FIMBAG boss Klaus Liebscher has admitted uncertainties regarding whether the state will ever again see any of its Volksbank AG (ÖVAG) participation capital. Liebscher told radio station Ö1 today (Thurs) it was impossible to make a definitive statement regarding the issue. He admitted that it was unlikely that the more than one billion Euros would […]
The new owner of Volksbank International (VBI) has revealed plans to invest hundreds of millions of Euros. Sberbank – which transferred 505 million Euros for the finance institute to Volksbank AG (ÖVAG) in February – announced yesterday (Tues) it would spend 300 million Euros on the restructuring of VBI to support the planned expansion. Sberbank, […]
Volksbank AG (ÖVAG) suffered losses of more than 1.3 billion Euros last year. Bank officials announced yesterday (Thurs) that the Viennese finance institute sustained a loss of 1.34 billion Euros in 2011. The news means that the Republic of Austria is robbed of its chances to demand the one billion Euros of participation capital back […]
Bank Austria (BA) chief Willibald Cernko has welcomed plans to create a bank bankruptcy regulation. Austrian law currently fails to feature rules which determine under which circumstances a financial institute with headquarters in the alpine country can start regulated insolvency procedures. Real economy businesses benefit from such an option on a regular basis. It is […]
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 […]
Hypo Group Alpe Adria (HGAA) has made a profit for the first time in four years. The struggling finance institute – which had to be nationalized in December 2009 – said it managed to make profits of 59 million Euros last year. The Klagenfurt-based bank headed by Gottwald Kranebitter sustained a loss of more than […]
People’s Party (ÖVP) Finance Minister Maria Fekter has admitted that another Austrian bank may need more money. Fekter told radio Ö1 on Saturday that KA Finanz could have a demand of one billion Euros. The finance institute was created in 2008 as the bad bank of nationalised Kommunalkredit. Fekter’s statement comes shortly after her party […]
The head of Austria’s leading finance institute has shown understanding for the latest bank tax hike and confidence concerning more severe equity ratio regulations. Andreas Treichl, the CEO of Erste Bank Group AG (Erste Bank), said yesterday (Weds) he was not surprised by the government’s decision to jack up the bank solidarity charge by 25 […]
A finance institute the state rescued from ruin in 2008 is in need of more money, according to the finance minister. People’s Party (ÖVP) Finance Minister Maria Fekter admitted yesterday (Tues) that Kommunalkredit – which was nationalised shortly after the collapse of US investment bank Lehman Brothers caused a global crisis – must be funded […]
The Austrian government has decided to partly nationalise one of the country’s biggest banks. Negotiators – including People’s Party (ÖVP) Finance Minister Maria Fekter and Social Democratic (SPÖ) State Secretary Andreas Schieder – announced yesterday evening (Mon) that the state would increase the small share it was currently holding in Volksbank AG (ÖVAG) to 49 […]