Linz prosecutors have dropped an investigation against BAWAG PSK after finding no evidence of wrongdoing. The announcement was made on Wednesday when prosecutors in the city said that they could not find proof that staff at the bank had tricked the municipal government into a 2007 swap deal. However a civil case is still being […]
The civil case of the city of Linz, Upper Austria, against the Bawag bank about the swap deal will start on 24 May. The maximum amount of damage for Linz could be as much as 417 million Euros in the worst case. The city of Linz will send its financial director, the former state traffic […]
An extraordinary housing project by VinziRast will start in the next couple of days in Vienna: students and homeless people will live and work together in a house at Währinger Straße. The idea emerged two years ago, when students contacted the constructor Hans Peter Haselsteiner. As he agreed that he would finance the project, it […]
A former BAWAG PSK (BAWAG) manager could take over at Volksbank AG (ÖVAG), according to reports. Business dailies claim today (Weds) that ex-BAWAG vice chief Stephan Koren – whose late father Stephan sen. served as Austrian People’s Party (ÖVP) finance minister between 1968 and 1970 – could be asked by the state to succeed Gerald […]
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. The contract between Volksbank AG (ÖVAG) and Sberbank was signed in Vienna yesterday (Thurs). ÖVAG and Sberbank agreed on a sale of Volksbank International (VBI) already in […]
A leading Russian bank may take over struggling Volksbank AGs (ÖVAG) international operations department.Russian business newspaper Vedomosti reports today (Weds) that Moscow-based Sberbank was in the final stage of negotiations with ÖVAG about the acquisition of a 51 per cent interest in VBI (Volksbank International). The daily cites sources close to Sberbank’s top management saying […]
BAWAG PSK (BAWAG) boss Byron Haynes has said he will continue the current restructuring process.The former ABN AMRO CFO announced yesterday (Weds) BAWAG had to keep lowering its administration costs in the coming years.The Vienna-based institute achieved a net profit of 125.4 million Euros last year, the businessman added. It is the first time BAWAG […]
BAWAG boss Byron Haynes has denied claims Cerberus Capital Management considered leaving the Austrian bank sooner than planned following the introduction of stricter banking regulations.Haynes stressed today (Weds) speculations that the US American investor would sell BAWAG sooner than expected because of the Basel III agreement were wrong. Cerberus committed to remain on board for […]
Hannes Androsch has claimed US investor Cerberus Capital Management is considering leaving Austrian BAWAG PSK soon.The Former Social Democratic (SPÖ) finance minister said at a business event last night (Tues) it was possible that the American bank house withdrew its engagement “in the foreseeable future”.Cerberus however is committed to remain on board for at least […]