Banking in Austria: Difference between revisions
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The following former and current bankers have made an important contribution to the development of the Austrian banking industry and continue to develop it in their position as CEO: |
The following former and current bankers have made an important contribution to the development of the Austrian banking industry and continue to develop it in their position as CEO: |
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* [[:de:Gerhard_Randa|Gerhard Randa]]: long-standing CEO Unicredit Bank Austria; CEO of [[Sberbank Europe Group|Sberbank Europe AG]] |
* [[:de:Gerhard_Randa|Gerhard Randa]]: long-standing CEO [[UniCredit Bank Austria|Unicredit Bank Austria]]; CEO of [[Sberbank Europe Group|Sberbank Europe AG]] |
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* [[:de:Andreas_Mitterlehner|Andreas Mitterlehner]]: General Director of Hypo Landesbank Upper Austria for 16 years |
* [[:de:Andreas_Mitterlehner|Andreas Mitterlehner]]: General Director of Hypo Landesbank Upper Austria for 16 years |
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* [[:de:Peter_Bosek|Peter Bosek]] long-standing Chairman of the Management Board of Erste Bank and Member of the Management Board of Erste Bank Groupe |
* [[:de:Peter_Bosek|Peter Bosek]] long-standing Chairman of the Management Board of [[Erste Group|Erste Bank]] and Member of the Management Board of Erste Bank Groupe |
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* Helmut Hardt: long-standing member of the Management Board and also CEO of Wiener Privatbank SE |
* Helmut Hardt: long-standing member of the Management Board and also CEO of Wiener Privatbank SE |
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* [[:de:Ludwig_Scharinger|Ludwig Scharinger]]: he was from 1985 to 2012 General Director and Chairman of the Board of Raiffeisenlandesbank Oberösterreich |
* [[:de:Ludwig_Scharinger|Ludwig Scharinger]]: he was from 1985 to 2012 General Director and Chairman of the Board of [[Raiffeisenlandesbank Oberösterreich|Raiffeisenlandesbank]] Oberösterreich |
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* Alfred Reiter: Member of the Management Board of Investkredit Bank AG from 1976-2001, also their Chairman and for the last 7 years also active as General Manager. |
* Alfred Reiter: Member of the Management Board of Investkredit Bank AG from 1976-2001, also their Chairman and for the last 7 years also active as General Manager. |
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* [[:de:Erwin_Hameseder|Erwin Hameseder]]: former chairmen oft he Board and General Manager of RLB NÖ-Wien. Since 2012 Chairman of Raiffeisen-Holding NÖ-Wien |
* [[:de:Erwin_Hameseder|Erwin Hameseder]]: former chairmen oft he Board and General Manager of RLB NÖ-Wien. Since 2012 Chairman of Raiffeisen-Holding NÖ-Wien |
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* [[:de:Andreas_Treichl|Andreas Treichl]]: long-term CEO of Erste Bank, 2008 to 2020 CEO of Erste Group Bank AG |
* [[:de:Andreas_Treichl|Andreas Treichl]]: long-term CEO of Erste Bank, 2008 to 2020 CEO of [[Erste Group]] Bank AG |
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* Robert Ulm: CEO of Hello bank!, more than 20 years of experience in the Austrian financial industry and online brokerage. |
* Robert Ulm: CEO of [[Hello bank!|Hello bank]]!, more than 20 years of experience in the Austrian financial industry and online brokerage. |
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* Robert Zadrazil: CEO of Bank-Austria since 2016 and President of the Association of Austrian Banks and Bankers. |
* Robert Zadrazil: CEO of Bank-Austria since 2016 and President of the Association of Austrian Banks and Bankers. |
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* Gerda Holzinger-Burgstaller: will be the new CEO of Erste Bank Austria in 2021, also acting as CFO and COO |
* Gerda Holzinger-Burgstaller: will be the new CEO of Erste Bank Austria in 2021, also acting as CFO and COO |
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* Heinrich Schaller: Chairman of the Board of Raiffeisenlandesbank Oberösterreich AG and General Director of RLB |
* Heinrich Schaller: Chairman of the Board of [[Raiffeisenlandesbank Oberösterreich]] AG and General Director of RLB |
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* Igor Strehl: long-standing CEO of [[VTB Bank (Austria) AG|VTB Bank]] (Austria) AG (former [[Donau Bank AG]]) and a board member of [[Sberbank Europe Group|Sberbank Europe AG]] (former Volksbank International AG) |
* [https://www.dunaj-consulting.at/igor-strehl/ Igor Strehl]: long-standing CEO of [[VTB Bank (Austria) AG|VTB Bank]] (Austria) AG (former [[Donau Bank AG]]) and a board member of [[Sberbank Europe Group|Sberbank Europe AG]] (former Volksbank International AG) |
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* Erich Hampel |
* [./Https://de.wikipedia.org/wiki/Erich%20Hampel Erich Hampel] |
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* Anas Abuzaakouk: CEO for [[BAWAG P.S.K.|BAWAG]] Group AG and Chairman-Management Board & CEO for BAWAG P.S.K. AG (a subsidiary of BAWAG Group AG). He is also on the board of easybank AG. |
* [https://www.bloomberg.com/profile/person/18496710 Anas Abuzaakouk]: CEO for [[BAWAG P.S.K.|BAWAG]] Group AG and Chairman-Management Board & CEO for [[BAWAG P.S.K.]] AG (a subsidiary of BAWAG Group AG). He is also on the board of easybank AG. |
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==Stock exchange== |
==Stock exchange== |
Revision as of 16:33, 27 October 2020
Banking system
The Austrian banking system also includes joint-stock banks, banking houses, and private banks, as well as postal savings banks, private savings banks, mortgage banks, building societies, and specialized cooperative credit institutions. The most important credit institutions are the joint-stock commercial banks, the two largest of which, the Creditanstalt-Bankverein and the Österreichische Länderbank, were nationalized in 1946; shares representing 40% of the nominal capital of the two were sold to the public in 1957.
On January 12, 1997, the coalition partners, after long and intensive negotiations, agreed to sell Creditanstalt-Bankverein to the indirectly state-owned Bank Austria, which is dominated by the senior coalition party, the Social Democratic Party (SPO). The sale created a financial and industrial giant in Austria, which holds about one-quarter of the assets of all financial institutions.
The International Monetary Fund reports that in 2001, currency and demand deposits — an aggregate commonly known as M1 — were equal to $52.9 billion. In that same year, M2 — an aggregate equal to M1 plus savings deposits, small time deposits, and money market mutual funds — was $171.2 billion
Regulations
Since the introduction of the Kreditwesensgesetz (KWG) in 1979, the boundaries between the various types of credit institutions have gradually become blurred. Many banks have developed into universal banks offering a comprehensive range of banking services. Prior to the 1979 KWG, the Austrian banking system was still governed by the Kreditwesengesetz, which had been in force since October 1, 1938 in Nazi Germany and the associated Austria. The 1979 KWG was created as a result of the increasing liberalization of the banking system and the general trend towards universal banks. The rapid growth and increased activity of Austrian banks abroad made it necessary to adapt to international standards, which was regulated in the 1986 amendment to the law. On January 1, 1994, the KWG was replaced by the new Banking Act (Bankwesensgesetz- BWG), which was drafted in view of EU conformity and also contains improved provisions for creditor and consumer protection. In 2002, the Austrian Financial Market Authority (FMA) was founded, which supervises the Austrian banking sector. Due to the economic interest in a stable financial sector, financial market participants, the financial market infrastructure (stock exchange, securities depository) and securities trading are subject to state supervision.
OeKB (Austrian central bank)
The Oesterreichische Nationalbank, Austria's central bank, was founded in 1816. After being taken over by the German Reichsbank in 1938, it was re-established on July 3, 1945. The bank is a corporation with capital shares fixed by law at $150 million; 100% of the shares are, by law, held by the Austrian government. The central bank and the bank of issue, it preserves the domestic purchasing power of the Austrian currency and its value in terms of stable foreign currencies, and controls external transactions affecting the balance of payments. It also sets reserve requirements for credit institutions.
Great importance is attached in Austria to the Österreichische Kontrollbank Aktiengesellschaft (OeKB). It is Austria's central financial and information service provider for the export industry and the capital market. Its services are available to companies and financial institutions as well as institutions of the Republic of Austria. The services of OeKB include Export Services, Capital Market Services for stock exchanges, issuers, financial service providers and investors as well as Energy Market Services for the electricity and gas market. Furthermore, OeKB is a sought-after issuer on the international bond market.
Largest banks in Austria
The largest Austrian credit institutions by balance sheet total in 2018
Ranking 2018 | Bank | Balance sum (Billions) |
1 | Erste Group Bank AG | 236,79 |
2 | Raiffeisen Bank International AG - RBI | 140,12 |
3 | UniCredit Bank Austria AG | 99,03 |
4 | BAWAG Group AG | 44,70 |
5 | Raiffeisenlandesbank Oberösterreich AG | 41,99 |
6 | Raiffeisenlandesbank Niederösterreich-Wien AG | 26,97 |
7 | Oberbank AG | 22,21 |
8 | Steiermärkische Bank und Sparkassen AG | 15,77 |
9 | Raiffeisen-Landesbank Steiermark | 15,12 |
10 | Hypo NOE Landesbank für Niederösterreich und Wien AG | 14,06 |
Notable Bankers in Austria
The following former and current bankers have made an important contribution to the development of the Austrian banking industry and continue to develop it in their position as CEO:
- Gerhard Randa: long-standing CEO Unicredit Bank Austria; CEO of Sberbank Europe AG
- Andreas Mitterlehner: General Director of Hypo Landesbank Upper Austria for 16 years
- Peter Bosek long-standing Chairman of the Management Board of Erste Bank and Member of the Management Board of Erste Bank Groupe
- Helmut Hardt: long-standing member of the Management Board and also CEO of Wiener Privatbank SE
- Ludwig Scharinger: he was from 1985 to 2012 General Director and Chairman of the Board of Raiffeisenlandesbank Oberösterreich
- Alfred Reiter: Member of the Management Board of Investkredit Bank AG from 1976-2001, also their Chairman and for the last 7 years also active as General Manager.
- Erwin Hameseder: former chairmen oft he Board and General Manager of RLB NÖ-Wien. Since 2012 Chairman of Raiffeisen-Holding NÖ-Wien
- Andreas Treichl: long-term CEO of Erste Bank, 2008 to 2020 CEO of Erste Group Bank AG
- Robert Ulm: CEO of Hello bank!, more than 20 years of experience in the Austrian financial industry and online brokerage.
- Robert Zadrazil: CEO of Bank-Austria since 2016 and President of the Association of Austrian Banks and Bankers.
- Gerda Holzinger-Burgstaller: will be the new CEO of Erste Bank Austria in 2021, also acting as CFO and COO
- Heinrich Schaller: Chairman of the Board of Raiffeisenlandesbank Oberösterreich AG and General Director of RLB
- Igor Strehl: long-standing CEO of VTB Bank (Austria) AG (former Donau Bank AG) and a board member of Sberbank Europe AG (former Volksbank International AG)
- [./Https://de.wikipedia.org/wiki/Erich%20Hampel Erich Hampel]
- Anas Abuzaakouk: CEO for BAWAG Group AG and Chairman-Management Board & CEO for BAWAG P.S.K. AG (a subsidiary of BAWAG Group AG). He is also on the board of easybank AG.
Stock exchange
A special decree of Empress Maria Theresa (August 1, 1771) provided for the establishment of a stock exchange in Vienna. From the mid-19th century to the beginning of World War I, it was the main capital market of middle and eastern Europe, and from 1918 to 1938, it had continuous international importance as an equity market for the newly founded nations originating from the former monarchy. The exchange also deals in five Austrian and seven foreign investment certificates. The Austrian Traded Index has grown steadily in the past few years, growing 8.71% in 2002, and averaging a growth rate of 10.15% in the past five years. Market capitalization as of December 2004 stood at $85.815 billion, with the index up 57.4% at 2,431.4 from the previous year. There were 99 companies listed on the Wiener Borse AG in 2004.
References