Österreichische Volksbanken-AG presents future strategy
Sale of Europolis and combination of VBAG and Investkredit
Vienna (24 June 2010) Europolis AGis being sold to CA Immo AG. This was decided today by the
Management Board and Supervisory Board of Österreichische Volksbanken-AG (VBAG). CA
Immo AG will pay € 272 million for all shares in Europolis AG. There will be a slight positive
contribution to the balance sheet of the group, after taking into account deconsolidation effects
and adjustments at the time of closing, which is planned for January 2011. CEO Wenzel
commented: “My strategy from the outset was for us to concentrate on our core business. By
selling Europolis we have eliminated risk volatilities and significantly enhanced our planning
security. We have also gained further leeway and can use the freed up resources to focus on the
Group’s core business. One of our core tasks has always been to be a strong partner for the
Austrian economy.”
In order to strengthen the business model and streamline the Group’s structure, the executive
bodies have also resolved to combine VBAG with Investkredit Bank AG. The combination is to be
completed in the first half of 2011. “A new, combined market approach for VBAG and
Investkredit will provide Austrian companies with a strong, lean and efficient commercial bank.
Together with the Volksbanks, we will continue to expand our excellent position in the
corporate customer segment,” continued CEO Wenzel confidently.
Repayment of government participation capital from 2011
“This is the right time for us to make decisions about the future of VBAG, to streamline
structures as announced and to focus on our core business. All these measures are geared
towards repaying the participation capital to the Republic of Austria from 2011 as agreed and to
ensure dividend payments on it“, continued VBAG’s CEO Gerald Wenzel. “The positive Q1
results show that our situation has improved markedly. At an initial stage the evaluation of
possible strategic partnerships did not result in any satisfactory options for us and our
stakeholders. We remain open towards all interesting opportunities in the future.”
VBAG’s Supervisory Board Chairman Hans Hofinger said: “Today’s landmark decision is another
step in overcoming the difficult situation the group faced in 2009 and strengthen the overall
structure of the VBAG Group in the long term. The Volksbanks are supportive of these
measures. Chief Executive Officer Wenzel enjoys our complete confidence in his chosen
course.”
VBAG’s Management Board member Dieter Tschach leaves company at own request
Management Board member Dieter Tschach is leaving the company at his own request. Tschach
joined VBAG as COO in October 2008 when the financial crisis broke out and assumed
responsibility for the internal cost-cutting programme. “It’s been a very exciting and challenging
time. Now, however, I wish to take on new challenges,” says Tschach. Chairman of the
Supervisory Board Hans Hofinger has accepted this decision and wishes Dieter Tschach all the
best for the future. “The sustainable reduction of administrative expenses already led to savings
of € 64.1 million in 2009. Dieter Tschach and his team have made a major contribution to the
turnaround of VBAG and for this we owe him our thanks.” Dieter Tschach resigned as a member
of the board per today. CEO Gerald Wenzel will assume Dieter Tschach’s duties effective
immediately.
Inquiries:
Walter Gröblinger
Österreichische Volksbanken-AG
Tel.: +43-050 4004-3864
E-Mail:
[email protected]
