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15. 04. 11. - 16:10

Oberbank to extend presence in Bavaria

Linz-based Oberbank AG bank has revealed plans to continue its expansion in Germany.

The institute, which opened its first branch in the country which neighbours Austria in Munich 20 years ago, currently manages 20 branches. All of Oberbanks German representations are located in the southern state of Bavaria.

Oberbank said today (Fri) it wanted to open another 10 branches in Bavaria. The Upper Austrian bank argued that its already existing representations have been doing well. Oberbank added Germany has recovered more quickly from the economic crisis than expected by many. The country is Austrias most important trade partner.

Oberbank also does business in Hungary, the Czech Republic and Slovakia. Its strong presence in Bavaria strongly contrasts the chief priorities of other leading Austrian banks. Financial institutes like Raiffeisenzentralbank (RZB), Erste Bank and UniCredits Bank Austria (BA) have been focusing on Eastern Europe (EE) for years.

Some international analysts voiced concerns during the credit crunch that the banks high exposure in the EE region may have negative effects on the Austrian economy. Most Austrian businesspeople feel confirmed in their decisions as most countries in EE are showing strong signs of recovery after the one-in-a-generation recession of 2008 and 2009.

Oberbank which is listed on the Vienna Stock Exchange (WBAG) managed 19.9 billion Euros of customers assets in 2010, up by 6.6 per cent on the previous year. The bank has around 2,000 employees.

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