Banking Industry

Volksbanken Group Demerger to Take Place at Midnight

Volksbanken AG (OVAG) demerger will officially enter into effect as of midnight from Friday to Saturday. Part of the group will go to Volksbank Wien, the remainder will be transformed into bad bank Immigon and wound down by 2017.

Yesterday

European Commission has Approved New Plan for ÖVAG

The European Commission has approved the restructuring plan for Österreichische Volksbanken-AG (ÖVAG) and the Volksbanken association. The plan complies with the EU guidelines concerning aid, the European Commission declared on in Brussels. The Volksbanken group will also get a lot of time to pay back the outstanding EUR 300 million (USD 332.3 million) in federal participation capital: by 2023.

Yesterday

ÖVAG: VB Leasing International Sells Slovak Susidiary

Banking group Volksbanken AG (ÖVAG), on its way to be de-merged, will sell VB Leasing International, Slovak joint venture of ÖVAG and VB Leasing, to CSOB Leasing following lengthy negotiations with interested partners, ÖVAG said without providing the price.

July 2, 2015

Heta Balkan Deal Pre-Closing a "Decisive” Step to Final Sale

The preclosing of the sale of Hypo bad bank Heta's Balkan assets, announced on Wednesday, is "a decisive step” on the way to the final sale, the Finance Ministry said in a comment.

July 1, 2015

RBI: Greece Seen Causing Only Temporary Turbulence on Stock Markets

Stock market turbulence caused by the development of the situation in Greece will be only temporary, RBI bank analysts said of the latest share price declines.

June 30, 2015

RZB with No Engagement in Greece, Expects No Impact from Current Affairs

Austria's bank RZB expects the current turmoil in Greece to have hardly any impact on Austria, the group's CEO Walter Rothensteiner said. There may be some slight increase in the state debt, in the vent of Greece's default, he expects.

June 29, 2015

Heta: Greek Situation does not Affect Sale of Balkan Operations

The escalating crisis in Greece is not going to affect the sale of the Balkan bank arm of Hypo Alpe Adria, i.e. its successor bank Heta, a spokesperson of the Austrian bank assured. The sale to Advent International and the EBRD is about to be concluded and talks are not affected by the Greek situation, APA was assured.

June 29, 2015

Nowotny: Situation in Greece Dramatic

Austria’s central bank head Ewald Nowotny commented, while participating in a conference in Vienna, that the situation in Greece was certainly dramatic, since banks and stock exchanges would be closed for a week, and that people could only hope that the referendum in Greece would yield a reasonable solution.

June 29, 2015

Hungarian State to Acquire Erste Stake in the Autumn

The Hungarian state will acquire a stake in Erste Bank Hungary in the autumn, slightly later than planned, state-secretary Gabor Orban told journalists. "We can't keep to the schedule," Mr Orban said, noting that the original deadline for acquiring the stake was June 30.

June 25, 2015

Austria and Heta Plan Massive Capital Injection to Save Hypo Ex-Unit in Italy

Hypo's bad bank Heta and the Austrian state want to save former Hypo bank's Italian unit HBI from bankruptcy with a massive capital injection as a failure to do so could create an even bigger damage, Heta announced. The planned amount was not provided, but it is rumored to be in a triple-digit million order.

June 24, 2015