AUSTRIA: BANK AUSTRIA, CREDITANSTALT TO MERGE

Article Abstract:

Bank Austria and Creditanstalt are to merge in the first half of 2002, after the expiry of the 5-year period for which Bank Austria promised to keep Creditanstalt independent. The merged bank will operate under the name Bank Austria Creditanstalt. Beside savings of about EUR 100mn annually, the merger is justified by the new bank equity requirements under the Basel agreement and with the aim to improve competitiveness on the Austrian market. Bank Austria Creditanstalt will reduce the number of branches to "no less than 400" from about 470 at present. The number of staff will continue to fall at an annual rate of 500-700. Bank Austria and Creditanstalt employ about 12,000 people in Austria. On east European markets, Bank Austria and Creditanstalt will in future operate under the name of the parent HVB .

Acquisitions & mergers, Eastern Europe, Creditanstalt-Bankverein, Bank Austria Creditanstalt

---

US: BANK AUSTRIA BUYS INTO RAMIUS CAPITAL

Article Abstract:

Bank Austria has acquired a 24.9% stake in the US asset management company Ramius Capital for EUR 20.7mn. The US company manages for Bank Austria assets worth US$ 400mn. Provided the performance is satisfactory, the volume is to be increased by Sch 300mn in the next two years. Ramius invests mainly in US corporate bonds, real estate and funds of its own. The annual yield in the next five years is expected to be around 9.5%.

United States, Asset sales & divestitures, Oesterreichische Nationalbank, RAMIUS CAPITAL

---

AUSTRIA: TAX ON INVESTMENT FUND PROFITS

Article Abstract:

Among the measures decided upon by the Austrian government to make the Vienna stock exchange more attractive for investors is a 5% tax on the profits of unit trusts. The association of investment companies in Austria, VOIG, is concerned about the tax that will be payable from 2001. It fears that the tax will make unit trusts less attractive, to the benefit of life insurance. The association also points out that investors may turn to foreign unit trusts, which are easily accessible through internet.

Taxes

Similar abstracts:

• Abstracts: AUSTRIA: AT&S STILL STRUGGLING TO MEET DEMAND. CHINA/AUSTRIA: AT&S PLANNING INVESTMENT. AUSTRIA: AMS TO EXPAND CHIP PRODUCTION
• Abstracts: AUSTRIA: A-TRUST FOR SAFE E-COMMERCE. AUSTRIA: CHAIR FOR E-COMMERCE
• Abstracts: AUSTRIA/US: VA STAHL, NUCOR PROJECT UNDER THREAT. AUSTRIA/GERMANY: VA STAHL EXPANDS STEEL SERVICE
• Abstracts: AUSTRIA: NEW SERVICES BY CONNECT AUSTRIA. AUSTRIA: WAP SOLUTIONS BY MATERNA. AUSTRIA: WAP SERVICES BY CONNECT AUSTRIA
• Abstracts: AUSTRIA: LESS PUBLIC FUNDING FOR THE POST. AUSTRIA: NEW POST BUS COMPANY FOUNDED. AUSTRIA: MAX.MOBIL COOPERATING WITH POST

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.