Österreichische Volksbanken-Aktiengesellschaft

EANS-Adhoc: Österreichische Volksbanken-Aktiengesellschaft
Reorganisation of the Association of Volksbanks

  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

Subtitle: Splitting up VBAG will ensure the future of Volksbanks under new
structures and will avoid any further burden on taxpayers

The Executive Board of Österreichische Volksbanken-AG (VBAG) decided in
principle today to restructure VBAG. Those assets and tasks that are currently
allocated to VBAG's non-core business areas are to be fully liquidated. Assets
and service units belonging to the core business, together with all tasks
undertaken by VBAG in its capacity as the central organisation of the
Association of Volksbanks, are to be merged into a new top institution of the

VBAG's objective is to deal swiftly with all remaining transactions that are not
part of the core business, to meet its liabilities to creditors on the relevant
maturity dates and to avoid any additional burden on taxpayers. 

The concrete plan together with the relevant legal aspects will be worked out in
more detail over the coming weeks. Final implementation will require official
and supervisory approval. 

New structure for Volksbanks
A meeting of all cooperative bank members of the Association of Volksbanks took
place today; there was a large majority in favour of implementing a fundamental
restructure and accepting the "9+3" structure model with more than 95%. Small
and medium-sized banks will merge together to form nine strong regional banks
that will cooperate closely with one another in future.  These will be augmented
by three specialist institutions. 

The purpose of this package of measures is to significantly strengthen the
profitability of Austrian Volksbanken and to make it possible for them to raise
funds on the capital markets.

Further inquiry note:
Petra Roth 
Österreichische Volksbanken-Aktiengesellschaft 
Tel.: 0664 6129223 
Mail: petra.roth@volksbank.com

end of announcement                               euro adhoc 

issuer:      Österreichische Volksbanken-Aktiengesellschaft
             Kolingasse  14-16
             A-1090 Wien
phone:       +43 0 50 4004-0
WWW:      www.volksbank.com
sector:      Banking
ISIN:        AT0000755665
indexes:     Standard Market Auction
stockmarkets: Regulated free trade: Wien, stock market: Prague Stock Exchange 
language:   English

Weitere Meldungen: Österreichische Volksbanken-Aktiengesellschaft

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