AUSTRIA: VOLKSBANKS GOING AGAINST THE TREND

Article Abstract:

While other banks in Austria are streamlining their branch networks, Volksbank cooperative banks are to increase the number of branches from 588 at present. By 2010 the banks aim to gain 350,000 new clients and raise the total to 1mn. In year 2000 the 68 independent cooperative Volksbanks and their central bank OVAG increased the number of staff by 211 to 5,046. Balance sheet total amounted to just under Sch 340bn. Operating profit grew 27.7% to Sch 3.9bn. Profit ratio of balance sheet total was 1.54%, compared with 0.82% in the Austrian banking sector as a whole. Volksbanks' profit on ordinary activities increased 33% to Sch 2.227bn. Reserves for bad debts remained unchanged at Sch 1.5bn.

NONDEPOSITORY INSTITUTIONS

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AUSTRIA: GERMAN TENGELMANN'S PLANS

Article Abstract:

According to a spokesman, the German trade giant Tengelmann has no intention to give up its Austrian subsidiary Lowa. The parent of Zielpunkt and Magnet has spent Sch 600mn on the conversion of outlets. The 270 Zielpunkt stores should be making profits by 2002, while turnover should rise 25% to Sch 7.5bn. The 17 Magnet supermarkets recorded a growth rate of 27% last fiscal year. Tengelmann does not rule out cooperation for Magnet with a partner "competent in food retailing".

Food Stores, Food and Beverage Stores, Supermarkets and Other Grocery (except Convenience) Stores, Supermarkets, Tengelmann Warenhandelsgesellschaft

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AUSTRIA/GERMANY: DG BANK, RZB TO COOPERATE?

Article Abstract:

Bernd Thiemann, chairman of DG Bank, says that the German bank could be the junior partner of Raiffeisen Zentralbank (RZB) on east European markets. In return, RZB could benefit from DG Bank's presence on the stock and capital markets in Frankfurt. The German bank has made such a cooperation proposal to the Austrian bank.

Commercial Banks, Commercial Banking, Foreign operations, Germany, Banking Institutions, Depository Credit Intermediation, Eastern Europe, Strategic alliances, Banks (Finance), Raiffeisen Zentralbank Osterreich AG, DG BANK

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