AUSTRIA: BAWAG, BAYERNLB BUY BUILDING SOCIETY
Article Abstract:
The Austrian bank Bawag and Bayerische Landesbank (BayernLB) of Germany, which holds a 46% stake in Bawag, have each acquired 32.5% of the stock of Hypo-Bausparkasse building society. The latter was set up by Austria's regional mortgage banks in 1993 and it reached black figures four years later. The building society, which is to be renamed LBA Landesbausparkasse, employs 50 staff and has 125,000 clients with combined savings of about Sch 4bn. The new owners aim to raise the market share of LBA, which is the smallest of Austria's five building societies, from 4.7% to 10% within 2-3 years. Sales and marketing are to be strengthened. Bawag started selling LBA savings contracts in September 1999 and has so far signed 7,000 contracts.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 1999
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Die Erste Bank will ihr Filialnetz sp rbar straffen
Article Abstract:
Erste Bank
Comment:
Is to reduce the number of branches in Vienna, Austria
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 1998
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