AUSTRIA: PSK WANTS TO BE PRIVATISED

Article Abstract:

Karl Stoss, vice general director of Austria's Postsparkasse (PSK), hopes the bank to be privatised as soon as possible, maybe already in 2000. Mr Stoss also hopes an amendment to the law to enable a privatisation of 100% instead of only 49% of PSK. Mr Stoss expects that bids will be invited Europe-wide. In addition to major domestic banks and insurers, international groups such as Deutsche Postbank, Deutsche Bank, Dresdner Bank, ING, ABN-Amro, Credit Suisse and UBS might be interested in cooperation. Mr Stoss does not want to sell the stake to the Austrian Post, because the cooperation is secured and successful also without a financial participation. Further synergy effects would not be probable. PSK, which handles 30% of payment transactions in Austria, is planning to hive the sector off into a new company in order to cooperate with other banks and financial service companies. According to PSK, Austrian banks are generally interested in wide cooperation in the sector of payment transactions. However, they are cautious about cooperating with PSK as long as they do not know who will take over the bank. Due to changes in interest rates and a new risk strategy, PSK's operating profits will decrease by about 50% to Sch 800mn in 1999.

Financial Services, Finance and Insurance

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AUSTRIA: NEW PRIVATE BANK FOR WEALTHY CLIENTS

Article Abstract:

The new Austrian private bank BankPrivat AG, which is to specialise in asset management for wealthy clients, is to start business in January or February 2000. BankPrivat is to be operated as a 100% subsidiary of CA , and it is to employ 50 people. At the first stage, the new bank is to manage assets worth Sch 40bn, to which Bank Austria and CA contribute Sch 20bn each. The volume is expected to double within the next five years. The clients will continue using the branches of CA and Bank Austria. BankPrivat will finance its operations from fees, and is aiming to get into the black already in the first year. BankPrivat is targeting clients with assets of Sch 13mn and up, or an annual gross income of Sch 2mn and up. The bank is to focus especially on good service and advice. In addition to the home country, the bank is planning activities in the neighbouring countries, the Far and Middle East, and in Latin America.

Oesterreichische Nationalbank, BankPrivat AG, Creditanstalt-Bankverein

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AUSTRIA: SKWB TO BOOST DISCOUNT BROKERAGE

Article Abstract:

SKWB Schoellerbank is hiving off its Direkt Anlage Service (DAS) discount brokerage operations to form a new joint-stock company. DAS, which claims to be the Austrian market leader, considers 15-20% of clients as potential customers for DAS and aims to grow faster than the market. The InternetTr@der service of DAS is to be upgraded in November 1999.

Strategy & planning, SKWB Schoellerbank AG

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