chairman of the board. For 2012, prrofits are expected again.
October 27, 2010
A-Tec: Will 100 Million be Given Up by the Creditors?
The creditors' committee deliberates today on how the company will continue existing. Mirko Kovats, founder and CEO of the company, wants to make a "substantial contribution" to the issue.
October 27, 2010
HYPO Group: Further Liabilities Necessary?
The Carinthian HYPO Group would suffer massive losses should it sell its real estate in the Balkans. Due to the write-offs, new liabilities of the Republic might be required.
October 25, 2010
New Budget: Details and Reactions
The entire tax package will bring additional revenues for around 1.2 billion euro. There are further saving measures for 1.6 billion euro. Reactions from the economic actors are ambivalent.
October 25, 2010
New Budget, New Taxes
The budget includes a new austerity package, which consists essentially of taxes on mineral oil, tobacco and banks.
October 25, 2010
Bank Austria CEO Cernko: No More Bank Tax Soon
Due to Basel III, location reasons and to safeguard jobs, the bank tax will only be effective temporarily, according to Cernko
October 22, 2010
Raiffeisen CEO Stepic: The Crisis in Eastern Europe is Not Over Yet
The RBI boss explains why recovery is taking longer, why his institute does not want to pay back the state capital yet, and why he considers that Raiffeisen is being treated unfairly.
October 22, 2010
Vienna Insurance Group in Albania
Further growth achieved with the acquisition of Interalbanian.
October 21, 2010
A-Tec Offers a 30% Quota
CEO Kovats is trying to rehabilitate his insolvent company with the help of creditors.
October 21, 2010
aws-mittelstandfonds: Participation in New Telecom Holding in Carinthia
The fund of the Austria Wirtschaftsservice-Agentur (Austrian Economic Service Agency), a company launched last year to finance medium-sized businesses, has now acquired its fourth participation.
October 20, 2010
IMF Considers Recovery as "Moderate and Uneasy"
Growth in Europe seems to be normalizing slowly. Dynamism is missing though, and many vulnerabilities are as yet unresolved.
October 20, 2010
Tax Evaders Targeted by the Ministers of Finance
Budget problems plague the majority of EU countries. In addition to budget discipline, the prosecution of tax evaders is to be addressed.
October 18, 2010
Slight Fall in Corporate Tax
On the other hand, indirect taxes experienced an increasing trend. Despite tax competition, tax increases are expected due to budget needs.
October 18, 2010
Hypo-Group: Bavarian Lawsuit Against Carinthia
The balance sheet of the Hypo Group -nationalized in 2009- was artificially inflated, according to the accusation from Bavaria.
October 18, 2010
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
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