Austrian Times RSS FeedsLike the Austrian Times Facebook page!Follow us on Twitter!


Events for December
M T W T F S S
1 2 3 4 5 6 7
8 9 10 11 12 13 14
15 16 17 18 19 20 21
22 23 24 25 26 27 28
29 30 31 1 2 3 4
Add your event FREE

Today

Videos


BurgKino

Pub Quiz everyTuesday at Johnny's Pub

Popular in Austria


Cosmo&Nanu

Ditz optimistic about sales

Hypo Group Alpe Adria (HGAA) supervisory board head Johannes Ditz has said he is confident that the bank will manage to sell two affiliates.

The former Austrian People’s Party (ÖVP) economy minister said today (Thurs) HGAA managed to "get rid of all possible risk factors" which could endanger a sale of its Austrian and Italian subsidiary companies. HGAA Austria has around 50,000 customers. Both the Austrian branch of HGAA and its Italian affiliate are engaged in non-banking business activities as well. Ditz and HGAA CEO Gottwald Kranebitter tried to sell most of the participations HGAA held in private companies to restore its finances and reset the focus on its core business of private banking.

The bank announced last year it decided to withdraw from nautical leasing operations in Southeast Europe. HGAA leased 320 ships as of October 2011. Bank officials said the plan was to totally abandon this business branch. They also rejected speculations that 400 HGAA vessels had been stolen only in 2009. There were only nine such cases that year, according to a HGAA spokesman.

HGAA has also been busy selling most of the properties it owned in southern Austria and numerous foreign countries – including Schlosshotel Velden, a hotel situated at Lake Wörthersee in Carinthia, Austria. Karl Wlaschek’s Amisola Immobillien AG, acquired the well-known property last year. Neither HGAA nor the Austrian entrepreneur disclosed the takeover price. Wlaschek is one of the richest Austrians. The 94-year-old businessman is understood to possess assets and real estate worth 3.5 billion Euros. His foundation owns 250 properties in Austria, including 10 hotels.

Kranebitter recently explained the HGAA board wanted to remain active in Southeast Europe due to the bank’s solid performance in the economically volatile but also promising region. Kranebitter said that providing the area’s small and medium-sized enterprises (SMEs) was something HGAA would not abandon despite its current austerity strategy.

Ditz was installed as head of the HGAA supervisory board by the Austrian government coalition of Social Democrats (SPÖ) and ÖVP in January 2010, a few weeks following the bank’s nationalisation. Ex-HGAA managers carried out a fast expansion abroad before they allegedly manipulated performance reports to cover up the bank’s soaring losses. State prosecutors in Munich, Germany and the Austrian cities of Vienna and Klagenfurt are investigating.

Ditz told the Kurier newspaper today he was currently concentrating on avoiding that HGAA needed further fresh capital from the Republic of Austria which provided the struggling bank with more than 1.5 billion Euros in the past years. HGAA achieved a profit for the first time in four years. The bank’s executive board said last week that it had made a profit of 59 million Euros in 2011. HGAA suffered a loss of more than one billion Euros in the previous year and almost 1.6 billion Euros in 2009. HGAA’s total assets were reduced from 39 billion to 55 billion Euros from 2010 to 2011, according to Kranebitter.

Austrian Times


Are you on Facebook? Like the Austrian Times on Facebook and win great prizes!


Cosmo and Nanu
ORF Watch

Related articles: EU

  1. Best of the bookshelf in May, part four

    » Panorama 2012-05-31

    A Harvard University professorís book on the killing of Osama Bin Laden, a collection of funny experiences on planes and many more interesting releases are out now.

  2. Drachma reintroduction 'would mean social explosion'

    » General News 2012-05-31

    A renowned economist has warned from reintroducing the drachma in Greece.

  3. EC warns debt-ridden Austria

    » General News 2012-05-31

    Austria has been criticised for its high public debts.

more related articles tagged "EU"

Related articles: crisis

  1. Drachma reintroduction 'would mean social explosion'

    » General News 2012-05-31

    A renowned economist has warned from reintroducing the drachma in Greece.

  2. EC warns debt-ridden Austria

    » General News 2012-05-31

    Austria has been criticised for its high public debts.

  3. Property prices keep climbing

    » Business 2012-05-31

    A real estate expert has expressed concerns about property prices in Austria.

more related articles tagged "crisis"

Related articles: CEE news

  1. AUA under pressure as pilots quit

    » Business 2012-05-30

    The number of pilots and stewardesses leaving Austrian Airlines (AUA) because of the upcoming pay cuts is on the rise.

  2. Pay cuts scare off AUA pilots

    » Business 2012-05-29

    Dozens of pilots have left Austrian Airlines (AUA) in the past weeks, according to the loss-making carrierís works committee.

  3. Austrian skiers create overnight stay record

    » Business 2012-05-29

    The number of winter season overnight stays by Austrians has reached a new record.

more related articles tagged "CEE news"

Tag cloud:
Wlaschek  properties  Italian  assets  HGAA  Kranebitter  billion  bank  banking  business  supervisory  profit  Euros  Southeast  Ditz  abandon  Austrian  Ouml  hotel  rsquo

Latest News

 

Ebola's deadly reach impacts Vienna student
Austria has yet to record its first case of Ebola, but the feared virus has already had a severe impact on the lives of Africans living in Vienna.

Grigorij Sokolov Works His Magic At Vienna Konzerthaus
Whilst the world-famous Wizard of Oz played at the Volksoper, there was another Wizard in the Konzerthaus giving his 16th performance in Vienna!

Penelope Cruz To Play The Ice Cream Killer
The memoirs of the woman dubbed the Ice Cream Killer after she shot dead two ex-lovers before hacking the bodies up with a chainsaw and telling neighbours the noise was a new ice cream machine are due to be turned into a blockbuster with Penelope Cruz playing the lead role.

Kid Left In Coma After Beaten By Teacher For Talking
This is the shocking image of a little Chinese girl before and after she was punished by her teacher - for talking in class.

Freezing Rain Causes Chaos In Central Europe
Freezing weather has arrived in Europe with a vengeance with a layer of ice blanketing parts of Austria, Germany and the Czech Republic and causing traffic chaos.

Holey Smoke As Car Disappears Down Sinkhole
Motorist Wei Hsiao found himself in a hole lot of trouble in China when a giant sinkhole opened up on the road beneath him, swallowing his entire car.

Shock Moment Police Helicopter Explodes On Street
This is the moment a police helicopter exploded into a spinning ball of flame in Chile when a fire truck clipped one of its rotors.

More Than Twenty 100,000 GBP Motors Used In Bridal Convoy
A Chinese couple who wanted to have the most expensive wedding convoy possible arranged for a convoy of top of the range cars including a stretch Hummer followed by Lamborghinis, Porsches and other VIP motors.

Riot Police Star In Downs Syndrome Calendar
Spanish riot police have joined forces with Down's syndrome kids to take part in a special calendar for charity.

Chinese Nuclear Winter Smog Leaves Clinics Full
Fresh proof of Chinese scientists' claims that the country's toxic air pollution resembles a nuclear winter are shown by these images that show clinics and hospitals packed with patients suffering with trouble breathing.

 


Mala Vrata

The most popular stories –
last 7 days



Don't moan alone, the Ombudsman Investigates.

Why suffer in silence. Let off steam by letting our readers share your troubles. File your complaints about anything and everything here.

Our ombudsman David Rogers will try and help solve some of the problems from lazy civil servants through to incompetent companies – and at the very least the worst transgressors will end up in our weekly special report.


Austrian Zimmers