Finance, page 3

• ÖVAG braces for sky-high loss
  Rumours that Volksbank AG (ÖVAG) may be nationalised are increasing after the bank warned of immense losses.
• Erste Bank ups BCR stake
  Erste Group Bank AG (Erste Bank) has increased its interest in Banca Comerciala Romana (BCR).
• VBI deal kicks off Sberbank's European expansion
  The international operations of the only Austrian bank which failed the most recent stress test on financial institutes in Europe have been taken over by Russia’s biggest bank.
• RBI has €3.6bn PIIGS exposure
  Raiffeisen Bank International (RBI) chief Herbert Stepic has revealed the bank has an exposure of more than 3.6 billion Euros in Europe’s five most economically challenged countries.

• New charges against former Hypo bank boss Kulterer
  The state prosecution Klagenfurt, Carinthia has presented new charges of infidelity against the former head of the scandal-ridden Carinthian Hypo Alpe Adria bank.
• BA boss warns despite rise in profit
  Bank Austria (BA) chief Willibald Cernko has pointed out the finance institute’s performance has not reached pre-crisis levels yet.
• Sinn warns of Eurozone 'self-service shops'
  One of Europe’s most influential economists has unleashed an extraordinary attack on the continent’s political elite.
• Sick banker to file lawsuit against state
  A banker found guilty of accounting fraud and embezzlement in a controversial trial plans to sue the state, it has emerged.

• Raiffeisen to launch NFC
  A leading bank plans to introduce near field communication (NFC) in Austria.
• ÖVAG flops in stress test
  A leading Austrian bank has failed Europe’s most recent stress check as press claim that the check "looks doomed to irrelevance."
• Russian banking top dog about to grab VBI
  A Russian institute has got one step closer to acquiring the international branch of one of Austria’s biggest banks.
• VBI sale 'to take place this month'
  A powerful Russian bank may acquire a majority stake in Volksbank International (VBI), the ailing affiliate of Volksbank AG (ÖVAG).

• Fekter sceptical about letting banks sneak away
  Austrian People’s Party (ÖVP) Finance Minister Maria Fekter has emphasised that private companies should get on board to rescue Greece.
• Austrian banks strongly engaged in Italy
  Austrian banks have a lot to lose in debt-ridden Italy, figures released today (Tues) show.
• 'Fatally ill' banker released early
  A banker found guilty of one of the biggest investment belly flops in the history of the country will walk free due to his fragile health, it has emerged.
• Faymann wants European rating agency
  The Austrian Social Democrats’ (SPÖ) appeal to install a European credit rating agency has found prominent support.

• Crisis withdrawals caused 'dramatic' situation
  Austria’s banks were at risk of running out of cash at the peak of the recession, it has been revealed.
• RBI hit by Arabian building business bankruptcy
  One of Austria’s most powerful banks has lost hundreds of millions due to the collapse of an Arabian company, a newspaper has claimed.
• Few Austrians own shares
  The vast majority of Austrians have no interest in stocks, according to research.
• Mountain sale plan put on hold
  Austria has cancelled plans by the BIG - the Austrian federal real estate company (Bundesimmobiliengesellschaft) to sell-off two mountains.

• BA 'scraps HGAA takeover endeavour'
  Bank Austria (BA) has decided to abstain from taking over struggling rival Hypo Group Alpe Adria (HGAA), according to a report.
• Firms urged to ´Take Hay while the sun shines´
  Gloomy predictions can be countered according to advice from Hay Group
• Market manipulation suspects nabbed in Austria
  Businessmen accused of having masterminded a multimillion-Euro financial market manipulation scheme have been arrested in Austria.
• Austrian politicians 'too stupid' to understand economy
  A top banker has been accused of "showing personal characteristics of greed and arrogance" after he branded Austria’s political elite as "too stupid and cowardly."

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