As part of new strategy ÖVAG evaluates sale of participations and issues guidance
In accordance with its “Strategy 2015”, Österreichische Volksbanken-AG (ÖVAG) will be focusing on its core business. This includes ÖVAG’s function as the central institution of the Volksbank sector, the corporate business and the real estate activities. Austria and its neighbouring countries constitute the core regions for these activities. For business activities and participations which are not part of ÖVAG´s core business, various options are currently being evaluated. In this context, the Management Board resolved at today's meeting to review the possible sale of the stakes in Volksbank International AG and VB-Leasing International Holding GmbH and to initiate the respective process. The corresponding steps, which will take place over the course of the next few months and are to be supported by the mandated consultants, could result in the sale of these stakes.
Guidance
Based on its new strategy, the group plans to reach the following targets (according to IFRS) by 2015*:
- Increase return on equity (RoE) to at least 10%
- Maintain the tier 1 ratio (credit risk) at about 10%
- Increase pre-tax earnings to at least EUR 125 million per year
- Maintain the already significantly improved cost-income ratio at approximately 55%
* Assumption: payments on the participation capital issued in 2008 are presented as dividend payments (as under Austrian GAAP).
It is expected that dividend payments on the participation capital held by the Republic of Austria and all other profit-related instruments will be made from 2012 onwards (i.e. for the fiscal years 2011 onwards). The government participation capital is expected to be redeemed starting in 2011 as stipulated by the agreement.
Stock exchange listed issues of participation capital issued by Österreichische Volksbanken-Aktiengesellschaft:
ISIN:
AT0000755665 Österreichische Volksbanken-AG
PartizipationsscheineXS0359924643 EUR 500,000,000 Perpetual Non Cumulative Participation Capital Certificates
The five biggest listed issues of Österreichische Volksbanken-Aktiengesellschaft in terms of issue volume:
ISIN:
XS0451759012
XS0417722393
XS0412533399
XS0271095357
AT000B053442
The issues of Österreichische Volksbanken-Aktiengesellschaft are admitted on the following stock exchanges:
Regulated unofficial market of Wiener Börse AG
Official trading of Wiener Börse AG
EUWAX segment of Baden-Württembergische Wertpapierbörse
Regulated market of Baden-Württembergische Wertpapierbörse
Regulated market of the Prague Stock Exchange
Regulated market of the Luxembourg Stock Exchange
Open Market of Berlin Stock Exchange
Open Market of Stuttgart Stock Exchange
Open Market of Frankfurt Stock Exchange
Ad-hoc releases - Volksbank AG
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