EU-Kommission nimmt sterreichs Banken aufs Korn: Durchsuchungen
Article Abstract:
Due to suspicions of an interest-rate cartel among Austrian banks, the European Commission searched four Austrian banks (Bawag, Kontrollbank, Postsparkasse, Raiffeisen Zentralbank) on 23 Jun 1998. Erste, Bank Austria and its subsidiary CA were searched one day later. A hotline has been set up in Brussels to receive any information related to the suspected cartel. The Commission has indications that the so-called Lombard-Klub, a regular meeting of the top managers of the leading Austrian banks, fixed the interest rates charged to the banks' customers. Bank representatives deny any accusations of a cartel, arguing that in that case the banks' profit situation should be much more favourable. Also the Austrian ministry of economics, which is in charge of competition questions, is astonished that the EU took so quickly to searching the banks, but expects that no proof of a cartel will be found. The European Commission first caught attention of the Lombard-Klub due to Austrian newspaper reports, then the Austrian party FP brought the case to the Commission, and finally suspicious notes were found after the suicide of bank manager Gerhard Praschak. The EU fine for a cartel can amount to up to 10% of a firm's turnover.
Comment:
Austria: Four local banks are probed by European Commission due to suspicions of an interest-rate cartel among Austrian banks
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 1998
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"Kundenzahl verdoppeln"
Article Abstract:
SKWB Schoellerbank, which will be established on 30 September 1998 in the merger of the Austrian operations of German Bayerische Vereinsbank and Bayerische Hypotheken- und Wechsel-Bank, will be one of Austria's ten biggest banks. With a combined portfolio of Sch 20bn, it will be the 6th-biggest investment fund company in the country. Altogether the bank will have a balance sheet total of Sch 35bn and a customer portfolio of Sch 65bn. In private client business SKWB Schoellerbank concentrates on investment and provision for old age. As the Munich-based parent is Europe's biggest provider of real estate finance, property investment will be another core area for SKWB Schoellerbank. By the end of year 2000 SKWB Schoellerbank aims to raise the number of clients from 41,000 to 80,000. By the end of 2002 the number of staff is to be reduced by natural wastage from 600 to 500. The number of branches is to be raised from 14 to 15 by a new one in Klagenfurt. Marketing is to be boosted mainly by asset management consultants.
Comment:
Merger w/ Austrian operations of Bayerische Vereinsbank on 9/30/98 to form SKWB Schoellerbank
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 1998
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AUSTRIA: COMPUTER FROM BANK AUSTRIA
Article Abstract:
Bank Austria is offering a computer package for clients. For Sch 850 per month over 4 years, the bank provides a Compaq Presario 5507 computer with a 17-inch monitor, a Lexmark 3200 printer, Windows 98 with Microsoft Office 2000 Professional, A-On internet access and an A-Sign certificate for secure signature in on-line banking. The delivery and installation are included.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 1999
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