ITALY/AUSTRIA/SPAIN: GENERALI BANCA COMING

Article Abstract:

Generali, the Italian Trieste-based insurance group, is to introduce its young banking arm to the Austrian and Spanish markets. According to the new president Gianfranco Gutty, Generali Banca is to be launched on these markets before the end of 2001. Within a year, Generali Banca gained 35,000 clients and generated a profit of more than L 50bn. It offers bank accounts, financing and brokerage services through the internet, call centres and the bank's own field sales staff. Gutty estimates that about 10% of the company's 10mn insurance clients might be gained for banking services. In Austria, Generali has about 2mn clients. Working groups are to draw up Generali Banca's business plan for the Austrian market .

Italy, Strategy & planning, Austria, Spain

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RUSSIA: RZB RECOVERING FROM CRISIS

Article Abstract:

The Russian subsidiary of Austrian Raiffeisen Zentralbank (RZB) expects a profit on ordinary activities of Sch 400mn in year 2000, compared with Sch 195mn in 1999. With a balance sheet total of Sch 5.9bn, RBA is the fourth-biggest foreign bank in Moscow. Herbert Stepic, head of foreign operations of RZB, says that RBA will have recovered within 3-4 years the losses caused by the economic crisis in Russia. By the end of year 2000 RBA is to increase the number of staff from 200 to 250. Beside the four branches in Moscow, the bank is to set up a branch in St. Petersburg in year 2000.

Russia, Austrian Raiffeisen Zentralbank

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POLAND: ERGO, PBK TO COOPERATE

Article Abstract:

Germany's second-biggest insurance group, Ergo, is to cooperate with PBK, a Polish subsidiary of Bank Austria. The PBK and Ergo will cooperate in the sales of insurance policies. The German company is taking over the pension fund and property and casualty insurance business of PBK. PBK and BA CA Poland are to merge at the beginning of 2001, creating Poland's second-biggest bank.

Asset sales & divestitures, Joint ventures, Poland, Property & Liability Insurance, Direct Property and Casualty Insurance Carriers, Surety insurance, Property and casualty insurance, Ergo

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