Österreichische Volksbanken-Aktiengesellschaft
EANS-Adhoc: Österreichische Volksbanken-Aktiengesellschaft
As part of new
strategy ÖVAG evaluates sale of participations and issues guidance
ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
07.12.2010
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
end of announcement euro adhoc
Further inquiry note:
Walter Gröblinger
Tel.: +43/ (0) 50 4004-0
E-Mail: walter.groeblinger@volksbank.com
Branche: Banking
ISIN: AT0000755665
WKN:
Index: Standard Market Auction
Börsen: Prague Stock Exchange / stock market
Wien / official market