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Hungary

RBI Is Optimistic to Reach Solution in Hungary

On the occasion of a investor conference in London, Austrian Raiffeisen Bank International talked about risks in Hungary and capital requirements by EBA.

March 31, 2012

EStAG Reports Moderate Rise in Earnings

The Styrian energy supplier Energie Steiermark AG could raise revenues by 9.0% to 1.37bn. Operating profits were down, though.

March 30, 2012

Ottakringer: Hungary Lowers Profits

The Austrian beer producer achieved stable results in 2011. The Hungarian brewery Pécs reports losses, however.

March 27, 2012

Nabucco Sees Decision on Combination With Tanap Next Year

Nabucco Gas Pipeline International GmbH, the € 7.9bn ($ 10.5bn) project to ship Caspian fuel to Europe, expects to make a decision on whether to link up with the competing Trans-Anatolia Pipeline next year.

March 22, 2012

Bank Austria Plays Down Hungary Risks

The head of UniCredit unit Bank Austria's central and eastern Europe business played down potential risks from Hungary in a magazine interview published on Friday.

March 19, 2012

No Credit Crunch in CEE

Western European banks maintain the liquidity of their subsidiaries in Central and Eastern Europe. The equity provision is better than expected.

March 14, 2012

Austria Wants More Leeway for Hungarian Budget

The Austrian Minister of Finance Maria Fekter criticizes the EU. Hungary is not treated equally, Fekter says.

March 13, 2012

Austrian Railways: Hope for RCA

Rail Cargo Austria, the freight division of Austrian Railways (ÖBB) seems to have achieved the turnaround. In 2010, RCA caused losses of € 67m.

March 10, 2012

Foreign Direct Investment in Austria Increasing

In 2011, a moderate decline in new enterprise settlements was registered. Investments grew by 34%.

March 8, 2012

Uniqa Aims for Growth in CESEE Region

The Austrian insurance group wants to sell stakes by the minority shareholders of subsidiaries in Eastern Europe. The capital increase is scheduled for 2013.

March 5, 2012

Car Deal Pappas Achieves Growth in Hungary

The Austrian car dealer group could achieve sales of € 129.1m in Hungary. In spite of the economic crisis, sales climbed up by 12%.

March 3, 2012

Austrian Railways Looking for Partners

ÖBB (Austrian Railways) wants to re-launch its foreign markets with local partners. After 2008, ÖBB had to downsize operations abroad.

February 28, 2012

High Losses for Erste Group Expected

Although Erste Group has to report high losses for its financial year 2011, analysts are optimistic for 2012. Business in Romania and Hungary is expected to improve.

February 28, 2012

Partial Nationalization of VBAG Planned

The financially stricken Austrian bank receives new capital. The Republic of Austria makes contributions of € 1.05bn. Bank taxes will increase.

February 27, 2012

Immofinanz to Become a „Property Machine“

CEO Eduard Zehetner wants Immofinanz to become a full developer, operator and seller of top-real estate objects. The company should be transformed to a “property machine.”

February 25, 2012

Hungary is Optimistic to Reach Agreement with IMF

The Hungarian ambassador in Vienna, Vince Szalay-Bobrovniczky is convinced to solve the current financial crisis soon. Hungary aims for re-gaining trust of investors.

February 25, 2012

Slight Growth Rates of Spar in CEE Region

For the first time, the Austrian supermarket chain´s sales totaled more than € 12.0bn in 2012. Sales growth amounted to 3.8%.

February 24, 2012

Baumax Faces Stagnation

The Austrian building center chain records declining sales in real terms in Austria. Growth rates are observed in Eastern Europe.

February 24, 2012

CSC Establishes its CEE Headquarters in Vienna

The U.S. IT service supplier CSC upgrades the Viennese subsidiary as regional headquarters for ten countries.

February 22, 2012

Nabucco Still Competes For Gas in Azerbaijan

The gas pipeline project, in which the Austrian oil company OMV is engaged, now enters the critical phase.

February 21, 2012

Stepic Criticizes Rating Agencies Sharply

For Herbert Stepic, CEO of Raiffeisen Bank International (RBI), statements given by the U.S. rating agencies are “undifferentiated”.

February 20, 2012

Sberbank Upgrades VBI´s Headquarter in Vienna

After the acquisition of the Austrian VBI, the Russian bank wants to expand massively in Europe.

February 20, 2012

Cernko: „Triple A Only in the Medium Term“

Bank Austria´s CEO Willibald Cernko does not think that Austria re-gains its “AAA” status within the next three years.

February 16, 2012

Bank Austria Writes Off Greek Bonds

The Austrian subsidiary of the Italian UniCredit Group has to write off Greek sovereign bonds by € 100m.

February 13, 2012

RBI: „Capital Increase is Pure Speculation“

The Austrian Raiffeisen Bank International, which is said to plan a capital increase, points out that this information is a “pure rumor”.

February 9, 2012

Russian Natural Gas Supply to Normalize

According to the Austrian oil and gas company OMV, gas deliveries from Russia are increasing slightly.

February 8, 2012

Capital Increase at RBI?

According to market rumors, Raiffeisen Bank International is said to revisit € 1.00bn sale as shares rise.

February 8, 2012

Hungary: 160,000 Loan Takes Convert Foreign Currency Debt

According to the Hungarian Financial market authority, 142,000 Hungarian households repaid foreign currency debt. Further 19,000 are expected.

February 7, 2012

CEE Countries with Bigger Space for Higher Bond Yields

Romania, Czech Republic and Slovakia with biggest room for manoeuvre in case yields would spike; Hungary should avoid financing at +6%, says Erste Group.

February 6, 2012

VBI Sale: Closing Expected for Mid-February

The Russian Sberbank buys VBI from Austrian VBAG. The price totals € 505m.

February 6, 2012

Porr Extends Capital Increase

The Austrian construction group intends to restock its planned capital increase. The minimum volume is € 30m.

February 2, 2012

Losses in Hungary Keep Within a Limit

The deadline for the conversion of Hungarian foreign currency loans expired. Austrian banks think that their provisions are sufficient.

February 1, 2012

3E Group Grows in Eastern Europe

The Austrian building material company´s revenues were up by 3.2% in 2011. Total sales reached € 546m.

January 30, 2012

Lutz Enters Croatia

The Austrian furniture store group opens its largest center in the SEE region. Market leader Ikea follows in autumn 2012.

January 26, 2012

Sberbank: € 500m for Austrian VBI

The Russian Sberbank officially bids € 500m for VBI, the subsidiary of Austrian VBAG.

January 26, 2012

RBI´s CEO Expects € 60m Losses in Hungary

Herbert Stepic, CEO of Austrian Raiffeisen Bank International, emphasizes to stay in Hungary. The foreign currency debt conversion causes severe losses.

January 26, 2012

Austrian Mercedes Production Endangered to Shift to Hungary

Construction of the SUV Mercedes G-class could switch from the Magna factory in Graz to Hungary.

January 24, 2012

Central Bank Act: Orban Gives In

Hungary waives the planned merger of the Central Bank and the Financial Market Authority. Yesterday, Austria´s Minister of Foreign Affairs visited Orban in Budapest.

January 21, 2012

Turkey Emphasizes Support for Nabucco

Besides the Russian South-Stream project, Turkey also shows support for Nabucco, where Austrian OMV is strongly engaged in.

January 21, 2012

New Record in Agricultural Exports

In 2011, Austrian food exports exceeded € 9.0bn for the first time.

January 21, 2012

Austrian Banks Hold € 18bn in Foreign Sovereign Bonds

At the end of October 2011, the exposure of Austrian banks in foreign sovereign bonds was € 18.1bn. The largest volumes are invested in Poland and Italy.

January 19, 2012

Treichl: „Erste Could Bear Hair Cut in Hungary“

Andreas Treichl, Erste Group´s CEO, is optimistic for Hungary. A withdrawal of Erste Group is not considered.

January 18, 2012

Porr: Capital Increase Flows Smoothly

According to Porr´s CEO Karl Heinz Strauss, the Austrian construction group raises ist capital within the next 60 days. Operating business is performing well, Strauss says.

January 16, 2012

Downgrade: „It´s Time to Take Action“

The downgrade of Austria´s rating from “AAA” to “AA+” caused mixed reactions. The Austrian economy urges for structural actions.

January 15, 2012

Treichl Does Not Expect Hungarian National Insolvency

In spite of a large exposure in Hungary, Andreas Treichl, Erste Group´s CEO is optimistic. By 2014, Erste Group Hungary should be profitable again.

January 14, 2012

Austria to Lose its AAA

According to partially confirmed market rumors, S&P will downgrade France and Austria.

January 13, 2012

Exit in Hungary Would be Expensive

In case of leaving the Hungarian market, Austrian banks would face enormous costs, says Citigroup.

January 13, 2012

Austrian Banks Must Downsize in Hungary

Erste Group and Raiffeisen Bank International (RBI) must streamline their operations. Nevertheless, a further capital increase could become necessary.

January 12, 2012

Pressure on Hungary Increases

The chairman of the Austrian Central Bank, Ewald Nowotny, sees no danger for Austrian banks from Hungary. EU and IMF criticize the Hungarian government.

January 11, 2012

VIG Has „No Problems in Hungary“

“We are an insurance group and not a bank.”, said the management of Vienna Insurance Group. Nevertheless, the developments are observed thoroughly.

January 11, 2012
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