Economics correspondent for Austria and Hungary, with headquarters in Vienna, Austria.F. A. Z.
The former Union Bank was after the announcement of speculation before the collapse and had to be sold. It was a classic distressed, and the scandal of the fourth-largest financial house in the country, is considered as until then the biggest economic scandal of the post-war period in Austria. The purchase price amounted to 2.6 billion euros, the Bank received EUR 600 million capital injection. More followed. Whether the purchase price has been earned, is questionable.
The exit of the Americans came in later than planned. Actually, the Cerberus people, the Austrian Post-Industrial seen into the buyers ' consortium with recordings of your Bank in Vienna, like in 2012, börsenfit had. That was not the case. At the end of 2012, a new minority shareholder came up with the American funds, Golden Tree, where it is unclear who has benefited from this more. The American Fund is said to have the pressure on Profitability in Vienna last increased. Cerberus holds today less than 2 percent, the majority of the Bank is in free float.BAWAG GROUP AG -- -- (--) London SE Int. Level 1WienTradegateLang & SchwarzFrankfurtStuttgartATX Weight 3M 1J 3J 5J For detail view
Bawag was gone three years ago with an issue volume of EUR 1.9 billion moderately successful on the Vienna stock exchange, although it was the biggest mission in Vienna at all. However, the course had been under water. This suggests that investors are skeptical about the earnings prospects of the institution. Analysts complain that it is unclear how much of the organic growth of the Bank and a lack of transparency.
A profiteer was without a doubt the Management for Austrian conditions, high remuneration. First of all, the British Byron Haynes came. He was replaced two years ago, earlier than planned, and surprisingly, the American chief financial officer Anas Abuzaakouk. Abuzaakouk was drafted in 2012 as a redevelopment Manager in the Board of Directors. Since 2014, he was chief financial officer.
At the time of its Acquisition of the boss chair, he was convinced that "the best years are still ahead of us". Successfully, the Management was in the Redimensioning of the cost. From the time of the Acquisition a good 6,000 employees remained 4400 (3,700 of whom are full-time positions). The ratio of cost to revenue should fall this year to below 40 percent, down from almost 43 percent – and is thus better than that of comparable competitors.Updated Date: 13 July 2020, 03:19