AUSTRIA: WMP BANK UNDER OBSERVATION

Article Abstract:

Reportedly Austria's banking watchdog has put WMP Bank AG under supervision from 31 October 2000, after the bank, which is active as a stock broker, failed to meet its obligations towards other banks. The quoting of the shares of the bank on the Vienna stock exchange had been discontinued a few days earlier. WMP Bank specialises in brokerage with central and east European stocks. According to the Trade Register, the bank is owned 51% by General Commerce Holding, which in turn is owned by a Nasdaq-listed US company. Last financial year WMP Bank had a balance sheet total of EUR 18mn.

Securities Dealers, Securities & Commodities Exchanges, Investment Banking and Securities Dealing, Securities and Commodity Exchanges, Banking Institutions, Depository Credit Intermediation, Organizational history, Security and commodity exchanges, Debt & Equity Securities, Security brokers and dealers, Banks (Finance), WMP Bank AG

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AUSTRIA: MEINL BANK ON THE INTERNET

Article Abstract:

Austrian Meinl Bank is to expand business onto the Internet in September 2000. In stock trading, Meinl Bank wants to offer better service than other discount brokers at comparable prices. Meinl Bank expects the positive economic development in Austria to boost private banking business by 20-30%. In the expansion, the Internet will be one of the most important tools since Meinl regards branch networks as "expensive and obsolete". The bank is to boost Internet business also in eastern Europe.

Commercial Banks, Commercial Banking, Strategy & planning, Retail Banking Services, Clearing Banks, Financial Transactions Processing, Reserve, and Clearinghouse Activities, Retail banking, Bank clearinghouses, Meinl

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