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Bawag

Eight Austrian Banks to be Supervized by ECB

The European Central Bank will supervise 130 banks in the Eurozone. 18 German and six Austrian banks will have a new supervision authority.

September 6, 2013

Austrian Banks Register Growing NPL

The advisory group pwc has issued a new report on the asset quality of Austrian banks. In terms of asset quality, Hungary and Romania are performing worst.

September 5, 2013

Austrian Banking Sector Burdened Heavily With NPL

In total, non-performing loans held by Austrian banks come at € 150bn. This corresponds to 48% of Austria´s GDP.

September 2, 2013

Austrian Banking Package: Major Burden for Taxpayers

In total, the banking package has caused costs of more than € 6.4bn. Austrian taxpayers must expect further costs.

July 19, 2013

Serracchiani: „Will Do Everything I Can“

In an interview with Austrian newspaper “Kleine Zeitung“ Debora Serracchiani, new regional president of the province Friuli in Italy announced to do everything so that Hypo Group Italy will survive.

June 11, 2013

Austria: Post Shows Solid Revenues

In 2012, Austrian Post generated € 123.2m and was therefore able to slightly increase the turnover. € 1.80 is being declared per share, which is a raise of € 0.10.

March 14, 2013

Bawag: Solid Operating Performance in 2012

Profit after tax (without restructuring expenses) of € 153.2m slightly above last year’s level.

March 13, 2013

Austria: Elsner Files Lawsuit in US Supreme Court

Former BAWAG CEO Helmut Elsner filed a lawsuit over $ 1.8bn against members of the Austrian Social Democrat party (SPÖ).

March 7, 2013

Austrian Construction Group Alpine Rescued

For the time being, Alpine´s bankruptcy could be prevented. The creditors agreed on a partial waiver.

March 4, 2013

Size of Austrian Bank Aid: € 20bn

Since 2008, the Austrian state has injected more than € 8bn into domestic banks. Guarantees total € 12bn.

February 5, 2013

Alpine: Creditors Face Haircut

The financially stricken Austrian construction company wants its creditors to contribute to the restructuring.

February 2, 2013

Fitch: Austrian Banking Industry Depends on CESEE

According to the U.S. rating agency, the situation of Austrian banks strongly depends on the development in central, east and southeast Europe.

January 14, 2013

Nowotny Remains Governor of OeNB

According to insiders, Ewald Nowotny will be re-elected as governor of Austrian National Bank (OeNB).

January 7, 2013

Bawag Concludes Capital Increase of € 200m

Equity capital raise from current shareholders and investors further strengthens BAWAG P.S.K.’s capital position. Cerberus´ share goes down to 52%.

December 28, 2012

Bawag: Changes in Management Board

Retail director Wolfgang Klein becomes Deputy CEO of the Austrian bank. Corey Plinkston joins the management board. Byron Haynes keeps his position as CEO:

December 22, 2012

Austria: BWB Approves New Shareholder at Bawag

The U.S. investment fund Golden Tree Asset Management becomes the second core shareholder of the Austrian bank.

December 14, 2012

Bawag: Cerberus Shares Ownership with U.S. Hedge Fund

The U.S. hedge fund Golden Tree Asset Management becomes a 40% shareholder at the Austrian bank.

November 19, 2012

FMA: „Austria is Open to Blackmail by Banks”

Kurt Pribil, director of the Austrian Financial Market Authority, thinks that the nationalization of banks has shown that the Austrian state is still under pressure.

October 23, 2012

Bawag: Hungarian Exposure Shrinks

The Austrian bank gradually withdraws from Hungary. The stake in MKB Bank becomes smaller.

October 23, 2012

Bawag Gets New Owner

In return for a capital increase of € 200m, the U.S. investment fund Cerberus cedes a 33% stake in the Austrian bank.

October 19, 2012

Haynes: Cerberus Supports Bawag

Bawag´s CEO Byron Haynes confirms that the bank will cut jobs. The customer segment should be kept, however. Instead, the cost structure should become more efficient.

September 20, 2012

Bawag to Cut 700 Jobs

The Austrian bank plans to sharpen its austerity program. The private trade segment should be downsized in order to reduce the equity requirement.

September 18, 2012

Debt Crisis: “Somebody Will Have to Pay”

European Forum Alpbach 2012: Andreas Treichl, CEO of Erste Group thinks that the internationalization of the banking industry cannot be reversed. According to Treichl, the European citizens will have to pay for the crisis.

August 30, 2012

Bawag´s Profit Is Decreasing

In the first half of 2012, Bawag´s earnings were down moderately. The net income declined by 14%.

August 28, 2012

Bawag May Sell Leasing Unit

The Austrian lender Bawag, which is owned by the U.S. investment fund Cerberus, is said to sell its leasing business.

August 23, 2012

No Merger Between VBAG and Bawag

Bawag´s CEO Byron Haynes reaffirmed that U.S. owned bank is not interested in a merger with the partly nationalized VBAG.

August 6, 2012

Bawag and Generali Extend Cooperation

The Austrian bank, which is owned by the U.S. investment funds Cerberus and Generali agreed on extending the cooperation until 2023.

July 23, 2012

VBAG-Restructuring Proves Problematic

In March, the Austrian VBAG Banking Group became partly nationalized. A new CEO has not been found yet.

July 12, 2012

Austrian Banks Cut Exposure in Spain

Erste Group, Raiffeisen Bank International (RBI) and KA Finanz have the highest exposure among Austrian banks.

June 11, 2012

Cerberus May Sell Bawag

Five years ago, the U.S. investment fund Cerberus acquired the financially stricken Austrian Bawag bank. Next week, the retention period expires.

May 12, 2012

Second Bawag Process Starts

In June, the former investment fund manager Wolfgang Flöttl will face retrial of Austria´s biggest criminal process.

April 25, 2012

Big Exposure in Spain and Portugal

In total, Austrian banks have an exposure of € 4.3bn in the financially stricken EU-countries Spain and Portugal.

April 19, 2012

Former Bawag CEO Criticizes Cerberus Sharply

Helmut Elsner, former CEO of Bawag, accuses the new owner Cerberus to abuse the bank as “garbage dump” for toxic assets.

April 18, 2012

Fekter Nominates Koren as VBAG´s Chief Executive

Maria Fekter, the Austrian Minister of Finance said that Stephan Koren already agreed to become CEO of the partly nationalized bank VBAG.

April 14, 2012

Koren to Become VBAG´s New CEO?

Finance Minister Maria Fekter aims to nominate the former Vice-CEO of Bawag as board director of VBAG.

March 24, 2012

New Executives for VBAG

The banking group VBAG, in which the Austrian state is about to take a stake of up to 49 percent, will get new management after losing nearly € 1.4bn ($1.85bn) last year.

March 22, 2012

Bawag to Refund Bank Aid in 2014 by Earliest

The U.S. owned bank was the only one in Austria which could increase its profits last year. The restructuring is successfully completed.

March 17, 2012

Bawag Underlines its Profitability

The Austrian bank, which is owned by the U.S. investment fund Cerberus, could report profits before taxes of € 156m. Against 2010, this is a rise by 13%.

March 16, 2012

Bawag Buys Back Hybrid Capital

The U.S. owned Austrian bank purchases € 300m in hybrid capital back in order to strengthen the equity base.

March 9, 2012

VBAG to be Acquired by BAWAG?

According to market rumors, the financially stricken VBAG could be taken over by the U.S. investment fund owned Bawag.

March 2, 2012

Bawag Sues Linz For € 418m

The U.S.-owned bank now sues the Upper-Austrian capital. Linz has terminated a swap contract based on Swiss Francs.

November 8, 2011

Linz Believes in Victory Over BAWAG

The capital of the province of Upper Austria filed a lawsuit against Bawag, which is held by the U.S. investment funds Cerberus.

November 2, 2011

Significant Decline in Profits for Bawag

Net profit of the Austrian bank dropped 18.5% to € 78.5m in the first six months of the year. The bank levy totaled € 10.2m.

August 24, 2011

Bawag Sells Stiefelkönig to Leder & Schuh

The Austrian shoe retail chain is taken over by its strongest competitor. The deal is subject to approval by the competition Authority.

July 29, 2011

Bawag-CEO: “No Exit of Cerberus in 2012”

After five years, a sale of the Austrian bank would become possible next year. The shoe retailer Stiefelkönig will be sold this summer.

June 15, 2011

Strong Growth rates for BAWAG P.S.K. Insurance

BAWAG P.S.K. Versicherung AG was able to get into the Top-Ten group of Austrian life insurance companies for the first time, due to its growth in 2010.

May 14, 2011

Koren Leaves Bawag

Bawag P.S.K. announces that the Deputy Chief Executive Officer Stephan Koren will not be available for an extension of his term of office as of 1 May.

April 5, 2011

Bawag Announces Being Back in Black

Despite the continued difficult economic environment and the increasing regulatory burden, BAWAG P.S.K. realised good results in 2010, with an annual overall net profit recorded for the first time in four years.

March 24, 2011

Bawag: Successful Return to Profitability

The Austrian bank, which is held by the American Cerberus fund, achieved a profit of € 125m in 2010.

March 17, 2011

Bawag has to Sell Non-Core Business

The Austrian bank, which is owned by the US-American investor Cerberus, is obliged to sell its non-banking subsidiaries.

January 29, 2011