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Austria and Hungary Business and Diplomatic Relations

Erste Group Hungary Aims to Become Top Corporate Finance Advisor

The Hungarian arm of Erste Group Bank wants to become one of the top three banks in terms of corporate finance by 2020 in Hungary, it follows from a statement by head of corporate banking of Erste Bank Hungary (EBH), Richard Szabados.

July 25, 2016

CESEE Outlook: Modest Recovery - EU is Obstacle to Growth – BREXIT Poses Uncertainties

According to the latest prognosis of the Vienna Institute for International Economic Studies, the countries of Central, East and Southeast Europe (CESEE) will have a trend growth rate of up to 3% in the period of 2016-2018. This is 1-1½ percentage points higher than average growth in the eurozone. Consumption will be the main growth driver. The Austrian economy is still benefiting from its economic ties with the region. Direct effects of BREXIT on the region will be limited – indirect effects for the European economy as a whole may be considerable.

June 29, 2016

Zumtobel has Launched Regional Project Centre in Belgrade

Lamp maker Zumtobel has launched a new regional project centre in Belgrade. Director Milan Lazarevic said that the centre would be in charge of projects in Hungary, the Czech Republic, Slovakia, Croatia, Romania, Bulgaria and Belgium.

June 22, 2016

Hungary and EBRD Seal Investment in Erste Bank Hungary

Hungary and the European Bank for Reconstruction and Development (EBRD) will, just as planned, obtain a 15 percent stake each in the Hungarian subsidiary of Erste Group Bank. An agreement on the transaction was signed in Budapest. The estimated value of the total stake of 30 percent is HUF 77.78 billion (EUR 250 million), the three involved parties said.

June 21, 2016

20 Years Comprehensive Nuclear-Test-Ban Treaty (CTBT): Ministerial Meeting at VIC

Marking the 20th anniversary of the signing of the Comprehensive Nuclear-Test-Ban Treaty (CTBT), a Ministerial Meeting was held at Vienna International Center. Hosting some 40 international organizations, Austria is a hub for the promotion of peace, safety and security, sustainable development and the fight against crime, drug abuse and terrorism.

June 20, 2016

Erste Group Bank's Hungarian Unit Buys 2.3 Pct in Budapest Bourse

Listed bank Erste Group's Hungarian unit is buying a 2.3 percent stake in the Budapest Stock Exchange off Dutch concern ING, Erste Bank Hungary said in a statement.

May 31, 2016

Wüstenrot Group Closed 2015 with a Profit

Wüstenrot group with headquarters in Salzburg closed the financial year 2015 with a substantially higher profit. Pretax profit increased by about 35 percent to EUR 45.2 million (USD 50.56 million).

May 27, 2016

ÖBB/MAV-Cargo - Contradiction Concerning Contract with Lobbyist

The embezzlement lawsuit regarding the purchase of Hungarian cargo railway operator MAV Cargo by ÖBB subsidiary Rail Cargo Austria (RCA) was continued in the province court in St. Pölten on Friday. The central issue was a deal with consultant Geuronet. Defendant Gustav Poschalko claims the commission was not rejected by the group, a claim his then management board peer Ferdinand Schmidt repudiates.

May 20, 2016

Hungarian Energy Group MOL Eyes Station Chain Acquisition in Austria

Hungarian oil and gas group MOL wants to resume filling station business in Austria, from which it withdrew last year, CEO Ferenc Horvath said as cited in the daily WirtschaftsBlatt.

May 17, 2016

Erste Group Set to Sign Hungarian Deal by Mid-June

Listed bank Erste Group wants to sign the deal on the planned acquisition of a stake in its Hungarian unit by the state of Hungary by June 14, CEO Andreas Treichl told a teleconference on Wednesday as reported by Reuters news agency.

May 4, 2016