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Austrian Financial Services Headlines

European Court of Justice Looks into Heta Haircut Dispute

The European Court of Justice (CJEU) is looking into a preliminary question on Heta debts and the bond haircut. The court will have to determine whether debts with a public guarantee can be subject to a haircut at all. The commercial court in Vienna, which has referred the question to the CJEU, spoke of interpretative uncertainty.

May 25, 2016

Valartis Posted Loss in 2015

Ailing Swiss private banking group Valartis closed in the red again last year: the loss totaled CHF 58.4 million (USD 58.9 million / EUR 52.6 million), which was slightly less than in 2014 (CHF 73.3 million). Operating loss deteriorated. Austrian Wiener Privatbank took over significant business areas of Valartis Bank in Austria as of 1 April 2016.

May 24, 2016

Vienna Bourse Replaces Whole Management

The VSE Vienna Stock Exchange replaced its entire management with end-May: Christoph Boschan will take over as the CEO, while Petr Koblic will take up the CFO post, the company's supervisory board decided during an extraordinary sitting on Monday.

May 24, 2016

Austrian Banks Could Improve Market Trust, Access to German Investors after Heta Deal - Fitch

Austrian banks could regain some of the market trust as a result of the bad bank Heta deal, ratings agency Fitch wrote in a report of the deal signed by Heta and its creditors.

May 23, 2016

Vienna-Based Sberbank Europe Suffers EUR 218.7 Mln Net Loss in 2015

The Vienna-based unit of Russian banking group, Sberbank Europe, suffered EUR 218.7 million (USD 247.7 million) net loss in 2015, far worse than a EUR 3.4 million net profit a year earlier, as one-offs burdened the bottom line, the company said.

May 17, 2016

Office Furniture Market Rose in 2015 Thanks to Erste Office

The market segment of office furniture grew only thanks to the interior decoration of the Erste office (Erste Campus) at the new central train station in Vienna (Wiener Hauptbahnhof). Had it not been for that order, the revenue would have been in decline, rather than growing 4.5 percent y/y, a sector study by consulting firm Kreutzer Fischer & Partner indicates.

May 11, 2016

Merger of RZB/RBI: Holding Bank Could Become One with Subsidiary

Raiffeisen Zentralbank (RZB) and its subsidiary, listed bank RBI, of which RZB holds a 60 percent stake, have initiated a merger procedure. The measure is currently being evaluated, a board member of RBI announced during a conference of analysts, adding that the it would likely be a "downstream merger”.

May 11, 2016

RBI Seen Raising Q1 Net Profit 78 Pct Y/Y to EUR 148.9 Mln

Listed bank RBI will likely post EUR 148.9 million (USD 169.7 million) in Q1 2016 net profit, up by a heady 78 percent y/y, predict analysts on average.

May 10, 2016

Tax Effect Lifts Bawag's Quarterly Profit

Tax-related extraordinary income lifted the net profit of Bawag PSK in the first quarter of 2016. EUR 182 million profit for the first quarter of the year was 51 percent higher than in Q1 2015. Operating profit decreased slightly year to year. The bank regards itself well equipped with capital and cash for acquisitions.

May 10, 2016

Harald Mahrer Pans Planned Abolition of EUR 500 Banknote

Austria’s State Secretary at the Federal Ministry of Science, Research and Economics Harald Mahrer (Austrian People’s Party) pans the planned abolition of the EUR 500 banknote, agreed by the ECB council. The originators of the plan say it is an important step in the fight against money-laundering, corruption and terrorism, but, as central bank OeNB’s director Kurt Pribil explained on Wednesday evening, there is no evidence that the abolition of the 500-banknote can reduce those crimes.

May 6, 2016