AUSTRIA: VOLKSBANK TO REMAIN INDEPENDENT

Article Abstract:

According to Klaus Thalhammer, director general of OVAG , Volksbank banks in Austria will remain independent while cooperating with the bigger cooperative bank group Raiffeisen. He sees the country's 68 Volksbank banks as a group of regional banks that are close to their clients. Mr Thalhammer points out that in Germany the merger of Volksbank and Raiffeisen banks led to a loss of market shares. The combined balance sheet total of OVAG and Volksbank banks in Austria amounts to Sch 430bn. Operating profit is more than 1% of balance sheet total.

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AUSTRIA: OVAG SEEKING INFOTECH PARTNER

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According to chief executive Andreas Treichl, Osterreichische Volksbanken AG (OVAG), the central bank of Austrian Volksbank cooperative banks, wants to team up with a partner in the field of computer services in order to cut costs. Initially, the cooperation should involve a common computer centre. Mr Treichl says that the bank is open to cooperation with a German cooperative bank in this field but wants to retain its independence.

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AUSTRIA: RAIFFEISEN IMPROVES DEPOSIT GUARANTEE

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Raiffeisen banks in Austria are said to be preparing improvements of deposit guarantees. While Austria only meets the European Union's minimum requirement of guaranteeing deposits up to the limit of Sch 275,000 (EUR 20,000) per person, the cooperative banks are to guarantee the entire deposits of both private and corporate clients in future.

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