Österreichische Volksbanken-Aktiengesellschaft

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  Österreichische Volksbanken-Aktiengesellschaft, since July 4, 2015: Immigon Portfolioabbau AG
logo
Country AustriaAustria Austria
Seat Vienna
legal form Corporation
founding 1922
resolution 2015
Website www.volksbank.at www.immigon.com
management
Board Stephan Koren (Chairman)
Supervisory board Franz Zwickl (Chairman)

Template: Infobox_Kreditinstitut / Maintenance / ID is missing

The Österreichische Volksbanken-Aktiengesellschaft (also Österreichische Volksbanken-AG and abbreviated VBAG), since July 4, 2015 Immigon portfolio reduction AG was the central institution of the Austrian Volksbank Group and is currently in liquidation .

history

ÖVAG was founded in 1922 as the Österreichische Zentralgenossenschaftskasse by the general association of self-help trade and business cooperatives in Austria (since 1930 Austrian cooperative association , ÖGV) credit cooperatives ( Schulze-Delitzsch ) under the leadership of Otto Neudörfer , who was the first chairman of the board until July 1931 functioned and then chaired the board of directors until his death.

The transformation into a stock corporation with the name Österreichische Volksbanken-Aktiengesellschaft took place in 1974. The bank has the brand name and the international name Volksbank AG (VBAG for short).

In 1991, in addition to its function as a central institution, ÖVAG also took on commercial banking functions.

After 1991, ÖVAG expanded to Eastern Europe: In 1991, ÖVAG was the first foreign bank to set up a bank in what was then Czechoslovakia (in Bratislava, now Slovakia ). This was followed by the Czech Republic (1993), Hungary (1993), Slovenia (1993), Croatia (1997), Romania (2000), Bosnia and Herzegovina (2000), Serbia (2003) and Ukraine (founded in 1991 as Elektron Bank, taken over by ÖVAG in 2006). The Eastern holdings were held by Volksbank International AG (VBI) , in which the German DZ Bank / WGZ Bank and the French Banque Fédérale des Banques Populaires each held 24.5% from 2004/2005 .

In 2002 Ergo Versicherung increased its stake in ÖVAG to 10% as part of the ongoing cooperation with the Volksbanken.

nationalization

With the takeover of the majority in Investkredit Bank AG and Kommunalkredit Austria AG for a total of 800 million euros in 2005, VBAG had taken on considerable risks that became apparent in the financial crisis of 2008. The badly ailing Kommunalkredit AG was rescued on November 3, 2008 through a forced nationalization and the Republic of Austria took over the share of ÖVAG for the symbolic purchase price of 1 euro. This had to write off the book value of its stake in Kommunalkredit in the amount of 420,000 euros. In 2009, ÖVAG received EUR 1 billion in participation capital from the Austrian state from the state bank aid package. Since the bank did not achieve a positive operating result in the following years, it did not have to pay a dividend for this capital.

Redevelopment

In 2010, ÖVAG sold its property subsidiary Europolis to CA Immo for 272 million euros .

At the end of 2010, the decision to sell Volksbank International AG (VBI) was passed. In September 2011, the previous owners of VBI (ÖVAG: 51%, DZ Bank AG and WGZ Bank AG: 24.5%, Banques Populaires Caisses d'Epargne : 24.5%) signed an agreement for the sale of 100% of the shares the VBI group to the Russian Sberbank . The transaction closed on February 15, 2012. Sberbank acquired nine institutes in Slovakia, the Czech Republic, Hungary, Slovenia, Croatia, Bosnia-Herzegovina, Serbia and the Ukraine. Volksbank Romania was excluded from the transaction and was incorporated into a new company. The ownership structure remained unchanged, and ÖVAG retained its 51% stake. The new company was controlled directly by the owners - not via the VBI in Vienna as was previously the case.

In December 2011, ÖVAG sold its 25% stake in Victoria Volksbanken Versicherung to Ergo Versicherung .

The 2011 financial year ended with a loss of more than 1.3 billion euros. The high annual loss in 2011 had several causes, primarily losses at the banking subsidiaries in Romania and Hungary and the write-offs on Greek bonds. Furthermore, write-downs were necessary for the investment in Investkredit. Even with the sale of Volksbank International to the Russian Sberbank , the price that had been expected could not be achieved.

This made a new restructuring concept necessary, which was agreed on February 27, 2012. To cover the loss, a capital reduction was carried out for the time being, with the state having to write off 700 million of the billion invested. The 70 percent capital cut affected all capital instruments, i.e. share capital, state and private participation capital . As a result, the Republic of Austria took a direct stake in ÖVAG, whereby the bank received fresh money from the federal government in the course of a capital increase totaling 484 million euros. The remaining 234 million euros came from the federal state Volksbanks, which retained the majority of shares in ÖVAG. The Austrian Volksbanks had to undertake to form a "liability association" with ÖVAG. The liability association, which comprised 58 credit institutions, was registered with the federal competition authority on June 29, 2012. With the approval of the Austrian Financial Market Authority on September 18, 2012, the Association of Credit Institutions (Volksbanken-Verbund) became legally effective. At the time, the association consisted of 42 regional Volksbanks, 6 specialist banks (Apothekerbank, Ärztebank, Gärtnerbank, IMMO-Bank, Sparda Linz, Sparda Villach / Innsbruck), 4 house credit cooperatives, the start: bausparkasse (formerly Allgemeine Bausparkasse reg.Gen.mbH ( ABV)) and the Österreichische Volksbanken-Aktiengesellschaft.

In April 2014 Volksbank Malta was sold to the Maltese Medbank for 35 million euros; the closing took place in September 2014.

In September 2014, ÖVAG sold its Polish and Romanian leasing company to the Polish Getin Holding . The Czech leasing company was sold to GE Money Bank in October 2014 and the Slovak leasing company to ČSOB Leasing in July 2015 .

The Banca Transilvania bought in December 2014, Volksbank Romania SA The closing took place in April, 2015.

According to EU regulations, ÖVAG must cease or sell all of its own business.

completion

In October 2014, the restructuring of ÖVAG was decided as follows:

  1. The functions as the central institution (organization of the liability association of the Volksbanks as well as service functions for them) are to be transferred to Volksbank Wien-Baden.
  2. the rest of VBAG becomes a bad bank , gives up the banking license and winds up the remaining assets.
  3. The 44 independent Volksbanks and 7 special institutes at that time are to be merged into 9 regional banks and 3 special institutes. This merger process had already started in summer 2013 (for details see under Volksbank Group ).

In January 2015, 12 of 41 institutes had not yet called a general meeting to pass the merger resolutions. ÖVAG threatened to discontinue its services (payment transactions, securities processing, ...) if they wait any longer. By March 2015 - after the intervention of the financial market supervisory authority - all mergers should proceed as planned.

The transfer of the central institute functions to Volksbank Wien-Baden AG was registered with the federal competition authority in April 2015. The spin-off took place on July 4, 2015. The name of the mining bank is Immigon Portfolioabbau AG.

Volksbank Invest Kapitalanlagegesellschaft and Immo Kapitalanlage were sold to the Union Investment fund company in December 2015 . The new name is Union Investment Austria GmbH.

In July 2015, Immigon sold its shares in the Victoria Volksbanken Vorsorgekasse and the Victoria Volksbanken Pensionskasse to the Bonus Pension Fund. In August 2015, Immigon sold VB Leasing to BAWAG PSK Leasing and VB Factoring to the German ABS Factoring AG.

The leasing companies in Croatia, Serbia, Bosnia and Slovenia are being wound up.

In July 2015, Volksbank Wien-Baden took over VB Management Beratung GmbH and VB Services für Banken GmbH.

In July 2015, it was announced that Immigon will buy back unsubordinated liabilities with a volume of 933 million euros. The repurchase below the nominal value is expected to result in a profit in the individual financial statements.

In August 2015, Immigon sold its third share in RSV Beteiligungs GmbH (which is involved in Austrian Lotteries ) to Novomatic .

More than half of the 600 employees at what was then ÖVAG in January 2015 have so far been cut; Immigon had 278 employees in the first quarter of 2016. As of June 30, 2016, the number of employees was 220, at the end of the year 193. The liquidation should have been completed by the end of 2017, but at the end of 2017 Immigon still had 141 employees.

At the end of 2018 there were only 37 employees. Immigon went into liquidation in June 2019.

Ownership structure

Until 2013, the ERGO Group held a share of 1.5%, which Volksbanken Holding took over. Österreichische Volksbanken-Aktiengesellschaft currently has the following ownership structure:

  • 51.6% - Volksbanken Holding eGen
  • 43.3% - Republic of Austria
  • 3.8% - DZ Bank AG
  • 0.9% - Raiffeisen Zentralbank Österreich AG
  • 0.4% - free float

Group of the Österreichische Volksbanken-AG (short ÖVAG Group)

The ÖVAG Group was Austria's fourth largest banking group and was active in the financial markets, real estate, corporate and retail sectors. In addition to banks, real estate and leasing companies, the group also included other service companies:

  • Banks (VB Factoring Bank AG, Volksbank Invest Kapitalanlageges.mbH)
  • Real estate companies (VB Real Estate Services GmbH, IMMO-Kapitalanlage AG)
  • Leasing companies (VB Real Estate Services GmbH, VB Leasing Financing GmbH, VB-Leasing International Holding GmbH)
  • Service provider (VB Services für Banken GmbH, VB Management Beratung GmbH)

Key figures 2011 of the ÖVAG Group

The following key figures can be found in the Group's annual report:

  • Average number of employees: 3,120 (1,315 in Germany, 1,805 abroad)
  • Balance sheet total: 41.135 billion euros
  • Annual earnings before taxes: EUR −891.2 million

In a 2013 ranking by Forbes Magazine of the world's largest public limited companies, Volksbanken AG ranks 1,697.

Directors and General Managers

Supervisory board presidents

Honorary board chairmen (chairmen)

Web links

Individual evidence

  1. ^ Spin-off of ÖVAG - Volksbank. In: https://www.volksbank.at/ . Retrieved July 4, 2015 .
  2. ↑ a b c ÖVAG Annual Report 2009. p. 12 , accessed on August 1, 2015 .
  3. ↑ Volksbank wants to expand branch network in the Czech Republic Der Standard, September 29, 2006
  4. ↑  ( page no longer available , search in web archives )@1@ 2Template: Dead Link / www.vbi.at
  5. ↑ Immigon Portfolio Abbau AG: History
  6. ^ Volksbank International AG ( Memento from July 13, 2011 in the Internet Archive )
  7. ^ ÖVAG Annual Report 2005 on the Immigon website
  8. ↑ ÖVAG Annual Report 2005, page 44, on the Immigon website
  9. ↑ ÖVAG Annual Report 2009. p. 13 , accessed on August 1, 2015 .
  10. ↑ State takes over municipal credit for two euros. Der Standard, November 3, 2008, accessed September 19, 2015 .
  11. ↑ Volksbank AG announces losses for 2009. Die Presse, July 27, 2009, accessed September 19, 2015 .
  12. ↑ Volksbank: Europolis to CA Immo for 272 million from Standard, June 24, 2010.
  13. ↑ Volksbank International belongs to the Russians from Wednesday
  14. ↑ Selling continues: ÖVAG is now increasing at Victoria from Wiener Zeitung, December 20, 2011
  15. ^ ORF in Eco on March 1, 2012
  16. ↑ In: Courier online. February 28, 2012.
  17. ↑ [1] In: “Die Presse.com.” February 28, 2012.
  18. ↑ Federal Competition Authority
  19. ↑ [2]
  20. ^ ÖVAG sells Volksbank Malta to MedBank der Standard, April 11, 2014
  21. ↑ Volksbank is sold for € 35.3m to Med Bank Times of Malta, April 12, 2014.
  22. ↑ a b New ÖVAG President Liebscher urges renovation speed ( Memento from October 4, 2014 in the Internet Archive ) Wirtschaftsblatt, September 25, 2014
  23. ↑ VBLI national companies in Poland and Romania sold to Polish Getin Holding ( Memento from September 13, 2014 in the Internet Archive ) APA OTS news, September 9, 2014
  24. ↑ VB Leasing Czech Republic sells to GE Money Bank ÖVAG press release, October 31, 2014
  25. ↑ VB-Leasing sells Slovakia subsidiary Der Standard, July 2, 2015
  26. ↑ ÖVAG sells Romanian problem subsidiary to Banca Transilvania Wiener Zeitung, December 10, 2014
  27. ↑ ÖVAG has sold Volksbank Romania ( Memento from July 3, 2015 in the Internet Archive ) Wirtschaftsblatt, April 7, 2015
  28. ↑ ÖVAG continues massive cuts - high losses this year ( Memento from May 13, 2014 in the Internet Archive ) Wirtschaftsblatt, May 13, 2014
  29. ↑ VBLI national companies in Poland and Romania sold to Polish Getin Holding ( memento from September 13, 2014 in the Internet Archive ), APA OTS news, September 9, 2014
  30. ↑ VBAG heralds its own end Die Presse, October 2, 2014
  31. ↑ Restructuring of VBAG on its own VBAG press release, October 2, 2014
  32. ↑ Kleine Zeitung of June 28, 2013: "Volksbank: Three banks become one". Kleine Zeitung , June 28, 2013, archived from the original on October 6, 2014 .;
  33. ^ "Wave of mergers at Volksbanks: Gärtnerbank an Volksbank Wien-Baden '", Wirtschaftsblatt ( Memento from July 28, 2014 in the Internet Archive ) July 23, 2014
  34. ↑ [obsolete] "ÖVAG Board of Directors is putting Volksbanker under pressure", Der Standard 23 January 2015
  35. ↑ a b ÖVAG capital cut: State is losing money again , Der Standard, April 24, 2015
  36. ^ Merger of Volksbank Wien-Baden AG; Volksbank Haftungsgenossenschaft eG; Volksbanks of the primary level , Federal Competition Authority, BWB / Z-2650, April 28, 2015
  37. ↑ "Supervision clears the way for Volksbank reorganization", Der Standard July 2, 2015
  38. ^ "Fund provider Union should buy parts of crisis bank ÖVAG", Handelsblatt July 5, 2015
  39. ↑ Immigon has sold fund companies to the German Union New Name | Tiroler Tageszeitung Online news from now! In: Tiroler Tageszeitung Online. December 17, 2015, archived from the original on August 6, 2017 .;
  40. ^ ÖVAG-Bad-Bank and Ergo sell pension fund. Der Standard, July 13, 2015, accessed July 17, 2015 .
  41. ↑ Immigon sells VB Leasing to BAWAG. Courier, July 13, 2015, accessed August 13, 2015 .
  42. ↑ ÖVAG-Bad-Bank Immigon has now also launched a factoring bank subsidiary. Tiroler Tageszeitung, August 28, 2015, accessed on March 6, 2020 .
  43. ↑ ÖVAG dismantling company wants to liquidate leasing subsidiaries. Der Standard, September 19, 2015, accessed September 19, 2015 .
  44. ↑ a b Annual Financial Report 2017 / Immigon portfolioabbau ag. Immigon portfolioabbau ag, April 20, 2018, accessed on April 26, 2018 .
  45. ^ Wiener Zeitung: Firmenmonitor.at // Announcement text - details / VB Management Beratung GmbH. In: www.firmenmonitor.at. July 28, 2015, accessed February 13, 2016 .
  46. ^ Wiener Zeitung: Firmenmonitor.at // Announcement text - Details / VB Services für Banken GmbH. In: www.firmenmonitor.at. July 28, 2015, accessed February 13, 2016 .
  47. ↑ ÖVAG “Bad Bank” Immigon is making progress with dismantling - news.ORF.at. Retrieved August 1, 2015 .
  48. ↑ Immigon annual report for the third quarter of 2015. Immigon, p. 6 , accessed on February 21, 2016 .
  49. ↑ Immigon: Interim report as of March 31, 2016. Immigon, May 12, 2016, accessed on August 13, 2016 .
  50. ↑ a b "Volksbanken AG: Processing still costs numerous jobs", Die Presse January 24, 2015
  51. ↑ Immigon Half-Year Financial Report 2016. Immigon, August 26, 2016, accessed on September 3, 2016 .
  52. ↑ Tiroler Tageszeitung Online: Immigon 2016 with loss - dissolution begins in 2018 at the earliest | Tiroler Tageszeitung online - news from now! In: Tiroler Tageszeitung Online . March 13, 2017 ( tt.com [accessed March 18, 2020]).
  53. ↑ Immigon: Immigon Annual Financial Report 2018. Accessed October 13, 2019 .
  54. ↑ Bad Bank of the Volksbanks buried - derStandard.at. Retrieved October 13, 2019 (Austrian German).
  55. ^ ÖVAG ownership structure (as of March 7, 2014)
  56. ↑ ÖVAG Group Report 2012
  57. ↑ Business year 2011 (PDF; 1.6 MB)
  58. ↑ Eleven companies among the world's largest. In: oesterreich.orf.at. April 18, 2013, accessed on April 18, 2013 : “Austria is represented by eleven companies in the ranking of the world's largest 2,000 companies published on Wednesday by the US magazine“ Forbes ”. […] The state-owned Volksbanken AG (ÖVAG) also made it onto the list, at position 1,697. [...] Among the 2,000 companies there are exclusively stock corporations, which is why Red Bull, for example, does not appear. [...] The following key figures were used to create the ranking: sales, profit, assets and market capitalization. "
  59. ↑ New Supervisory Board: the past "under control"
  60. ↑ Johann Brazda (Ed.): 150 Years of Volksbanks in Austria, Schulze-Delitzsch series of publications, Volume 23, Vienna 2001