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VBAG

Taxation of Pension Funds: One-Time Effect of € 900m

In order to restructure the financially stricken VBAG, the Austrian government anticipates taxes on pension funds. As a result, € 75m will lack in future.

March 6, 2012

EU ‘Surprised’ Austria Didn’t Warn on VBAG, Almunia Says

The European Commission was “surprised” Austria didn’t warn it about plans to bail out Oesterreichische Volksbanken AG (VBPS), according to Joaquin Almunia, the region’s commissioner responsible for approving state aid.

March 5, 2012

Austerity Package: Sorger Misses Reforms

The President of the Federation of Austrian Industries (IV), Veit Sorger, sees a massive lack in structural reforms. The austerity package is a “missed opportunity”.

March 3, 2012

VBAG´s Executive Board Asked to Resign

Parts of the Volksbanken sector, which hold stakes in VBAG, offer resistance to the management board.

March 3, 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

VBAG´s Rescue Endangers Austerity Targets

In 2012, savings should reach € 576m. However, only write-offs in VBAG cost € 700m. The Austrian government seeks for additional revenues.

February 29, 2012

Banking Industry As „Cash Cow“?

For RZB´s CEO Rothensteiner, the increase in bank tax is “not fair”. The government plans to raise bank taxes by 25%.

February 29, 2012

Public Dispute Over Privatizations

The two government parties disagree to the sale of further publicly held companies. ÖVP pushes for privatizations, for SPÖ the idea is inacceptable.

February 29, 2012

„Banks are the Real Austrian Problem“

The Austrian opposition criticizes the rescue of VBAG by the government massively. Further bank aids are feared.

February 28, 2012

Nationalization of VBAG: Austrian State Holds 49%

After Kommunalkredit and Hypo Group, VBAG becomes the third Austrian bank which is publicly owned.

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

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

VBAG´s CEO: „Bank Aid Only Last Exit“

Gerald Wenzel, chairman of VBAG´s executive board, continues the downsizing strategy. A new bank aid would be the “ultima ratio”.

February 17, 2012

Siegfried Wolf Enters Sberbank

The Austrian national and executive at Magna in Russia becomes President of VBI´s supervisory board.

February 16, 2012

VBI Sale to Sberbank Finalized

With the sale of the CEE segment of the Austrian VBAG, Russian Sberbank enters Eastern Europe.

February 15, 2012

State Aid: VBAG Redeems € 1.0bn

The Austrian VBAG repays a third of the state aid granted in 2009.

February 13, 2012

VBI Sale: Closing Expected for Mid-February

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

February 6, 2012

Sberbank: € 500m for Austrian VBI

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

January 26, 2012

VBAG No Systemic Bank Anymore

After the sale of VBAG´s subsidiary VBI to Russian Sberbank, the bank will not be systemic anymore, the Austrian Financial Market Authority announced.

January 21, 2012

VBAG: Sale of VBI to Be Closed in 2012

Contrary to the original schedule, the sale of the eastern European bank will not be closed by the end of the year.

December 29, 2011

Fitch Calls for Higher Capitalization of VBAG, Raiffeisen, Erste

The Austrian banks’ viability ratings are under pressure due to low capitalization and the banks’ exposure to CEE.

December 21, 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

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

Nowotny Attacks EBA

The Governor of the Austrian Central Bank (OeNB), Ewald Nowotny, criticizes the high speed which EBA requires from banks to build up equity capital.

December 9, 2011

Volksbanken Group Takes Back Restructuring Decisions

The Austrian group cancelled the planned spin-off of its banking operations due to the deterioration of the market environment.

December 1, 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

Growing Capital Shortfall at Volksbanken Group

The Austrian bank will need another € 200m in order to comply with the EBA’s capital requirements. The price for the sale of VBI might be reduced to € 500m.

November 24, 2011

Austrian Minister of Economics Criticizes Hungary

On the occasion of a bilateral meeting between the Hungarian and the Austrian Minister of Economics Reinhold Mitterlehner repeated his critics regarding Hungarian foreign currency loans.

November 21, 2011

Massive Layoffs at Volksbanken Group

Hundreds of employees of the Austrian bank will lose their job in the next years, according to media reports.

November 9, 2011

Capital Needs of Austrian Banks Total € 4bn

The increase is mainly a result of Erste Group’s third quarter loss, according to OeNB’s Executive Director Andreas Ittner.

November 3, 2011

No Nationalization of Austrian Banks

The head of the Austrian bank holding company Fimbag, Klaus Liebscher, believes that Austrian major banks do not need further capital provided by the state.

November 2, 2011

Reactions of Austrian Banks to Capital Buffer Requirements

Raiffeisen Zentralbank (RZB) needs € 1.9bn, Volksbank Group (VBAG) € 972m and Erste Group € 59m in order to comply with the EBA’s new requirements.

October 27, 2011

European Banking Authority: Austrian Banks Need € 2.9bn

Banks are required to establish a buffer such that the Core Tier 1 capital ratio reaches 9%. A major part of the capital needs is attributable to Volksbank Group.

October 27, 2011

Volksbanken Group Wants to Sell its 25% Stake in Insurer Victoria

According to Wirtschaftsblatt, which is citing well informed sources, ÖVAG Österreichische Volksbanken-AG want to separate completely from Victoria Insurance by selling its shares to the Victoria’s majority owner Ergo, the unit of German Munich Re.

October 21, 2011

Vienna Stock Exchange: Winners and Losers (2011-10-19)

Daily News-Flash from the Vienna Stock Exchange: Upgrades and Downgrades, Winners and Losers.

October 19, 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

Androsch „Another Three to Four Billions for Hypo Group“

The former Minister of Finance, Hannes Androsch fears a loss of Austria´s AAA-rating. “We are being observed accurately.”

October 4, 2011

VBAG: No Repayment of State Aid in 2011

The Austrian bank’s low equity capital base does not allow repayment of the first € 300m tranche of state capital.

September 28, 2011

No Dividends at Austrian Volksbanken AG

Österreichische Volksbanken Aktiengesellschaft – no payments on profit-related instruments for the 2011 business year.

September 21, 2011

Sale of Volksbank International Finalized

The Eastern European subsidiary will be sold for a price ranging from € 585m to € 645m depending on business performance in 2011.

September 8, 2011

Bank Aid Package is a Loss for Austria

For the Austrian Republic, the recapitalization measures for Austrian business banks is a losing deal. Losses amount to € 237m.

September 7, 2011

Fekter: No Nationalization of VBAG

The Austrian Finance Minister has the right to nationalize the bank if it does not pay a dividend on the state’s € 1bn of participation capital.

September 2, 2011

Sberbank Reduces Offer for VBI after Drop of Share Prices

Sberbank wants to pay less for the purchase of Volksbank International after European bank shares have dropped more than 20%. Executives are going to meet on 28 August to negotiate the deal.

August 26, 2011

VBAG: Reduced Consolidated Net Income in First Half of Year

The Austrian bank recorded net income of € 1m. The result was negatively impacted by write-downs of Greek bonds.

August 25, 2011

Stress Test: Erste Group and Raiffeisen Passed, Volksbank Failed

Volksbanken Group is the only Austrian bank that failed the stress test. Taking into account the measures that are currently being implemented, the core tier I ratio would be above the benchmark.

July 15, 2011

VBAG and Sberbank Agree on Sale of VBI

After several months of negotiations the two banks have agreed on the main conditions of the sale of Volksbank International. The deal will be closed by the end of this year.

July 15, 2011

Volksbanken Group Speeds Up Sale of VBI

In the face of the looming negative result of the stress test, the Austrian bank is trying to conclude negotiations with Russian Sberbank.

July 13, 2011

European Stress Test Results to Be Published on July 15

The test performance of 91 participating banks will be available next week. According to Moody’s, Austrian Volksbanken AG is at risk of failing the test.

July 8, 2011

OTP Bank Shows Interest in Volksbank International

The Austrian Volksbanken AG found a second potential buyer for its Eastern European subsidiary. The Hungarian OTP bank wants to expand into the markets where VBI has a presence.

July 7, 2011