AUSTRIA: BANKPRIVAT TO START BUSINESS

Article Abstract:

BankPrivat AG, a new subsidiary of Bank Austria/Creditanstalt, is to become operative at the beginning of May 2000. The bank will offer comprehensive solutions for high net worth clients, i.e. those with an annual income of no less than EUR 150,000. Also Austrian with assets of no less than EUR 1mn and foreigners with EUR 500,000 belong to the target group. The bank starts off with 70 staff, about 10,000 clients and an asset management volume of Sch 40bn. Beside banking services, BankPrivat is to offer tax and legal consultancy. Beside Austria, BankPrivat is targeting especially the German and Italian markets, and it is to open a representation in Abu Dhabi by the end of year 2000. Market potential in South America is to be tackled in cooperation with BBA, in which Bank Austria holds a stake.

United Arab Emirates, Oesterreichische Nationalbank, Bank Austria Creditanstalt, BankPrivat AG

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AUSTRIA: GEAC TAKES OVER MANAGEMENT DATA

Article Abstract:

The Canadian Toronto-based software group Geac has acquired Management Data, a software subsidiary of Austrian bank Creditanstalt. Last financial year Management Data, which employs 260 staff, generated a turnover of about Sch 400mn. It will become part of Geac's SmartStream Banking Systems. Management Data is the market leader in specialist software that corrects mistakes in bank entries, holding 30% of the market. There are about 1,000 installations of the company's software. Geac and Sunguard of the US hold 25% of the world market each. Creditanstalt thus completes the streamlining of its computer operations. In 1997 it sold MD-Systemhaus to GE Capital IT Solutions. Last financial year Geac made a profit of CA$ 150mn on a turnover of more than CA$ 1bn, up 20%. It has made about 60 acquisitions and now generates only 5% of turnover in Canada.

Canada, Prepackaged software, Software Publishers, Asset sales & divestitures, General services, Financial, Acctg Software Pkgs (Micro), Financial software

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AUSTRIA: BAWAG'S PLANS FOR P.S.K

Article Abstract:

The acquisition of the post office bank Osterreichische Postsparkasse (P.S.K.) by Bawag creates Austria's leading bank in terms of savings deposits and payment traffic. Between them, the two banks have 1.1mn clients. In terms of balance sheet total, the new bank will be the third-biggest in Austria. According to Bawag chief executive Helmut Elsner, Bawag will retain the brand of P.S.K. In the field of banking, the country's post offices will continue to sell only P.S.K. products. However in future, the post offices will also sell holidays. Bayern-LB , which holds 46% of the stock of Bawag, controls the travel agency Ruefa. Bawag and P.S.K. are to combine parallel operations e.g. in the field of payment traffic. Together, the two banks are to improve the efficiency of investment also in fields such as computer services and electronic media. Bawag does not rule out the post office company Osterreichische Post taking a minority stake in P.S.K. However, also Allianz is a potential partner.

Joint ventures, Travel Agents, Lodging & Tourist Services, Travel Agencies, Accommodation, HOTELS AND OTHER LODGING PLACES, Central Reserve Depository, Post Office Banking Functions, Other Depository Credit Intermediation, Travel industry, Post office banks, Bawag

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