AUSTRIA: P.S.K. HIT BY INTEREST MOVEMENTS

Article Abstract:

Oesterreichische Postsparkasse (P.S.K.), which is to be privatised in year 2000, reports an operating profit of Sch 937mn for 1999, down from Sch 1.635bn in 1998. Profit on ordinary activities rose from Sch 1.117bn to Sch 1.142bn and profit for the year from Sch 777mn to Sch 1.533bn. Balance sheet total grew from Sch 276bn to Sch 296bn. Director general Max Kothbauer says that the bank purposely cut back interest-related business with the associated risks. Beside the increase of interest rates, P.S.K. suffered form the low margins in borrowing and lending. Due to profitability considerations, P.S.K. closed eight of its 29 branches. The number of staff was reduced by 5% to 2,123. Mr Kothbauer is content with the development of cooperation with post offices , which sell P.S.K.'s loans, building society savings contracts, Postversicherung insurance policies and investment fund savings. However, P.S.K. is still a long way from the target of generating half of returns through distribution by post offices. This would mean business worth Sch 400mn-600mn.

Sales, profits & dividends, Joint ventures, Oesterreichische Postsparkasse

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AUSTRIA: ERGO TEAMS UP WITH OVAG IN PSK BID

Article Abstract:

Klaus Thalhammer, director general of OVAG , says that the Volksbank banking group is to cooperate with Ergo in bidding for Osterreichische Postsparkasse (P.S.K.). The German insurance group (Victoria, Hamburg-Mannheimer, DKV and D.A.S.), which is controlled by Munchener Ruck , would use Austria's 2,300 post offices for selling non-complex insurance policies. Ergo would contribute most of the takeover price. P.S.K. is estimated to be worth Sch 12bn to Sch 14bn.

Strategy & planning, Insurance, Insurance Carriers and Related Activities, INSURANCE CARRIERS, Osterreichische Volksbanken AG, Ergo

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AUSTRIA: RAIFFEISEN BANKS TO BID FOR P.S.K

Article Abstract:

In Austria, the Raiffeisen bank group is to submit a bid for the privatisation Osterreichische Postsparkasse (P.S.K.). The bid will be backed by Raiffeisen Zentralbank AG (RZB) and all of the regional Raiffeisen banks. Raiffeisen thus rejects cooperation with Bawag. The latter might team up with the Allianz insurance group in a P.S.K. bid.

Raiffeisen Zentralbank AG

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