Page 6/6

Downsizing

Hypo Group Sells Insurance Segment

The nationalized Austrian Hypo Group Alpe Adria sold its insurance subsidiary, Hypo Alpe Adria Insurance Services (HIS).

January 2, 2012

Polytec Sells Interior Business

The Austrian automotive component manufacturer sells its Spain-based interior segment. Results for 2011 are confirmed.

December 27, 2011

VBAG Sells Insurance Segment

The Austrian Volksbanken AG sells its stake in Victoria Volksbanken to Ergo Austria.

December 20, 2011

Resistance Against VBAG´s Structural Plans

The Austrian VBAB recently announced to restructure their group. However, the idea of a “bad bank” is seen as disadvantageous.

December 20, 2011

Hypo Group to Sell Interests in SEE Earlier

Due to the equity regulations, the Austrian bank prefers to sell its business in South Eastern Europe instead of the Italian and Austrian subsidiary.

December 19, 2011

Rumors Say Raiffeisen Looking for New Investors

According to newspaper reports, the Austrian Raiffeisen Zentralbank (RZB) has talks with banks in Sweden and Norway. RZB denies such information.

December 19, 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

Immofinanz Sells Project in Germany

The Austrian real estate group sells its stake in a project in Düsseldorf in order to grow in Russia and Poland.

December 12, 2011

Sale of Croatian OMV Petrol Stations Begins

OMV´s current market share in Croatia is 13%. Almost every major oil company in Europe shows interest.

December 9, 2011

Erste Group: Drastic Cut in Hungary

The Austrian bank cuts 450 jobs in Hungary. However, Erste Group emphasizes to stay in Central and Eastern Europe.

December 9, 2011

La Redoute Leaves Austria

The French owner Redcats decided to close the Salzburg-located branch. The French group has to restructure.

December 8, 2011

OMV Sells Croatian and Bosnian Subsidiaries

In line with the strategy of the Austrian oil and gas company, the sale of the retail and commercial business in Croatia (OMV Hrvatska d.o.o) and Bosnia-Herzegovina (OMV BH d.o.o) is under consideration.

December 6, 2011

Major Job Cut at Hypo Group

A spokesman from the Austrian Hypo Alpe Adria confirmed plans for further layoffs. In the medium run, the bank wants to reduce staff by 500 posts at least.

December 5, 2011

OMV to Sell Petrol Stations to Slovak Slovnaft

The Austrian oil and gas group OMV has already announced its downsizing strategy in the petrol station business. Slovnaft, a Slovak subsidiary of the Hungarian MOL, shows interest.

November 22, 2011

UniCredit to Withdraw from CEE?

The holding company of Bank Austria, the Italian UniCredit, may close its operations in Eastern Europe. The consequences for Bank Austria are unknown.

November 14, 2011

Conwert Reorganizes its Activities

The Austrian real estate company will sell a major stake in the real estate broker Resag. Assets over € 600m should be sold this year.

November 7, 2011

PKN Orlen Interested in OMV´s Petrol Stations

The Austrian oil corporation OMV downsizes its operations in the Czech Republic. 220 Petrol stations are for sale.

October 31, 2011

Hypo Group Plans to Sell Austrian and Italian Subsidiary

The nationalized bank continues its downsizing program. Major parts shall be privatized again now.

October 25, 2011

Hypo Group: „Need Time, not Cash“

Gottwald Kranebitter, CEO of the Austrian nationalized Hypo Group emphasizes the independence from further state capital.

October 18, 2011

Sale at Rail Cargo Austria?

The freight traffic division of the Austrian Federal Railways (ÖBB) still suffers from its Hungarian subsidiary RCH. A sale to Hungary seems to be possible.

October 15, 2011

UniCredit: Sale of Bank Austria?

According to market rumors, the Italian bank considers to sell its Austrian subsidiary in order to strengthen its own position. Bank Austria´s CEO Cernko denies fiercely.

October 8, 2011

Kärntner Sparkasse Finalized Withdrawal from Italy

The Carinthian bank will close its operating business in Italy. The branches have been overtaken by the South Tyrolean “Südtiroler Sparkasse”.

October 8, 2011

OMV: Withdrawal from Czech Republic Possible

The Austrian energy company plans to leave the Czech petrol station market, reports the Czech Television (CT). Proceedings will be needed for the expansion of the gas business.

October 3, 2011

Demanding Sale Program for OMV

Gerhard Roiss, CEO of the Austrian oil and gas company OMV announced to sale assets of more than € 1.0bn.

September 26, 2011

bwin: Possible Separation of the Swedish Subsidiary

Following the merger between the Austrian bwin and the British PartyGaming, bwin could be parted from the Swedish Ongame.

February 8, 2011

Reorganization at Austrian Post

Simplification of internal processes should strengthen competitiveness and customer proximity.

January 21, 2011

Strabag: Layoff Wave in the Czech Republic

Because of the weak order situation, the Austrian construction group dismisses up to 380 employees at the Czech location.

January 20, 2011

Standard & Poor’s: Austria's Credit Rating at Risk

The reasons for such gloomy prospects are not problems with the banks or domestic companies, but rather the demographic situation threaten Austria's credit rating.

November 11, 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

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

Financing of OMV-Deal in Turkey Still Open

OMV leaves the financial markets still in the dark as to how it will cope with the acquisition.

October 25, 2010
Fast News Search