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Downsizing
Cyprus to Sell Gold Reserves
The country has to sell reserves in the amount of € 400m. In the meantime, the banking sector has been cut down to one half of its former size.
April 10, 2013
Concern About Hypo Group in Friuli
MEP Serracchiani has requested to get involved in the current affairs.
April 8, 2013
Cyprus Airways Threatened With Bankruptcy
According to Cyprian newspaper Fileleftheros, Cyprus Airways is about to fold.
April 4, 2013
Austrian SMEs Keep on Struggling in 2013
Persistant insecurity and subdued growth expectations characterize the 1st quarter of 2013. Enterprises regard new energy efficiency policy as additional bureaucratic burden.
April 4, 2013
VIG: Drastic Downsizing Measures in Romania
Because of increasing losses 450 employees will be made redundant.
April 4, 2013
European Banks Leaving CESEE Countries
Two banks from EU member state countries Sweden and Italy have announced withdraw from their holdings in Hungary, Russia and Ukraine.
April 2, 2013
Slovenia: “We Will Need No Bailout This Year”
Since Greece, Spain and Cyprus are currently finding themselves in disastrous economic situations, Slovenia does not want to seem like the next bail-out candidate.
March 30, 2013
Cyprus: 37.5 % Only The First Cut
Assets will be burdened much higher than assumed. Apart from the mandatory levy of 37.5 % a further amount of 22.5 % will be frozen in.
March 30, 2013
How Austrian Airlines Intends to Soar Again
In an interview with the Austrian newspaper Presse, Jaan Albrecht, head of Austrian Airlines explains why he had to carry out sudden drastic measures and what the future of the airline should look like.
March 29, 2013
Slovenia: Situation For Banks Still Shaky
According to the National Bank, the new government in Slovenia needs to avoid becoming the new setting of bail-out negotiations with the EU after the banking crisis in Cyprus.
March 28, 2013
VBAG: Business Operation Down by € 131m
In 2012 single entity result negative at EUR -131 million.Net interest income decreased to € 220m. Total assets dropped by € 13.5 billion to € 27.7bn. Further losses are expected for 2013.
March 28, 2013
Slovenia: NLB Gets Own Bad Bank
Slovenia biggest bank, Nova Ljubljanska Banka (NLB), is going to establish its own intern bad bank.
March 28, 2013
Cyprus: Trying to Avoid Chaos at Banks
Today, Cyprus‘ banks are supposed to be opened after almost two weeks of closing. The citizens are called for calm and there are limits for drawing money. The currency rate was downgraded to Caa2 by Moody’s.
March 28, 2013
Cyprus: Outflow of Billions of Euros Presumed
Investors in Cyprus could face haircuts up to 50 %. Parliamentary President, Omirou want to go into details about the alleged transfer of assets despite of the banks closing.
March 26, 2013
Medvedev Vexed Over EU
In case the government will not come to conclusion how to generate the required money (€ 5.8bn), the ECB will cut off the money supply for Cyprus’ ramshackle banks.
March 25, 2013
VBAG to Sell Malta Affiliate
VBAG is going to sell its small Malta subsidiary in the course of the EU downsizing program which the banking institute has commited to.
March 23, 2013
Immofinanz Group Reveals Less Profit
Operating profit (EBIT) reduced by € 47.9m to € 444.7m. Decline in net profit from € 269.4m to € 210.1m. Cash flow rose by 8.9% y/y to € 315.3m.
March 21, 2013
CA Immo: „Results Would Have Been Perfect“
CEO of CA Immo, Bruno Ettenauer, proclaims that without devaluations the real estate company had to make the end results for 2012 would have been “perfect”. Now, CA Immo considers withdrawing from non profit-making markets.
March 21, 2013
Conwert: Profits in 2012 Negatively Effected
Target EBT of € 50m was met. Revenues dropped by 26.7 % y/y from € 852.9m to 625.1m. Earnings before tax amounted to € 154.6m. Outlook: conwert plans to gradually expand core business in Germany and Austria.
March 21, 2013
FCC to Cut Down On Manpower
Alpine’s parent company, Spanish construction enterprise FCC is going to cut back on 1,000 jobs. Furthermore, company shares that are not part of the core business in the amount of € 2.2bn are supposed to be sold.
March 20, 2013
CA Immo: Major Drop in Profits
On Tuesday evening, CA Immo published the annual figures for 2012. The market-listed real estate company shows profits of € 48.6m which means a decrease of 28 %.
March 20, 2013
Bank Austria To Boost Capital Base
CEO Cernko wants Eastern Europe to play an important role again in the future.
March 19, 2013
Bank Austria Takes Drastic Measures
Because of selling the Kazakhstan division and bad credits, quarter losses of € 553m for parent company UniCredit have to be faced.
March 16, 2013
VBAG is Forced to Continue Radical Downsizing Measures
The partly nationalized and financially stricken Austrian banking group has to implement a painful restructuring concept. At the moment, VBAG sells its properties.
March 15, 2013
Bank Austria to Sell ATF
Bank Austria will sell its affiliation in Kazakhstan, ATF Bank, which was acquired in 2007. ATF made losses into the billions.
March 15, 2013
Austria: EVN To Sell Devoll Hydropower To Statkraft A. S.
Agreement regarding the sale of EVN AG's stake in Devoll Hydropower ShA, a project entity for the construction of a hydro power plant in Albania, to Statkraft A.S.
March 14, 2013
Austria: Hypo Gets Additional € 700m From State
The EU threatens to close down Hypo Group because of the overdue restructuring measures.
March 9, 2013
Czech Republic: Erste Group Cutting More Jobs
Because Erste Group has to save CZK 1bn (€ 39m) this year, economy measures need to be taken.
March 8, 2013
Austria: New CEO for Alpine
The construction company was saved from bankrupcy and is now looking for a new CEO
March 5, 2013
Austria: Alpine Turns Out a Big Burden For FCC
The construction company has avoided bankrupcy and is save – for the time being.
March 5, 2013
Poland: LOT Airline Downsizing Personnel
Due to the restructuring program, the unprofitable airline company has to lay off 360 workers.
March 2, 2013
Alpine: Future Still Highly Uncertain
Today, Alpine´s creditors decide whether the financially stricken construction company will be restructured.
February 28, 2013
Austria: Wienerberger in the Red
Results for 2012:Group revenues: € 2,356 million (+23% versus 2011). Operating EBITDA: € 246 million (+2% versus 2011). After tax loss: € 41 million.
February 26, 2013
Bank Austria Plans Radical Reduction of Branches
The biggest Austrian bank wants to reduce the number of branches from 350 to 250 in the next two years.
February 22, 2013
OMV Sells Its Marketing Subsidiary in Croatia
With this transaction OMV Refining and Marketing has completed the next step in implementing the defined divestment program.
February 1, 2013
Alpine to Cut a Third of its Workforce
The Austrian financially stricken construction company has to implement radical restructuring measures.
December 21, 2012
Erste Group Withdraws from Ukraine
Austrian Erste Group enters into an agreement to sell Erste Bank Ukraine.
December 20, 2012
Uniqa Sells Hotel Investments
The Uniqa Group is selling its hotel investments from the Austria Hotels International Group to an investor group headed by Oliver W. Braun (also including Günter Kerbler, Johann Kowar and others).
December 18, 2012
Bank Austria: Major Losses in Kazakhstan
In 2007, Bank Austria took over the Kazakh ATF Bank. In total, the banking group is threatened to record losses of up to € 1.8bn. Now, Bank Austria is said to leave Kazakhstan.
December 11, 2012
Hypo Group Expects Enormous Challenges
„Next year will be very difficult.“ CEO Gottwald Kranebitter says in an interview with “WirtschaftsBlatt”.
December 10, 2012
Hypo Group: Deadline Expires
Today, the first deadline for the sale of Hypo Group´s subsidiaries in Southeast-Europe expires.
December 7, 2012
Hypo Group Sold AluFlexPack to MTC
After months of negotiations, the Austrian nationalized bank sold the Croatian aluminum company to the Switzerland-based Montana Tech Components.
November 30, 2012
Bank Austria Considers Withdrawing from Kazakhstan
ATF-Bank, the Kazakh subsidiary of Bank Austria is said to be sold.
November 16, 2012
Hypo Group: Cash Contributions Come at € 500m
The Austrian state has to inject another € 500m in the financially stricken nationalized bank. Furthermore, guarantees will increase by € 1.0bn.
November 14, 2012
Hypo Group Starts Selling Business in SEE
The nationalized Austrian banking group has to downsize drastically. Today, Hypo Group started to put the subsidiaries in Southeastern Europe for sale.
November 6, 2012
Moody´s Downgrades Austrian VBAG
The U.S. rating agency underlines that the Austrian state will help the financially stricken bank further.
November 3, 2012
Erste Group to Sell Ukrainian Subsidiary
This year, the Austrian bank plans to sell its Ukrainian business segment. Erste Group entered the Ukraine in 2006.
October 8, 2012
Hypo Group: Problems in Italy
The Austrian banking group, which was nationalized in 2009, must downsize. The sale of the Italian subsidiary proves difficult, however.
September 25, 2012
VBAG to Cut More than 1,000 Jobs
Today, the Austrian problem bank announced to sharpen its austerity program radically. Until 2017, VBAG must be downsized to the half of its current size.
September 21, 2012
Eder Calls for Cut in Steel Production
The CEO of the Austrian steel producer voestalpine asks the European Union to introduce a controlled reduction of the steel production. The overcapacities would cause lower prices, Eder argues.
September 17, 2012
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