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Romania in Austria | Romanians in Vienna | Bilateral Relations

Erste Group: Capital Shortfall to be Covered by Profits

The new equity requirements will be fulfilled, Erste Group´s CEO Treichl says. The capital shortfall amounts to € 743m.

December 27, 2011

Bank Austria Reviews Strategy for CEE

In its expansion strategy, the bank focuses on four countries. Plans for Hungary and Romania are stopped, up to 450 jobs will be cut.

December 17, 2011

VBAG Supervisory Board Resolves New Divisional Structure

The Austrian bank will sell its subsidiaries that are not part of the core business. The headcount will be reduced by 20% by the end of 2013.

December 15, 2011

Changes to the Management Board of Erste Group

The Supervisory Board of the Austrian bank took several personnel decisions that concern the holding company as well as the subsidiaries in Hungary and Romania.

December 15, 2011

S&T Aims to Achieve Turnaround in 2012

The Austrian information technology service provider wants to return to the profit zone. In 2012, turnover should reach € 220m at least.

December 14, 2011

Erste Group Increases Stake in BCR to 82%

In connection with the implementation of agreements with the Romanian SIFs, Erste Group has acquired a further approx. 7% stake in BCR against cash and issuance of new shares.

December 12, 2011

Kapsch Group Expands in Romania

With the opening of a new, larger branch office, the Austrian toll collecting system supplier Kapsch Group is providing a signal for expansion in Romania.

December 7, 2011

Porr Issues Profit Warning

The Austrian construction company has to write down € 90m of receivables due to problems in Eastern Europe. For next year, however, management is confident to see stable development.

December 1, 2011

Erste Group Buys Remaining Shares in Romanian BCR

The Austrian bank has reached an agreement with the last one of five regional investment funds to acquire its stake of 6%.

November 30, 2011

Strabag Increased Revenue and Earnings after Nine Months

Revenue of the Austrian construction group was up by 9%. EBIT stood at € 208m – 8% higher than in 2010.

November 30, 2011

Strabag Wins New Orders for Environmental Technology Division

The Austrian construction group secured new business worldwide. The total volume is € 110m.

November 29, 2011

Romania Protests Against Austria´s Banks

The Austrian Central Bank and the Financial Market Authority announced to oblige domestic banks to reduce their exposure in the CEE region. Romania fears a credit crunch.

November 28, 2011

Stock Swap at Erste Group

The Austrian bank increases its stake in the Romanian BCR by 6.23% against cash and issuance of new shares

November 28, 2011

Volksbanken Group Result Negatively Impacted by Extraordinary Write-Downs

The Austrian bank posted a consolidated loss of € 689m for the first nine months of the year. The annual result is expected to decrease even further.

November 25, 2011

Drop in Revenue for SW Umwelttechnik

The Austrian technology group was particularly burdened by a decrease in quantities in Hungary. The loss on ordinary activities doubled from € -1.6m to € -3.3m.

November 23, 2011

OMV Concludes New Syndicated Loans

The Austrian oil and gas company has signed two syndicated multi-currency credit facilities totaling € 1,680m, which replaces existing facilities maturing in 2012.

November 23, 2011

Romanian Tourism as Chance for Austrian Economy

As the Romanian economy performs well, Austrian enterprises see the tourism sector as chance for new orders.

November 22, 2011

Increasing Capital Requirements for Austrian Banks

The Austrian Raiffeisen Bank International (RBI) needs to raise its equity base by € 2.5bn instead of € 1.9bn, the bank supervision claims.

November 19, 2011

Conference on European Economic Integration

“European Integration in a Global Economic Setting – CESEE, China and Russia“. Conference jointly organized by the Oesterreichische Nationalbank and Suomen Pankki – Finlands Bank.

November 18, 2011

Petrom Accused for Breach of Antritrust Rules

The Romanian subsidiary of the Austrian OMV, Petrom, is confronted with alleged breach of antitrust regulations.

November 16, 2011

Vienna Insurance Group Reports Moderate Rise in Profits

Profit (before taxes) went up by about 10 percent to € 414.1m. Group premiums rose by 4.0 percent to € 6.8bn.

November 15, 2011

€ 400m for Solar Power

Tauernwind, which has built a solar power park in the Austrian Alps, intends to expand substantially.

November 12, 2011

Swietelsky and Strabag Win Orders in Romania

The Austrian construction companies were commissioned by the national railways to renovate the infrastructure on two lines.

November 11, 2011

Immofinanz Completes Acquisition of Romanian Adama

The Austrian real estate group has taken full control over the southeastern European housing firm, in which it has held a stake since 2007.

November 9, 2011

Growth Potential in CEE Banking Sector

The Austrian Raiffeisen Bank International has a very favourable growth outlook for six CEE banking markets representing 80 per cent of the region's total banking assets

November 8, 2011

Austrian Wage Increases below European Average

Real incomes are expected to go up by 0.8% next year. The average rate for Europe will be 1.3%.

November 4, 2011

OMV Considers € 1.5bn Credit Line

The Austrian oil and gas company is negotiating a major credit facility with a term of five years.

November 4, 2011

Erste Group´s CEO Wants to Avoid Further State Aid

Andreas Treichl, CEO of the Austrian major bank Erste Group, wants to prevent a further influence of the Austrian state.

October 29, 2011

Erste Group Reports Loss of € 1.49bn for the Third Quarter

The Austrian bank took extraordinary charges leading to a net loss of € 973.0m in the first nine months of 2011 and significantly reduced CDS exposure.

October 28, 2011

Immofinanz Opens New Shopping Center in Romania

Total cost of the Austrian real estate company’s project amounted to € 100m, including a co-investment by French retail chain Auchan.

October 27, 2011

EU Calls for Opening of Labor Markets to Romanians and Bulgarians

The European Parliament wants a solution by the end of 2011 and does not see any negative effects on social welfare systems.

October 27, 2011

Rabmer Building Opens a New Subsidiary in Poland

Rabmer Building has established a Polish subsidiary. Already since last year the Polish market has been managed by eleven employees from Bydgoszcz.

October 24, 2011

Construction Companies Fight for Romanian Order

Three Austrian construction companies – Strabag, Porr and Alpine – compete for a major order from the Romania railways. The order volume is € 258m.

October 24, 2011

Negative Results for S&T

The Austrian IT service provider S&T had to report losses in the third quarter of 2011. Sales were below expectations.

October 22, 2011

Austrian Post Buys Stake in Romanian PostMaster

The deal includes an option for Austrian Post to become sole shareholder of the leading alternative postal service provider in Romania.

October 20, 2011

Growth of CEE Region Under Threat from Eurozone Crisis

The EBRD research is predicting a slow-down in emerging Europe’s economic growth next year with the continuing eurozone sovereign debt crisis posing challenges to recovery from the 2008-09 global financial crisis.

October 18, 2011

Spectacular Surge in Profits of CEE Technology Companies

The annual Deloitte Technology Fast 50 Program honors the fastest growing Central European technology companies. It is based on the percentage of revenue growth over five-year period.

October 18, 2011

Raiffeisen's Comment on Current Developments of CEE Eurobonds

Eurobond markets felt the deteriorating market sentiment in recent weeks, reported Raiffeisen Research.

October 18, 2011

CEE Less Vulnerable to Severe Economic Crisis

The reaction of the CEE region to the global slowdown should be less severe than in the post-Lehman crisis, as CEE economies are in a completely different stage of their economic cycle and have reduced their imbalances.

October 17, 2011

Financial Syndicate for Nabucco Arising

The Austrian OeKB intends to conduct a financial consortium for the gas pipeline project Nabucco.

October 15, 2011

Erste Group Increases Stake in BCR

The Austrian Erste Group further expands in the difficult Romanian market. Erste Group will hold 94% in BCR then.

October 15, 2011

VBAG Expects Massive Loss

The Austrian bank has to write off € 700m on the book value of its participations in Investkredit and Volksbank Romania. The state’s participation capital will not be repaid this year.

October 14, 2011

Greiner Packaging Expands its Network in Romania

The Austrian packaging producer took over the major share of S.C. Amplast Co S.A. from a group of private owners.

October 13, 2011

OMV Promotes Nabucco Project Abroad

The Austrian oil corporation OMV pushes the gas pipeline project Nabucco in Turkey, Azerbaijan and Turkmenistan.

October 11, 2011

RBI: „There Is No Reason to Write Off“

After Erste Group has published its highly negative forecast for 2011, Raiffeisen Bank International came under pressure. RBI underlines that its risk is not comparable to that of Erste Group.

October 10, 2011

Surprising Write-Offs at Erste Group

Due to write-offs in Hungary and Romania, Austrian Erste Group reports a net loss of about € 920 - 970m in the first three quarters of 2011.

October 10, 2011

OMV’s Petrom Opens Wind Park in Romania

The subsidiary of the Austrian energy group invested a total of € 90m. The park has an installed capacity of 45 MW.

October 7, 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

Nabucco Bids for Gas Field in Azerbaijan

The Asiatic country will publish its decision by the end of 2011. Three candidates submitted their offers.

October 1, 2011

Nabucco Welcomes Bayerngas’ Intent to Become New Shareholder

Nabucco Gas Pipeline International GmbH welcomes Bayerngas’ intent on becoming one of the Nabucco shareholders. Negotiations with the six current shareholders will begin immediately to determine the future share split within the consortium.

October 1, 2011