AUSTRIA: FOREIGN PARTNER FOR WIENER STADTISCHE
Article Abstract:
According to chairman Siegfried Sellitsch, Austria's leading insurance group Wiener Stadtische has found a partner. The deal might be signed by the end of year 2000 with the partner that according to Sellitsch is a foreign insurance company with no major operations in Austria. Observers speculate that the partner might be another mutual insurance group such as HDI or HUK-Coburg of Germany or even a Nordic insurance company. By Austrian law, the mutual insurance company that holds 92% of Wiener Stadtische stock has to retain at least a 26% share. Thus the takeover of Wiener Stadtische might take place through a future capital increase, which the shareholders have already approved. Sellitsch says that the partner is not Allianz, but Wiener Stadtische will continue its marketing cooperation with Bank Austria. The bank is being taken over by German HypoVereinsbank, in which Allianz is a big shareholder.
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2000
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AUSTRIA: WIENER STADTISCHE IN SEARCH FOR PARTNER
Article Abstract:
Siegfried Sellitsch, head of Wiener Stadtische, says that the Austrian insurance company is looking for a minority partner in order to expand on foreign markets such as east European countries. The partner could be a bank with "access to life insurance business" or even a car company. Mr Sellitsch said that the sale of a majority stake in Wiener Stadtische is out of the question. Stadtische AG is owned 80% by Wechselseitige
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2001
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AUSTRIA: WIENER STADTISCHE EYEING ERGO
Article Abstract:
Karl Samstag, deputy head of Wiener Stadtische, says that the Austrian insurance company might cooperate with Munchener Ruck
Publication Name: Presse
Subject: Business, international
ISSN:
Year: 2001
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