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 […]
The government intends to change Austria’s insolvency regulations to loosen protective factors banks have so far benefited from. Several bankers – including Andreas Treichl, the head of market leader Erste Bank Group AG (Erste Bank) – have spoken out in favour of a reform of the financial sector bankruptcy law. Austrian law fails to feature […]
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 […]
Volksbank International (VBI) will continue to have its headquarters in Vienna, the vice chairman of the finance institute’s new owner has promised. Sergey Gorkov, the deputy head of Sberbank’s executive board, said today (Mon) VBI would not leave the Austrian capital. He told the Kurier newspaper the plan was to increase the number of staff […]
Bank Austria (BA) CEO Willibald Cernko has warned from letting Greece go bust. Cernko said at the weekend Europe “should consider very well whether it would be a good idea to dismiss a country from the Eurozone.” The banker claimed such a move “would put the European project into question.” The BA chief warned that […]